…nagement. Last June, the property firm led a consortium in acquiring an 18-storey commercial tower at 28 and 30 Bideford Road near Singapore’s Orchard Road for S$515 million. The property added to its real estate portfolio that already features ALICE@Mediapolis smart business park in One-North and GSK Asia House in nearby Rochester Park. It also teamed up with Vietnamese conglomerate Khai Toan Joint Stock Company last May in a joint venture to acq…
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Fragrance Group Boss Launches Take-Private Bid for Developer Global Dragon
…oney managers Celine and Gordon Tang have been struggling to close a S$588 million deal to buy out developer Chip Eng Seng. Having already sweetened their offer for the builder to S$0.75 per share, the Tangs’ investment firm, Tang Dynasty Treasure, has twice extended the original 5 January closing date for the privatisation, with the latest deadline set for this Thursday. Last September, Frasers Property’s proposal to privatise Frasers Hospitality…
Co-President of China’s CFLD Detained on Unspecified Charges
…said the plan would only let bondholders recover about 30 percent of their original investment by the end of 2023 under a best-case scenario that included the completion of asset sales by CFLD. The company in late 2022 agreed to sell its interests in three mixed-use projects in the cities of Wuhan and Nanjing to mainland property giant China Resources Land for a total of RMB 12.4 billion ($1.8 billion). No stranger to intrigue, CFLD in 2021 reveal…
Evergrande Raps Former CEO, Two Other Execs for $2B Loan Scheme
…committee does not recommend reinstating Mr Xia, Mr Pan or Mr Ke to their original positions,” Evergrande chairman Xu Jiayin said in Wednesday’s filing. Special Project Unravels In December 2020, the developer proposed a “special financing project” to meet its capital needs: subsidiaries would provide pledges as security for external third parties to apply for bank financing, and the funds obtained by such third parties would then be injected int…
Hong Kong’s Henderson Land Wins Approval for Site 3 Harbourfront Plan
…nderson also intends to rebuild the historic Star Ferry Clock Tower at its original height of 25 metres, necessitating a relaxation of the area’s building height restriction of 15 metres. Arup defended the structure’s loftiness in a document filed on 21 December (Appendix 1c) in response to government queries. The reconstructed tower “acts as a focal point and provides visual interest to reinforce the cultural value of the Historic Corridor (compr…
China Warns State Firms Away From Big Four Auditors and More Asia Real Estate Headlines
…nila, according to people with knowledge of the matter, after shelving its original plan in 2019. The Philippines’ largest private hospital group, backed by KKR and Singapore sovereign wealth fund GIC, is weighing buying out minority stakes in some of its hospitals to pave the way for the potential first-time share sale, said the people. Metro Pacific could seek to raise $500 million to $1 billion in an IPO that could take place as soon as the fir…
Rental Housing Operator Weave Opens First Location in SingaporeÂ
…e Weave in Singapore Weave, together with SLB, renovated the set of 17 two-storey shophouses, which had formerly been used as a boutique hotel, into fully furnished homes complemented by amenity spaces, with most units having their own private terraces and kitchenettes, according to the firm’s social media post. Sachin Doshi, Founder & Group CEO, Weave Living Doshi said that as part of the renovation the partners opened up the property’s ground fl…
CK Asset Posts 2% Profit Rise as Asset Disposals Replace Home Sales
…out the holding period and the appreciation of the property value over the original cost, the return on investment for the disposal was HK$4.8 billion, CK Asset said last March. The company also completed its sale of the City Link commercial building in Shanghai’s Jing An district in the first half of 2022 and recognised the related contribution. Hysan Development bought the 24-storey tower at 668 and 688 Xinzha Road for RMB 3.5 billion ($540 mill…
Boustead Projects Set for Delisting After Offer Acceptance Crosses 90%
…ns, especially its pandemic-hit engineering and construction business. The original deal was deemed unattractive by some observers, with analyst Khang Chuen Ong of CGS-CIMB Securities noting that the S$0.90 price represented a 50 percent discount to his target revalued net asset value of S$1.79 per share. The Securities Investors Association Singapore judged the discount to asset value “simply too large to ignore” and sent a letter to the firm urg…
Chinese Investor Buys Office Block in Singapore’s Chinatown For $70M
…atown from Liberty Insurance Singapore for 23 percent below the property’s original asking price, as mid-size acquisitions by wealthy individuals play a growing role in the city-state’s investment market. A holding company solely owned by a private individual named Zhang Nie paid S$92.2 million ($70 million) for Liberty House at 51 Club Street, according to a caveat lodged last week, with the Singapore resident having formerly served as an executi…
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