PAG Said Mulling Buy of Wanda’s $14B Mall Portfolio and More Asia Real Estate Headlines

PAG could soon control nearly 500 Wanda Plazas across China (Getty Images)

Apparently not satisfied buying out Dalian Wanda’s mall management business earlier this year, PAG is back in the news today with a report on talks to buy out the mainland developer’s nearly 500 malls leading today’s headline roundup. KKR and TPG also make the list with a potential deal to buy back a Singaporean property listings website they took public just two years ago, and a close friend of Evergrande boss Xu Jiayin (Hui Ka-yan) is selling a London hotel.

PAG Said Considering Purchase of Dalian Wanda’s Nearly 500 Malls

Private equity firm PAG is considering buying Dalian Wanda Group Co.’s shopping mall properties, according to people familiar with the matter.

PAG could raise a fund and bring in other investors for a transaction that may value the real estate assets at as much as RMB 100 billion ($13.8 billion), the people said, asking not to be identified discussing confidential information. Read more>>

KKR, TPG Said Exploring Buyout of PropertyGuru

KKR and TPG are exploring options including a buyout of Southeast Asian online real estate platform PropertyGuru Group, sources familiar with the matter said.

The US private equity firms are working with a financial adviser to help gauge initial interest from other global investors in New York-listed PropertyGuru, the sources said, asking not to be identified because the matter is private. KKR and TPG, which own about 26.5 per cent and 29.6 per cent of PropertyGuru, respectively, could also opt to buy the remaining shares they don’t already hold, the sources said. Read more>>

China’s CC Land Said Selling London Hotel to Italy’s Gruppo Statuto for $229M

One of Italy’s best-known hoteliers has agreed to purchase a luxury hotel in Bayswater for roughly £180 million ($229 million), one of London’s biggest property deals this year.

Gruppo Statuto will buy the Six Senses Hotel at The Whiteley, a former office building that’s being converted into a luxury residential facility, according to people familiar with the matter. The 109-room hotel — currently owned by Hong Kong builder CC Land Holdings Ltd. and investment firm MARK – will officially change hands when it opens next year, the people said, asking not to be identified as the information isn’t public. Read more>>

PWC Bracing for Penalties Over Evergrande Role

China’s securities regulator ruled in March that Evergrande had inflated its mainland revenues by almost $80 billion in the two years before the developer defaulted on its debts in 2021, despite PwC giving the accounts a clean bill of health.

Partners fear they could face one of the largest fines ever imposed on a Big Four accounting firm in China and other sanctions, prompting infighting among senior figures, according to insiders and retired partners still close to the firm. Read more>>

Mitsubishi Estate, AsheMorgan File to Renovate 60 Margaret St in Sydney

After paying $779 million for a prime Sydney office tower last year, Japanese real estate developer Mitsubishi Estate and local investment house AsheMorgan have filed a development application to upgrade the property.

The partners seek to demolish part of the existing podium at 60 Margaret Street, including retail facades, lobby and the existing streetfront plaza.The plans by architecture firm Grimshaw also call for reworking of the interiors of levels four through eight of the building. Read more>>

DBS Accepts Offers for Retail Storefronts in Singapore

DBS has accepted offers from prospective buyers for 19 of the 46 shophouse and retail units formerly occupied by its full-service branches in Singapore which were put up for sale in April.

The Business Times understands that the 19 units comprise shophouse and shop units in HDB estates. The units are in Tanjong Pagar, Clementi, Bukit Panjang, Jurong West Street 92, Marine Parade Central, Pasir Ris, New Upper Changi Road, Holland Drive, Ang Mo Kio Avenues 4 and 8, and Hougang Streets 21 and 61. Read more>>

UAE’s Damac Enters Indonesia Data Centre Market with Jakarta Project

UAE data center firm Edgnex plans to build a data center in Jakarta as its first project in Indonesia’s digital infrastructure market. The 15MW facility is to be located along MT Haryono. The first phase of construction is scheduled to be completed in the fourth quarter of 2025.

UAE property firm Damac Group set up Edgnex (aka Damac Data Centres) in 2021. The company is building facilities in Saudi Arabia in Dammam and Riyadh, which will deliver 55MW by 2025. Edgnex is also planning a data center in Amman, Jordan. Read more>>

CPPIB Cut China Investments by Half in Past Two Years

Canada Pension Plan Investment Board’s exposure to investments in yuan has fallen by half in just two years, as the money manager pulls back in the world’s second-largest economy because of higher risks.

CPPIB, which ranks as Canada’s biggest pension fund, held 5 percent of its assets in Chinese currency as of March 31, according to its annual report released Wednesday, down from 10 per cent in 2022. The fund returned eight per cent in the fiscal year that ended in March, aided by a nearly 14 per cent gain on its public stock portfolio. But Chinese equities were a drag on results, as China’s stock market “diverged from other major markets due to challenges in the real estate sector,” the annual report said. Read more>>

Ratings Agencies Raise Doubts on China’s Distressed Asset Managers

China’s troubled state-backed distressed asset managers have been given the green light to expand their operations, but analysts are increasingly doubtful about their ability to mitigate risks to the nation’s financial system.

Analytics firm S&P Ratings said on Tuesday that it expected China’s four main asset management companies (AMCs) – firms originally set up to isolate and manage bad debt for the nation’s biggest banks – to continue playing a stabilising role amid the property crisis. Read more>>

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