HSBC CEO Stepping Down in Surprise Move and More Asia Real Estate Headlines

Noel Quinn is stepping down as HSBC chief executive after less than five years at the helm

HSBC needs a new boss after CEO Noel Quinn announced plans for an exit, with that story leading Mingtiandi’s headline roundup today. Brookfield also makes the list as it plans to invest in Indian real estate to the tune of $10 billion over the next five years, and Blackstone is in talks to acquire Dulwich Schools in Singapore and Seoul.

HSBC CEO Noel Quinn to Retire in Surprise Announcement 

HSBC Holdings chief executive Noel Quinn is unexpectedly stepping down after nearly five years in the job, triggering a search for a replacement at Europe’s largest bank.

The board has begun a formal process to find a successor, considering both internal and external candidates, according to a Tuesday statement. Quinn will stay on during the process to ensure a smooth and orderly transition, it said. Read more>>

Brookfield Plans $10B Investment in Indian Real Estate Over 3-5 Years

Brookfield Asset Management, one of the world’s largest institutional investors, plans to invest more than $10 billion in India over the next three to five years to capitalise on the burgeoning real estate industry.

The outlay will double Brookfield’s real estate assets under management in the country during the period, according to Ankur Gupta, managing partner and head of real estate for Asia Pacific at Canada’s Brookfield. Read more>>

Blackstone in Talks to Buy Dulwich Schools in Singapore, Seoul 

Blackstone is nearing a deal to buy some of Dulwich College International’s Asian assets for about $600 million, according to people with knowledge of the matter, underscoring the continued appetite of buyout firms in the education sector.

The deal will include acquiring the schools in Singapore and South Korea from Education in Motion, the people said, asking not to be identified discussing confidential information. It doesn’t plan to include the ones in China, they said. Read more>>

China Vanke Posts Quarterly Loss Amid Sales Slump, Cash Crunch 

China Vanke recorded a second consecutive quarterly loss, adding to the developer’s financial woes as it struggles with slumping sales and a cash crunch.

The net loss was RMB 362 million ($50 million) for the first quarter, the Shenzhen-based company said Monday in an exchange filing. That narrowed from a RMB 1.46 billion loss in the fourth quarter. The company posted a profit of RMB 1.45 billion a year earlier. Read more>>

Mapletree Logistics Trust Posts 2.5% Drop in Q4 DPU

High interest costs and weak regional currencies weighed on Mapletree Logistics Trust’s performance for the fiscal fourth quarter to the end of March, with distribution per unit falling 2.5 percent to 2.211 Singapore cents.

Gross revenue for the quarter rose 1.2 percent to S$181 million ($132.9 million), while net property income edged up 0.6 percent to S$155.3 million, the trust announced Monday. Read more>>

WeWork Restructuring Deal to Exit Bankruptcy Spurns Adam Neumann 

WeWork and its major financial backers including SoftBank Group have struck a new restructuring deal to get the ailing workspace provider out of bankruptcy, spurning a competing financing proposal from co-founder Adam Neumann.

WeWork has struck an agreement with senior lenders, who have agreed to provide the business with roughly $450 million in Chapter 11 and exit financing in exchange for equity in the reorganised business. SoftBank and other owners of the company’s existing letters of credit could also swap their debt holdings for stock after exiting Chapter 11, WeWork lawyer Steven N Serajeddini said during a Monday bankruptcy court hearing in New Jersey. Read more>>

Distressed Korean Builder Taeyoung Faces Debt Restructuring Vote

Creditors of distressed Korean builder Taeyoung Engineering & Construction are poised to decide Tuesday on whether to allow the firm to begin restructuring its debt, after it rattled local markets at the start of the year.

The builder of everything from office towers to industrial plants needs to receive backing from creditors that hold at least 75 percent of its aggregate debt, according to a previous statement from its main lender Korea Development Bank. Read more>>

Brookfield Adds to Dubai Property Portfolio With Warehouse Deal 

Brookfield Asset Management bought a controlling stake in a Dubai-based firm’s real estate unit, securing a slice of prime warehousing space in one of the world’s hottest commercial property markets.

The Canadian asset manager is buying into Gulf Islamic Investments’ realty platform that owns about 1.5 million square feet (139,354 square metres) of warehouse space in the United Arab Emirates, people familiar with the matter said. 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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