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ESR Kendall Square found a buyer for the Ilsan Distribution Centre
A rare data centre trade leads today’s collection of property headlines from around Asia with ESR announcing that it has sold Seoul server shed. China’s defaulting developers also make the list with CIFI selling its share of a Tianjin project at a loss and Country Garden nears a payment deadline for a set of domestic notes.
ESR Sells Combined Data Centre, Logistics Facility Near Seoul
Industrial real estate giant ESR has sold a fully-leased data centre and logistics facility outside Seoul, South Korea. The company this past week announced that its South Korean platform, ESR Kendall Square has completed the sale of Ilsan Distribution Centre data and logistics centre in Goyang.
ESR acquired the 44,600 square metres facility in 2018 through its ESRKS Korea Income JV fund. After securing a 15-year lease contract with local telco SK Broadband, a portion of the site was converted for data centre use. Read more>>
CIFI Sells Tianjin Project Stake at a Loss Amid Liquidity Struggle
Heavily-indebted Chinese developer CIFI Holding Group extended its asset selling campaign with another loss-making deal, as it grapples with a liquidity crunch and seeks to “survive and sustain under the crisis”.
In its latest disposal, the company raised RMB 436 million ($61 million) by selling the 49 percent stake it owned through a subsidiary, Beijing Xuhui Shunxin Real Estate, in Tianjin Chuangda Real Estate Development. The buyer, Shijiazhuang Ronglang Enterprise Management Services, holds the remaining 51 percent equity interest. Read more>>
Country Garden Local Bond Test Looms as Regulator Meets Holders
Country Garden Holdings, which defaulted in October for the first time on dollar bonds, faces a test this week to avoid the same fate on a local note — an outcome that a regulator signalled it’s trying to avoid.
The Shenzhen Stock Exchange met with some holders of the RMB 800 million ($112 million) security, which is listed on the bourse and has a so-called put option 13 December that allows investors to demand repayment before its maturity next year, according to people familiar with the matter. Read more>>
Country Garden’s Chair Says Confident in Repairing Balance Sheet
Country Garden Holdings Chair Yang Huiyan says she is “very confident” the company can repair its balance sheet and pledged the founding family’s support for the ailing Chinese property giant.
The path to fix the balance sheet is “very clear and can be achieved,” Yang said at a monthly management meeting held Friday, according to a statement on the developer’s WeChat account. Country Garden “will strive to become a model for the quick recovery” of distressed companies, she added. Read more>>
Genting Singapore’s Resorts World Casino Fined $1.67M for Due Diligence Lapses
Genting Singapore Resorts World Sentosa has been slapped with financial penalties of S$2.25 million ($1.67 million) for lapses in performing customer due diligence measures for certain transactions for three years from December 2016.
The Gambling Regulatory Authority directed casino operators Resorts World Sentosa and Marina Bay Sands to conduct a review of certain patrons’ activities in 2020. Read more>>
Wanda Sweetens Offer to Mall Unit’s Backers to Delay Repayment
Dalian Wanda Group has sweetened a proposal for pre-IPO investors in its mall operating unit to postpone a repayment for not listing shares in the entity this year, according to people familiar with the matter.
The Chinese conglomerate is offering to give new shares in Zhuhai Wanda Commercial Management Group to the investors, the people said, in a step that could lead to billionaire Wang Jianlin potentially giving up control in the unit. Read more>>
R&F Founder’s San Jose Residential Project Facing Foreclosure
A downtown San Jose housing tower built by Z&L Properties, a developer controlled by Guangzhou R&F co-chair Zhang Li, who recently paid a $1 million fine for bribery, may face foreclosure proceedings due to delinquent homeowners’ dues.
The property involved in the delinquencies is the two-tower residential complex at 188 West St. James Street, according to documents on file with the Santa Clara County Recorder’s Office. Read more>>
Blackstone’s Embassy Industrial Parks Completes Bengaluru Site Buy
A subsidiary of Blackstone-owned Embassy Industrial Parks has acquired 124 acres (50 hectares) for around INR 1.77 billion ($21 million) on the outskirts of Bengaluru from the Karnataka Industrial Areas Development Board.
The land, acquired by Embassy Industrial Park Hosur, is in the Nelamangala taluk. The registration and sale deed were completed in October, shows a document shared by real estate data analytic firm Propstack. Read more>>
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