trending Market Intelligence /marketintelligence/en/news-insights/trending/A9GXaizVtGfHIUIf3ljUoQ2 content esgSubNav
In This List

Li Ka-Shing sells Hong Kong tower; GLP takes 30% stake in Chinese company


Bank failures: The importance of liquidity and funding data


A Cloud Migration Plan for Corporations featuring Snowflake®


Essential IR Insights Newsletter - February 2023


IR in Focus | Episode 2: Sustainability and Governance Regulations Deep Dive

Li Ka-Shing sells Hong Kong tower; GLP takes 30% stake in Chinese company

* A Chinese-led consortium is believed to have bought CK Asset Holdings Ltd.'s 75% stake in The Center tower in Hong Kong for a record HK$40.1 billion. The stake in the 73-story building, the fifth-tallest building in the city, was marketed by the Li Ka-Shing company in 2016 with a HK$35 billion price tag.

* Global Logistic Properties Ltd. announced that one of its subsidiaries paid 9.0 million yuan for a 30% stake in Chinese logistics-services provider Minima (Beijing) Technology Co. Ltd.

* The Singapore-listed logistics facilities provider also said that over the past three months, it signed leases for a combined 173,000 square meters of space in China, the U.S. and Brazil to three separate third-party logistics service providers, namely, the Alibaba Group Holding Ltd.-backed BEST Inc., Brazil-based Ellece Logistica and an unnamed customer in the technology industry.

Southeast Asia

* A mall operator has launched the biggest-ever IPO in Vietnam. Vincom Retail Co. Ltd. is said to be targeting up to 16.2 trillion Vietnamese dong. London's Financial Times added that the listing is set for November, with the shares to be priced Oct. 26.

* KBS Strategic Opportunity REIT Inc. is planning to divest 11 properties to subsidiaries of a real estate investment trust jointly sponsored by Keppel Corp. Ltd. and KBS Pacific Advisors Pte. Ltd. The trust that will receive the assets is gearing up for a planned listing on the Singapore bourse.

* Most of the hotels in an old town in Bangkok are booked for the weeklong funeral of Thailand's King Bhumibol Adulyadej, Reuters reported, citing the Thai Hotels Association.

* Malaysia's Ministry of International Trade is hoping that the Qatari government will reconsider its 2015 cancellation of the plan to build the Harrods Hotel in Kuala Lumpur, The (Malaysia) Star reported.


* Dexus, in partnership with CPP Investment Board, is looking to sell the 20-level ANZ House in Adelaide for A$200 million. The sale of the office property is the city's biggest on-market offering year-to-date, The Australian reported.

* Charter Hall Group earmarked A$450 million for a proposed 40,000-square-meter tower development at Brisbane Square on Brisbane's George Street, which will be anchored by QSuper.

* Geocon is planning to develop a A$380 million mixed-use precinct in a one-hectare site in Canberra that currently houses the Woden Tradies Club. The precinct, to be called WOVA, will feature a 24-story mixed-use building, three low-rise buildings, 800 apartments, office space and other facilities, upon completion.

Hong Kong and China

* Two HNA Group Co. Ltd. subsidiaries formed a HK$6.03 billion investment fund for the development of four residential plots in Hong Kong's Kai Tak area for the construction of about 1,900 flats. HNA subsidiary Hong Kong International Construction Investment Management Group also invested HK$728 million for the Kai Tak development, The (Hong Kong) Standard reported.

* KWG Property Holding Ltd. subsidiary Guangzhou Hejing Real Estate Development Ltd.'s proposed 3 billion-yuan issuance of nonpublic domestic corporate bonds will comprise an offering of 840 million yuan in 8.00% bonds with a five-year term and 2.16 billion yuan in 7.50% bonds with a three-year term, the company said in an update.

* Risesun Real Estate Development Co. Ltd. secured approval for a proposed issuance of 7.0 billion yuan in debt financing instruments, Reuters reported.

* AVIC Real Estate Holding Co. Ltd. is forecasting year-over-year growth in net loss for the first three quarters to between 65 million yuan and 78 million yuan from the 26.1 million yuan recorded in the prior-year period. The company attributes the expected loss to increases in non-operating and administrative expenses, Reuters reported, citing a Chinese filing.

* S&P Global Ratings affirmed then withdrew its A- long-term corporate credit rating on Swire Properties Ltd., at the company's request.

* Moody's affirmed the B2 corporate family rating of LVGEM (China) Real Estate Investment Co. Ltd., with the outlook revised to negative from stable.

* JLL Director for Global Research Jeremy Kelly said Shanghai is sixth on the list of global cities receiving investments for commercial real estate. JLL added that the Chinese city recorded the second-highest investment volume in the sector in Asia between June 2014 and March.


* According to Real Estate Economic Institute, new apartment sales in Tokyo and the three surrounding prefectures of Kanagawa, Saitama and Chiba fell 3.6% year over year to 16,133 units between April and September. The Yomiuri Shimbun reported that it was the lowest sales level for any fiscal first half since 1992.

* Office brokerage firm Sanko Estate Co. Ltd. said the average office vacancy rate for large office buildings in Tokyo's five central wards fell to 1.83% at the end of September from 2.05% a month ago, Jutaku-Shimpo-Sha reported.

Now featured on S&P Global Market Intelligence

Data Dispatch: PE shop dividends via leveraged loan recaps on track to top 2016 tally

The Daily Dose Asia-Pacific, Real Estate edition is updated by 6:30 a.m. Hong Kong time. Some external links may require a subscription. Articles and links are correct as of publication time.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

Cam Nones and Jaekwon Lim contributed to this report.

As of Oct. 16, US$1 was equivalent to 6.59 Chinese yuan.