trending Market Intelligence /marketintelligence/en/news-insights/trending/qcmgihj5ynj0m82ofjo0pa2 content esgSubNav
In This List

Li Ka-shing retiring May 10; Singapore estate sells above S$288M asking price

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Li Ka-shing retiring May 10; Singapore estate sells above S$288M asking price

* Tycoon Li Ka-shing is retiring as chairman of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd., effective at the conclusion of the company's May 10 annual shareholder meeting.

Li, who will turn 90 years old in July, will be succeeded by Victor Li Tzar Kuoi, the older of his two sons, with the tycoon planning to stay on as senior adviser for both companies.

* In Singapore, a Bukit Sembawang Estates Ltd. subsidiary won the tender for the 99-year leasehold on the Katong Park Towers site for S$345 million, higher than S$288 million reserve price. The company intends to redevelop the 13,076.9-square-meter land plot into a residential condominium with full facilities.

Hong Kong, China and Taiwan

* On the back of Li Ka-shing's retirement, CK Asset reported a 55% year-over-year increase in profit attributable to shareholders of HK$30.13 billion for full-year 2017 from HK$19.42 billion. EPS for the year was recorded at HK$8.07 per share, up 59.8% from HK$5.05 per share in 2016.

CK Hutchison's profit attributable to ordinary shareholders, meanwhile, climbed 6% on an annual basis to HK$35.1 billion from roughly HK$33.01 billion. EPS also increased to HK$9.10 on the year from HK$8.55.

* The third batch of units comprising 160 units at Wheelock and Co. Ltd.'s Malibu residential development at Lohas Park in Tseung Kwan O, Hong Kong, sold out March 16, raking in HK$1.37 billion for the developer, the South China Morning Post reported. An additional 160 units were offered March 17 and 140 of the units were booked.

Wheelock's Malibu apartment complex consists of 1,600 units, and the company has reaped revenues totaling HK$7.77 billion from the sale of 910 units in three batches, the report noted.

* Kai Yuan Holdings Ltd. entered into a memorandum of understanding with an independent third party to discuss a possible disposal of certain subsidiaries that own and operate a hotel in Sheung Wan, Hong Kong, along with potential assignment of a shareholder's loan that is owed by the target to Kai Yuan, according to a filing.

* Zhong An Real Estate Ltd's Hangzhou Zhongjia Investment Management Co. Ltd. signed a 360-million-yuan deal to acquire Zhejiang Shangtuo Investment Co. Ltd. from Hangzhou Pengbo Daxiang Enterprise Co. Ltd.

The target holds the land-use right on a 121,894-square-meter land plot in Hangzhou City in China's Zheijang Province, which is zoned for commercial and residential use.

* CCCG Real Estate Corp. Ltd's board gave its approval for an up to 27.0-billion-yuan funding plan, Reuters reported.

* Five real estate agencies in Taiwan are creating a new trading platform that will integrate online and offline transactions. The NT$70 billion platform is a joint effort between Century 21 Real Estate LLC, Great Home Realty, CTBC Real Estate Co. Ltd., Pacific Realtor and H&B Business Group, CTEE reported.

Singapore

* Elidom Investment Co. Ltd. will on April 17 exercise its right of compulsory acquisition for the remaining CWG International Ltd. shares that were not tendered during its takeover bid ending March 19. The shares will be purchased at a price of 19.5 Singaporean cents, equal to Elidom's offer for the Singaporean real estate group.

* The Urban Redevelopment Authority launched the 99-year leasehold tenders for the 6,230-square-meter Mattar Road and the 22,851-square-meter Silat Avenue land parcels.

Elsewhere in Southeast Asia

* Myanmar's proposed US$2.5 billion redevelopment of the Yangon railway station will kick off around June, as discussions with the preferred bidder for the project on the 25.7-hectare site will take about two months to complete, Bloomberg News reported, citing U Win Khant, permanent secretary of the Ministry of Transport and Communications.

* Hatten Land Ltd. terminated 108.6 million ringgit of deals with Rico Development Sdn. Bhd. and Rico Ventures Sdn. Bhd. in relation to the proposed development of two land projects in Melaka, Malaysia. The Singapore-listed developer said the transactions were terminated because its share price weakened over time and the parties could not come to a mutual agreement on revised financial terms.

Australia

* Super fund developer Cbus Property signed an agreement to acquire four adjoining properties in Melbourne in a deal worth A$170 million. Included in the transaction is Chip Eng Seng Corp. Ltd.'s canceled Tower Melbourne development at 150 Queen St.

* Global investment firms joined Australian fund managers in urging Unibail-Rodamco SE to increase its takeover offer of Westfield Corp., as local fund managers are seeing record deals in the acquisition of shopping centers, The Australian reported.

India

* India's Business Standard reported that Karda Constructions Ltd.'s IPO was subscribed 98%, with the shares being taken up at a price range of 175 to 180 rupees, citing the National Stock Exchange of India.

Japan

* Hoshino Resorts REIT Inc. signed a deal to acquire the 103-room Hotel Androoms Osaka Hommachi in Osaka, Japan, for ¥4.24 billion.

* Mitsui Fudosan Co. Ltd. and Nippon Steel Kowa Real Estate Co. Ltd. are participating as business collaborators for an urban regeneration project in Edogawa Ward, Tokyo, which will include a 9,800-square-meter building, Nikkan Kensetsu Kogyo Shinbun reported.

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.

Cam Nones and John Chan contributed to this report.

As of March 16, US$1 was equivalent to 6.33 yuan, S$1.32, 3.91 Malaysian ringgit, 65.03 Indian rupees and ¥106.11.