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New World unit to acquire HK insurer for HK$21.5B; UEM Sunrise stake in sights

S&P Global Market Intelligence offers our top picks of Asia-Pacific real estate news stories and more published throughout the week.

Ensured deal

* NWS Holdings Ltd., a subsidiary of Hong Kong-based property company New World Development Co. Ltd., through a unit, struck a conditional deal to acquire Hong Kong-based FTLife Insurance Co. Ltd. for HK$21.5 billion in cash. FTLife is a subsidiary of Tongchuangjiuding Investment Management Group Co. Ltd.

In the crosshair

* Tan Sri Halim Saad, former executive chairman of Renong Bhd. — now known as UEM Group Bhd. — is eyeing a more than 30% stake in Malaysian property developer UEM Sunrise Bhd. Khazanah Nasional Bhd. and Tabung Haji hold a 66% and 7.75% stake, respectively, in UEM Sunrise.

Taking the public route

* Indian real estate developer Shriram Properties Pvt. Ltd. filed a draft prospectus with the Securities and Exchange Board of India for an IPO of as much as 2.50 billion rupees. The overall IPO size is estimated to be roughly 12.0 billion rupees, more than the company's previously reported plans for a 10.0 billion-rupee listing. Starwood Capital LLC, Tata Capital Financial Services Ltd., TPG Asia and Mauritius Investors Ltd. aim to sell their collective 42.4 million shares in Shriram through the offering.

* Chinese real estate services provider MDJM Ltd. completed its IPO of 1,241,459 ordinary shares at US$5.00 apiece to raise approximately US$6.2 million in gross proceeds. MDJM expects its shares to begin trading on the Nasdaq Capital Market under the ticker symbol MDJH.

Big-dollar bets

* Singaporean developer LongRunn Capital Pte. Ltd. and Italian firm Mercurio Design Lab signed a memorandum of understanding with the Cagayan Economic Zone Authority for the development of the US$4.5 billion City Polaris mixed-use project in Santa Ana in the Philippines. The project will consist of six-star hotels, upscale residential buildings and a business park, among other amenities.

* Macfull Ltd., a subsidiary of property developer China Overseas Land & Investment Ltd. secured the tender on a 50-year land grant for a roughly 9,048-square-meter lot in Kowloon, Hong Kong, at a premium of about HK$8.03 billion. The Lot No. 6575 at Kai Tak Area 4B Site 2 is designated for private residential purposes, with a maximum allowed gross floor area of 55,192 square meters.

* Private equity giant Blackstone Group LP was said to be involved in one of the largest Shanghai property transactions, as it paid about US$1.25 billion to acquire five office blocks and a mall from Singapore's Mapletree Investments Pte Ltd. The Mapletree Business City Shanghai and VivoCity Shanghai office and retail complex encompass 270,000 square meters in the Minhang District.

* Fast Fame Capital Investment Ltd., a subsidiary of Chinese property developer Sino-Ocean Group Holding Ltd., agreed to sell, for the U.S.-dollar equivalent of approximately 5.38 billion yuan, its entire stake in Cityshine Holdings Ltd. to Harbour Link Ventures Ltd.

Cityshine Holdings owns a 94.03% stake in Beijing Longzeyuan Real Estate Co. Ltd., which holds the Ocean Office Park in Beijing.

* LendLease Group won a A$476 million contract to develop a proposed metro railway station and a A$1 billion commercial tower development in Sydney, outbidding fellow Australian property companies DEXUS and Charter Hall Group's joint venture with Chinese-backed builder John Holland for the Victoria Cross Station. LendLease will file development plans for approval in May 2019.

* Canada Pension Plan Investment Board is investing approximately US$696 million in Singapore-based logistics provider GLP Pte. Ltd.'s GLP Japan Development Partners III, which is said to be the largest Japan-focused industrial real estate fund. The fund, which has raised US$2.2 billion in equity, will be seeded by GLP Sagamihara, a US$1.2 billion logistics development project in the Greater Tokyo area.