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GLP Alfalink Nagareyama in Greater Tokyo
In today’s roundup of regional news headlines, GLP beefs up its flagship Japan logistics fund with new capital commitments, and China Evergrande’s former CEO reportedly puts his Hong Kong home on the market. Also making the list is a report that foreign buyers continuing to account for a growing slice of Singapore home sales and China Oceanwide is said to finally be selling off a Hawaii project.
GLP’s Japan Income Fund Grows to $3.2B in Capital Commitments
GLP Capital Partners announced on Friday that Japan Income Fund, its flagship logistics-focused, private open-ended core strategy, has reached JPY 453 billion ($3.2 billion) in total capital commitments. This follows JPY 15 billion in new inflows, including a sizeable commitment from a domestic real estate company.
JIF is an unlisted investment vehicle focusing on high-quality, income-generating modern logistics properties in Japan. With over JPY 700 billion in assets under management, JIF is the largest of its kind in Japan and has attracted over 60 domestic and international investors, including pension funds, sovereign wealth funds, insurance firms and other institutional asset managers. Read more>>
Evergrande’s Ex-CEO Puts Hong Kong Home on the Market for $20M
China Evergrande’s former CEO Xia Haijun is selling his home in Hong Kong for HK$160 million ($20.4 million), the Hong Kong Economic Times reported Friday.
Xia stepped down from the embattled Chinese developer in July after a probe found that he was involved in diverting loans worth $2 billion secured by unit Evergrande Property Services. The Hong Kong newspaper, citing a property agent, said the property was not over-leveraged and Xia was not looking for a fire sale. Read more>>
Foreigners’ Share of Singapore Homebuyers Up Despite Cooling Measures
Permanent residents and foreigners now make up a larger share of Singapore’s private home buyers than they did in 2020, and multiple rounds of cooling measures have yet to change that.
An analysis of caveat data by property consultancy CBRE for the Business Times showed that the proportion of non-landed private homes purchased by non-citizens is 23 percent for the year to early June, up from 19 percent in 2020. Read more>>
China Oceanwide to Sell Hawaii Property Ahead of Los Angeles Tower Disposal
Cash-strapped developer China Oceanwide is selling a Hawaii development site while it looks to part ways with an unfinished project in downtown Los Angeles.
Oceanwide said it would sell roughly 17 acres (6.9 hectares) on the island of Oahu for $134 million, according to a filing with the Hong Kong stock exchange. The buyer is managed by Honolulu-based Tower Development. Read more>>
Sabana REIT’s Manager Pans Quarz Proposal to Replace It
Sabana Real Estate Investment Management has criticised activist investor Quarz Capital’s proposal for Sabana REIT to use an internal manager instead.
The trust’s manager also warned unitholders that following through on the proposal might destroy the value of their investment. Read more>>
Vietnam’s Novaland Eyes Recovery by Year-End After Overhaul
Vietnamese property giant Novaland is restructuring its debt and is in talks with creditors on repayment terms, its chairman said Thursday, seeking to bring its business back to full swing by the end of this year.
Novaland, Vietnam’s fifth-largest developer by market value, has been badly hit as the real estate sector bears the brunt of a state-led graft crackdown and stricter rules on corporate bond issuance and refinancing. Read more>>
Class Action Lawsuit Filed on Behalf of GDS Holdings Investors
Law firm Holzer & Holzer informed investors that a class action lawsuit has been filed against Chinese data centre firm GDS Holdings.
The lawsuit alleges that NASDAQ-listed GDS made materially false and/or misleading statements and/or failed to disclose material adverse facts about the company’s business, operations and prospects. Read more>>
CDL’s The Myst in Upper Bukit Timah Opening for Preview
City Developments Ltd is launching its Upper Bukit Timah area project, The Myst, for preview on Saturday, with indicative prices starting from S$1,862 ($1,376) per square foot and ranging from S$998,000 to over S$3.18 million.
The 99-year-leasehold condominium comprises 408 residential units across two 24-storey towers on a 179,008 square foot (16,630 square metre) site. Located at 800 and 802 Upper Bukit Timah Road in west-central Singapore, the land parcel was acquired by CDL in April 2022 from Tan Chong International for S$126.3 million. Read more>>
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