China’s CIFI Dumping Aussie Assets to Pay Bills and More Asia Real Estate Headlines

Lin Zhong, chairman of CIFI Holdings (Image: Getty Images)

Another mainland developer is selling off properties Down Under in a fight to stay solvent, with that story leading Mingtiandi’s headline roundup today. Also in the news, Shenzhen-based Logan Group wins more time to restructure its debts and Blackstone may be closing in on an acquisition of Australia’s AirTrunk.

CIFI Selling Aussie Assets at a Loss as Credit Dries Up

CIFI Holdings has agreed to sell a 60 percent stake in 16 parcels of land in Sydney to an Australian company for A$66.3 million ($42.9 million), booking an estimated loss of A$11.1 million in the process, the distressed Chinese developer said.

This is the third time in two months that CIFI Holdings has revealed a plan to dispose of its assets at a loss, as the Shanghai-based builder continues to restructure its debt. Read more>>

Shenzhen’s Logan Group Wins Reprieve in Liquidation Hearing

Logan Group bought more time to push through its debt restructuring plan, after a Hong Kong court batted down creditor petitions to liquidate the Chinese developer’s two key units.

A group of bondholders that initially filed the wind-up petitions planned to withdraw its case after being satisfied with Logan’s restructuring proposals. They were “reasonably happy with the situation” and no other creditors stepped in to substitute the original petitioner, judge Anthony Chan of Hong Kong’s High Court said at a Friday hearing. Read more>>

Blackstone Steps Up Interest in Acquiring Australia’s AirTrunk

Blackstone is reportedly stepping up its interest in acquiring Australian data centre operator AirTrunk. The US-based asset manager has been meeting with investment banks to lay the groundwork for a deal, according to Australian Financial Review.

AirTrunk’s backers, which include Macquarie Asset Management and PSP Investments, are said to be mulling a sale of the business for a price of up to A$12 billion ($7.9 billion). Read more>>

45MW Data Centre Proposed Next to AirTrunk Sydney Site

An application for a 45 megawatt data centre next to AirTrunk’s SYD2 Sydney North facility has been filed with planners in New South Wales.

The application was submitted on 8 February and is likely for an extension to the SYD2 facility. The proposed data centre will sit at 1 and 1a Apollo Place, extending to the Southeastern portion of 1 Sirius Road in Lane Cove West for a total land area of 44,762 square metres (481,815 square feet). Read more>>

China Turns to State Ownership to Fix Real Estate Crisis

China’s massive property market is crumbling. Xi Jinping wants to revive socialist ideas about housing and put the state back in charge.

Home prices across China are falling, developers have gone bust and people are doubting whether real estate will ever be a viable investment again. The meltdown is dragging down growth and spooking investors worldwide. Read more>>

Indian Investor Buys London Mixed-Use Complex From Kennedy Wilson

Global real estate investment manager Kennedy Wilson has sold an office, hotel and retail complex in South London’s Croydon area to a private family office from India that is targeting a speedily realised £100 million ($125 million) London and South East investment drive, CoStar News reported.

Norfolk House is located 350 metres (383 yards) from East Croydon Station and comprises 160,672 square feet (14,927 square metres), including a 149-bed, 60,000 square foot Travelodge hotel, 40,228 square feet of offices and 60,444 square feet of retail. Read more>>

Equinix’s Deutsch Named Inaugural Chair of APAC Data Centre Association

The Asia Pacific Data Centre Association has named Equinix APAC president Jeremy Deutsch as its first chairman, according to a Thursday announcement.

Deutsch has been appointed to lead the industry lobbying and standards group for two years, with Digital Realty APAC head Serene Nah named vice chair. Read more>>

China Property Risks and Fed Pivot Put Pressure on HSBC, StanChart

HSBC and Standard Chartered may spell out the risks brought on by their China property operations and a Federal Reserve pivot when they report earnings.

Slimmer margins are predicted for HSBC and Singapore lender United Overseas Bank, as was on display when peers Commonwealth Bank of Australia and State Bank of India reported earlier. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

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