NWD, ADIA to Refinance $1.2B HK Hotel Loan and More Asia Real Estate Headlines

Adrian Cheng, CEO and executive vice-chairman of New World Development

New World Development and Abu Dhabi’s sovereign wealth fund plan to refinance a $1.2 billion hotel loan in Hong Kong, with that story leading Mingtiandi’s headline roundup today. Also making the list, Warburg Pincus and Bain Capital vie to acquire India’s Shriram Housing Finance for $601 million and an illegal mortgage on one of EC World REIT’s properties is discharged by Chinese authorities.

New World, ADIA Seek to Refinance $1.2B Hotel Loan

New World Development and Abu Dhabi’s sovereign wealth fund are planning to refinance a HK$9.25 billion ($1.2 billion) syndicated loan related to the acquisition of three luxury hotels in Hong Kong, according to people with knowledge of the matter.

Banks have been tapped about the potential refinancing in recent weeks, the people said, asking not to be identified discussing private matters. The new facility is likely similar in size to the 2015 loan, which was refinanced by New World and the Abu Dhabi Investment Authority in 2018. Renaissance Harbour View Hotel, Hyatt Regency Hong Kong Tsim Sha Tsui and Grand Hyatt Hong Kong are the loan’s underlying assets. Read more>>

Warburg, Bain in Talks to Buy India’s Shriram Housing Finance for $601M

The Shriram Group is in talks with US-based fund management giants Warburg Pincus and Bain Capital to sell its housing arm Shriram Housing Finance for INR 50 billion ($601 million), two people directly familiar with the development said.

Shriram Housing Finance is a midsize housing finance company with assets of over INR 100 billion. The sale is part of the Chennai-headquartered conglomerate’s plan to redesign its growth strategy. Read more>>

Illegal Mortgage on EC World REIT Asset Discharged by Chinese Authority

One of the three illegal mortgages imposed on EC World REIT’s Chinese properties has been discharged by the government’s land regulation arm.

This is based on a Real Estate Mortgage De-registration Certificate issued by the Hangzhou Bureau of Planning and Natural Resources, provided by the REIT’s sponsor Forchn Holdings Group, the REIT’s manager said Thursday. Read more>>

Australia’s Top Pension Fund Says Private Equity Shines in Tough Times

The chief investor for Australia’s biggest pension fund said the best time to deploy private capital is precisely when funds are struggling to raise money.

The good vintages for private equity funds happen after “tough times”, AustralianSuper chief investment officer Mark Delaney told Bloomberg in an interview in New York on Thursday, the same week the fund opened a new office in Manhattan at an event attended by New York’s mayor and the pension’s partners, including TPG, Churchill Capital and New Mountain Capital. Read more>>

Hong Kong Home Prices Seen Falling 10%

Hong Kong’s home prices will fall 10 percent in 2024 and return to 2016 levels after an estimated drop of 5 percent last year, says Morgan Stanley.

The investment bank said it will take some time for any expected US interest rate cuts to benefit Hong Kong’s property market, which means homebuyers still need to pay high interest rates for mortgages. Read more>>

Ascott Touts Oakwood Growth, Introduces Resorts in Brand Refresh

Serviced apartment provider Oakwood has secured over 3,000 units across more than 20 properties since it was acquired by CapitaLand Investment’s lodging arm, The Ascott, in the second half of 2022.

Ascott on Thursday said its Oakwood portfolio has grown by more than 20 percent to almost 18,000 units, up from about 15,000 units at acquisition, making it one of the company’s fastest-growing global brands in 2023. Read more>>

Hotpot Restaurant Leases Space in Central Hong Kong at 40% Discount

Restaurants and retailers in Hong Kong are locking in leases for large spaces amid a revival in consumer sentiment and rising tourism numbers.

A mainland hotpot chain is one of a few lucky tenants still finding bargains, as the city’s retail property sector continues to steadily recover from the onslaught of the pandemic that saw thousands of shops and restaurants close. Read more>>

EQT Eyeing Further Tie-Ups in Private Equity Consolidation, CFO Says

Swedish private equity giant EQT is targeting further acquisitions to accelerate growth and better compete in tough markets, CFO Kim Henriksson told Reuters on Thursday.

“We intend to take part in the consolidation in this industry, which has just started,” Henriksson said in an interview after EQT reported its 2023 results. “We’re not done,” he added. 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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