Bain Capital to Boost Japan Real Estate Team and more Asia Real Estate Headlines

Bain’s David Gross is looking to ramp up his Japan operation

Japan continues to draw the attention of institutional investors with a Bain Capital plan to ramp up its real estate team in the country leading Mingtiandi’s headline roundup today. A Chow Tai Fook and Far East Consortium-backed casino operator also makes the list with a statement regarding a potential buyout and analysts cast doubt on the prospects for China’s property bailout.

Bain Capital to Boost Japan Real Estate Team as Prospects Grow

Bain Capital plans to bolster its real estate team in Japan, the latest global investment firm seeking to capitalize on opportunities in the nation’s property market.

The Boston-based firm needs more staff with expertise to source deals and to help manage or sell off real estate held by Japanese companies that it invests in, said co-managing partner David Gross. Bain recently disposed of under-utilized real estate held by Showa Aircraft Industry Co, an aircraft parts manufacturer that it bought four years ago. Read More>>

Australia Casino Operator Backed by Hong Kong Heavyweights Says Suitors Circling

Troubled Australian casino operator Star Entertainment Group, which is backed by Hong Kong’s Chow Tai Fook and Far East Consortium said several suitors have approached the company about possible deals, after a newspaper reported that a consortium led by Hard Rock Hotel & Casino made a takeover proposal.

Star “has received inbound interest from a number of external parties regarding potential transactions”, the Sydney-based company said on Monday (20 May). “At this stage, none of the approaches has resulted in substantive discussions.” Read More>>

Analysts Say China’s $42B Real Estate Bailout May Be Too Small

China’s latest housing initiative is aimed at vacant properties, a major pain point in a crisis that’s dragged on for almost three years. But the package of measures is still too small to end the rout, analysts say.

The decline in China’s sales of new homes accelerated in recent months, with households increasingly preferring to buy in the secondary market. That’s pushed up the stock of unsold homes and empty land to the highest level in years, discouraging new construction and threatening more defaults by developers – including large state-owned firms. Read More>>

Chinese Developers’ Shares Wobble as Latest Support Measures Disappoint

Shares of Chinese developers wobbled on Monday as investors fretted that China’s “historic” steps to stabilise its crisis-hit property sector fell short of what is required to foster a sustainable turnaround in demand and confidence.

Hong Kong’s Hang Seng Mainland Properties Index was flat by late morning, after dropping more than 2 percent earlier in the session. It has gained around 18 percent so far this month after the Politburo said in an April 30 meeting that it would coordinate to clear housing inventory. Read More>>

ESR, BW Start Work on Pair of Northern Vietnam Warehouse Projects

Vietnam’s BW Industrial and ESR Group have started work on a pair of double-storey industrial projects with a total gross floor area of 270,000 square metres (2.9 million square feet) in Bac Ninh, province cementing BW’s strong foothold in Greater Hanoi, while expanding ESR’s APAC footprint in Southeast Asia.

The first project, BW-ESR Nam Son Hap Linh Logistics Park will deliver a approximately 112,000 sqm of modern ramp-up logistics facilities for lease within an hour’s drive of central Hanoi. The 162,000 square metre BW-ESR Yen Phong Industrial and Logistics Park offers ramp-up ready-built warehouse spaces, as well as ready-built factory spaces equipped with cargo lifts. Read More>>

Tishman Speyer Boss Rob Speyer Pays Visit to Shanghai Party Boss

Shanghai Party Secretary Chen Jining met with Rob Speyer, chief executive of Tishman Speyer and vice chairman of the the Shanghai mayor’s International Business Leaders’ Advisory Council on May 14.

Chen highlighted Shanghai’s openness as its greatest asset. He added that Shanghai will enhance support for global companies investing and developing in the city, inviting Tishman Speyer to join local urban renewal projects and jointly build a biopharmaceutical industry ecosystem. Speyer emphasized Shanghai’s significance in the company’s global strategy, noting the city’s allure as an international metropolis. Read More>>

Singapore Condo Rents Dip Again in April

Rents for private apartments resumed their downward trend in April even as more units were leased, while prices in the Housing Board rental market continued to climb.

Condominium rents were down 0.4 percent in April, continuing a general downward trend from July 2023 despite a slight increase in March, flash data from real estate portals Singapore Real Estate Exchange (SRX) and 99.co showed on May 17. Compared with April 2023, condo rents were down 4.6 percent, with rents in the prime district, or core central region, decreasing the most at 5.2 percent. Read More>>

China’s Central Bank Pledges $42B to Buy Up Unsold Homes

The People’s Bank of China will establish a nationwide program to unleash RMB 300 billion ($41.5 billion) in cheap funding to help state-owned companies buy unsold homes.

Funding will be extended to 21 providers, including policy banks, state-owned commercial lenders and joint-stock banks, at a rate of 1.75 percent, she said. The loans, designed to have a one-year term, will be allowed to roll over four times. Read More>>

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