Ivanhoe, ADIA Marketing Stakes in Logos Sheds and More Asia Real Estate Headlines
In today’s roundup of regional news headlines, Canadian investor Ivanhoe Cambridge reportedly shops its stake in a Logos-run Australian logistics portfolio, and US giant Equinix opens its latest hyperscale data centre in Tokyo. Also making the list, Evergrande customers have a new reason to be unhappy and Goldman is attacked as a China bear.
Canada’s Ivanhoe Cambridge is looking to sell its interest in an A$1.2 billion ($800 million) portfolio of warehouses across Sydney and Melbourne managed by Logos.
Logos, a subsidiary of Hong Kong-listed industrial giant ESR, is also fielding bids on a major stake in another A$3 billion fund controlled by the Abu Dhabi Investment Authority. Read more>>
Equinix has announced the opening of a new hyperscale data centre in Tokyo, dubbed TY13x.
Located in the Inzai region and adjacent to TY12x, TY13x provides 8 megawatts in the first phase and will provide a total of 36MW at full build-out. Equinix first partnered with Singapore sovereign wealth fund GIC in 2019 to develop hyperscale facilities under the xScale label. Read more>>
Homebuyers of a China Evergrande project found that apartments delivered to them were seized by a court, the National Business Daily reported.
A court in southern Guangdong’s Zhuhai city seized land under the residential project on 30 June, the newspaper said, citing records on Guangzhou city government’s website and some residents. That’s about nine months after the more than 400 buyers moved in, according to the report. The seizure was lifted on 4 July, it said. Read more>>
A state-owned Chinese newspaper issued a rare rebuttal of Goldman Sachs research after the securities firm’s analysts recommended selling shares of local banks, the latest sign of official attempts to counter negative sentiment in markets as the economy slows.
The market shouldn’t take a bearish view on Chinese banks based on pessimistic assumptions, and negative premises are misinterpretations of the facts, according to a Securities Times report Friday, referring to a Tuesday research note from Goldman. Banks have been actively lowering their exposure to property loan risks, while local governments have stepped up efforts to ease debt risks, the Securities Times said. Read more>>
Taiwan plans to raise taxes on unoccupied homes as part of the government’s latest attempt to try and cool its overheated property market.
The annual tax on a home that’s empty or not being used for residential purposes will be raised to as high as 4.8 percent of the value of the house from 3.6 percent now, according to a statement from the Finance Ministry. Read more>>
Southern China’s tech hub Shenzhen has seen increased demand for office space in the Qianhai special zone from Hong Kong companies, particularly the insurance industry and family offices, according to real estate firm JLL.
Hong Kong firms have shown a special interest in Qianhai, the economic zone neighbouring the city, and they have moved from initial investigations to taking action since the reopening of the Hong Kong-Shenzhen border earlier this year, Alfred Li, head of office leasing advisory at JLL Shenzhen, said in a media briefing on Thursday. Read more>>
Link Hotel Singapore has been taken off the market after its owner, Hang Huo Investment, obtained a loan from Swettenham Capital to repay a S$51 million ($37.7 million) loan owed to DBS.
The loan, obtained in June, will provide S$55 million to Hang Huo Investment at 11 percent interest. It is secured by a mortgage over the hotel. Read more>>
Hinduja Realty Ventures, the real estate arm of the Hinduja group, has leased three floors in Tata Communications Tower, a commercial building in Bandra Kurla Complex’s G Block, on a long-term lease for an annual lease rent of INR 13.87 crore ($1.7 million).
The transaction was registered on June 5 this year between Hinduja Realty Ventures Pvt Ltd and Tata Communications Ltd to lease first, second and third floor space in Tower C of Tata Communications Towers for a period of 60 months. Read more>>