Controlling Stake in Korea’s IGIS Said Up for Sale and More Asia Real Estate Headlines

IGIS Asset Management headquarters in Seoul

A controlling stake in South Korea’s IGIS Asset Management has gone on the market, with that story leading today’s headline roundup from around the region. Also making the list, Deutsche Bank is not impressed by restructuring plans at China’s Shimao, Hong Kong’s New World Development plans to accelerate project launches as the Hong Kong market improves and Guangzhou R&F has yet another offer for its beleaguered bond holders.

Controlling Stake in Korea’s IGIS Said on Sale at $599M Enterprise Value

South Korea’s IGIS Asset Management Co, one of the largest real estate investment firms in Korea, has put the company’s 25 percent stake plus control premium on the market, banking sources said on Thursday.

The equity for sale includes a 12.4 percent stake owned by Son Hwa-ja, the firm’s top shareholder and the late founder Kim Dai-young’s wife, and an 11 percent stake held by IGIS’ Senior Managing Partner Cho Kab-Joo and his private company, according to sources. Read more>>

Deutsche Bank Preparing Liquidation Suit Against China’s Shimao

Deutsche Bank is preparing a liquidation lawsuit in Hong Kong against Chinese developer Shimao Group, two sources said, in a rare move by a foreign firm that comes amid rising credit defaults and China’s deepening property sector crisis.

Shanghai-based Shimao is among the many Chinese developers that have defaulted on offshore bonds, after it missed the interest and principal payment for a $1 billion offshore bond in July, 2022. The German bank, which is one of the creditors of Shimao, is looking to file the petition this month after it found the developer’s debt restructuring terms unacceptable, said the two people with knowledge of the matter. Both sources declined to be identified as the matter is not public. Read more>>

New World to Accelerate HK Project Launches After Restrictions Rolled Back

New World Development, the conglomerate owned by one of Hong Kong’s wealthiest families, plans to launch 2,500 units ahead of schedule in a move aimed at capturing the improved sentiment unleashed by the withdrawal of all property curbs in Hong Kong.

The company unveiled the plan on Thursday after it reported that its profit attributable to shareholders arising from continued operations for the six months ending on 31 December fell 12.8 percent to HK$502 million ($64 million). Its shares slipped 2.1 percent to HK$9.87 on Thursday, bringing its loss so far this year to 18.6 percent. Read more>>

Guangzhou R&F Seeks Offshore Bond Swap Following Deal to Sell London Project

Defaulting mainland developer Guangzhou R&F Properties is asking to amend the terms of some of its bonds after the company struck a deal to sell its One Nine Elms project to the chairman of Hong Kong-listed CC Land.

The company is asking holders of two sets of its existing notes to exchange the bonds for new perpetual instruments to be issued by the company. The offer was launched on 28 February and will expire on 18 March. Read more>>

Hong Kong’s Lantau Tomorrow Plan Delayed by 2 to 3 Years

Hong Kong will delay the start of a controversial land-reclamation project off Lantau Island by two to three years, the city’s finance chief has revealed, as he assures that authorities will not give up on the multibillion-dollar plan.

Financial Secretary Paul Chan Mo-po said on Friday that the reclamation of Kau Yi Chau under the Lantau Tomorrow Vision project would serve as an important source of land supply, with the area’s strategic location connecting the west of Hong Kong Island to the planned logistics hub in Hung Shui Kiu in the New Territories. Read more>>

CtrlS Indian Data Centre Operator Takes on New Project in Chennai

Indian operator CtrlS Datacenters is building a new data centre campus in Chennai. Announced this week, the company will invest INR 40 billion ($482.5 million) in the 72 megawatts project. Construction is already underway.

Located in the Ambattur industrial area the site will offer 1 million square feet (92,900 square metres) across two buildings, along with an on-site substation. Read more>>

Singapore Government Updates Land Betterment Charges

The latest land betterment charge rates unveiled on Thursday reflect the polarised performance and sentiment in the private condominium market between the suburbs and in prime locations.

JLL Research’s analysis shows that the sharpest cut of 19.2 percent for LBC rates for non-landed residential use was in the Tanglin/Cuscaden area, followed by chops of 18.8 percent in the Ardmore/Draycott/Claymore area, Orchard, One Tree Hill, Paterson/Lengkok Angsa and Nassim/Orange Grove/Ladyhill/Fernhill areas. Read more>>

Cromwell Falls to $176.6M Loss But Says Polish Sale on Track

Real estate funds manager Cromwell Property Group has crashed to a A$271.4 million ($176.6 million) first half loss as the group was crunched by cuts to its holdings in Australia.

The company, chaired by corporate raider Gary Weiss, took a A$240.2 million hit on property valuations, but flagged that its local business focused on mid-grade offices was tracking steadily despite poor sentiment. Read more>>

Private Equity Investment in China in 5-Year Decline

Global private equity and venture capital investment in mainland China was $68.80 billion in 2023, the lowest in five years, while the number of deals decreased for the second consecutive year, according to S&P Global Market Intelligence data.

Contributing to the global decline is the pullback of US private capital, which was $7.25 billion in 2023, the lowest total value since 2019. Read more>>

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