In today’s roundup of regional news headlines, Singapore’s Keppel Corp launches its newest downtown tower, and private equity major KKR boosts its stake to 85 percent in a Japanese supermarket company. Also making the news, Singapore authorities warn that more market restrictions could be on the way if home prices don’t cool down and Blackstone is exploring partnerships with US banks as commercial loans get scarce.
Keppel Launches Keppel South Central Commercial Building in Singapore CBD
Keppel Corp has launched Keppel South Central, a new 33-storey commercial tower on the site of the former Keppel Towers in Singapore.
The building is located in Tanjong Pagar in the city-state’s central business district, within the Greater Southern Waterfront. Keppel South Central is located along Hoe Chiang Road, a short walk from Tanjong Pagar MRT station and the upcoming Prince Edward Road MRT station, which is set to open on the Circle Line in 2026. Read more>>
KKR Increases Majority Stake in Japan’s Seiyu With Buy of Rakuten Shares
KKR has acquired shares in Japanese supermarket chain Seiyu from Rakuten Group to increase the buyout giant’s stake in Seiyu from 65 percent to 85 percent.
KKR and Rakuten, together with third shareholder Walmart, have collaborated to support Seiyu’s growth since KKR and Rakuten completed their investments in the company in 2021, the companies said Friday in a release. Read more>>
Singapore Authorities Say More Property Measures Will Be Taken if Needed
Singapore authorities will take further steps in the property market if necessary to promote a “stable and sustainable” market, the Ministry of National Development said.
“We will continue to keep a close eye on both the commercial as well as residential property markets and will take further steps, if necessary,” according to a written reply by the Ministry of National Development in response to questions asked in parliament. Read more>>
Blackstone in Talks With US Regional Banks Over Lending Partnerships
Blackstone is in discussions with large US regional banks about providing them with extra firepower to lend to companies amid signs the recent industry turmoil is morphing into a credit crunch.
Jon Gray, president of Blackstone, told the Financial Times his company was talking to regional banks about entering into partnerships, which would involve lenders making or “originating” loans that the private equity group can funnel to its insurance customers. Read more>>
Hong Kong’s Gaw Eyes More Japan Property Deals on TSMC Push
Hong Kong-based private equity firm Gaw Capital Partners is exploring real estate deals in Japan’s western island of Kyushu, citing the opportunity that Taiwan Semiconductor Manufacturing Co factories being built could bring to the region.
“We are looking in that area, obviously we believe that with TSMC, it would change the market a lot,” Isabella Lo, Gaw’s managing director and head of Japan investments, said in an interview Wednesday. Read more>>
Son of Joseph Lau Marketing Two Homes on Hong Kong’s Peak
Tycoon Joseph Lau Luen-hung’s eldest son, Lau Ming-wai, is trying to sell two houses on The Peak for almost HK$1 billion (US$127.52 million) in total, according to sales documents seen by the Post.
The younger Lau, chairman of Hong Kong-listed developer Chinese Estates Holdings, has appointed Centaline Property Agency to market houses A and D at 31 Barker Road. The three-storey detached houses in Hong Kong’s most exclusive residential neighbourhood enjoy a full Victoria Harbour view. Read more>>
TCL Bucks Fantasia Restructuring Plan
A Chinese property developer whose default in 2021 has since fed into a broader industry rout is facing resistance to its restructuring plan from a major shareholder.
Fantasia Holdings second-biggest shareholder TCL Industries opposes the terms of the debt-to-equity swaps, a key part of the restructuring proposal that would dilute shareholders’ stakes, according to people familiar with the matter who asked not to be identified discussing private matters. TCL is seeking equitable treatment between minority investors and the controlling shareholder, one of the people said. Read more>>
JD Logistics Posts 34% Revenue Rise as Loss Narrows
JD Logistics reported a 34 percent year-on-year rise in first-quarter revenue to RMB 36.7 billion (now $5.3 billion).
The logistics arm of Chinese e-commerce giant JD.com posted a RMB 1 billion loss for the period, narrowing from RMB 1.4 billion a year earlier. Read more>>
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