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GIC consortium invests US$500M in Vingroup unit; HomeCo seeks A$300M from IPO

* A GIC Pte. Ltd.- led consortium invested US$500 million in Vingroup JSC's VCM Services and Trading Development JSC subsidiary under a definitive agreement with the Vietnamese conglomerate. The capital injection gave the consortium a minority stake in the consumer retail company.

* Retail property owner HomeCo is aiming to raise A$300 million fro via its planned IPO on the Australian stock exchange, The Australian Financial Review reported. HomeCo will offer 89.6 million shares priced A$3.35 apiece and the offering values the the company at A$637.7 million.

Greater China

* Times China Holdings Ltd. plans to spin off and separately list on the Hong Kong stock exchange its Times Neighborhood Holdings Ltd. subsidiary, which principally engages in property management services, value-add services to nonproperty owners and other professional services. Following the spinoff's completion, Times Neighborhood will cease to be a subsidiary of Times China, according to a filing.

* HPEF Capital Partners Ltd. and CVC Capital Partners Ltd. decided to call off the sale of their respective stakes in The Executive Centre Ltd. over fears that the office space provider's large exposure in Hong Kong will affect its valuthe flexible space ation amid the public protests happening in the city, Reuters reported, citing an unnamed source. The Executive Centre is seeking a valuation of more than US$750 million, the news outlet said, citing an April report by The Financial Times.

* KWG Group Holdings Ltd. acquired an 11,092-square-meter commercial land parcel in Guangzhou for 250 million yuan, Guandian reported. As part of the successful tender for the property, half of the land's construction in not transferrable for 10 years.

* Henderson Land Development Co. Ltd. divested 19 of the 20 new units it offered in its The Vantage residential development in the Hung Hom area of Kowloon, Hong Kong, on the first day of the project's sale, despite the unstable political situation in the city, Ming Pao reported. The apartments are priced at at least HK$4.1 million apiece, or HK$22,900 per square foot, after factoring an 8% discount.

* The respective August contracted sales of Logan Property Holdings Co. Ltd., Redsun Properties Group Ltd. and Jiayuan International Group Ltd. increased year over year by 50.9% to 8.02 billion yuan, 23.64% to about 4.85 billion yuan and about 92% to 2.51 billion yuan.

* Separately, Logan Property said it plans to issue US$100.0 million of 6.90% senior notes due 2024. The listing of the notes on the Stock Exchange of Hong Kong is expected to come into effect Sept. 10.

* Greenland Holdings Corp. Ltd. obtained a 50 billion-yuan credit line as part of a strategic partnership with Bank of Beijing Co. Ltd. for businesses including real estate, infrastructure, financial, trading and tourism, the Securities Times reported. The amount will be invested in the Yangtze River Delta Economic Zone and the Chinese developer's mega projects in Shanghai's Lingang Free Trade Zone.

* Poly Property Group Co. Ltd. secured a facility agreement of up to HK$2.90 billion from Industrial & Commercial Bank of China (Asia) Ltd. The validity of the credit line is subject to China Poly Group Corp. Ltd. retaining its controlling shareholding in the borrowing property company, the developer noted in a news release.

Australia

* LendLease Group's Australian Prime Property Fund Commercial is believed to be selling its 50% stake in the 30-floor building at 66 Eagle St. in Brisbane, the AFR reported. Price expectations for the property co-owned with Abu Dhabi Investment Authority were put at approximately A$370 million.

Japan

* Home sales company Marumi Sangyo Co. Ltd. intends to launch real estate brokerage operations, Tokyo's The Nikkei reported.

* Nippon Building Fund Inc. resolved to borrow loans totaling ¥10 billion to refinance long-term debts and partially finance the property developer's cash distribution for the 36th period.

Singapore
* A serviced apartment block leased and operated by a Frasers Hospitality Pte. Ltd. brand is being sold with a reserve price of S$230 million, The Business Times reported. The No. 2 Mount Elizabeth Link property comprises 72 apartment units across a 22-story building and occupies a 35,385-square-foot site.

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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. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Ian Cruz, Emily Lai and Jaekwon Lim contributed to this report.