CLINT will develop the IT park and acquire it once certain conditions are met
In today’s roundup of regional news headlines, Singapore-listed CapitaLand India Trust agrees to acquire a Bengaluru IT park at a future date, and data center giant Global Switch reaches an impasse with its potential buyers.
CapitaLand India Trust to Acquire Bangalore IT Park for $152M
The manager of CapitaLand India Trust has entered into a forward purchase agreement to acquire a 1 million square foot (92,903 square metres) IT park in Bengaluru. CLINT will provide funding for the development of the project as part of the forward purchase arrangement.
The project comprises two buildings with an aggregate net leasable area of 1.5 million square feet. CLINT proposes to fund the development of the project and subsequently acquire a net leasable area of 1 million square feet for a total of S$201 million ($151.7 million). The remaining net leasable area of 500,000 square feet will be retained by the landowners. Read more>>
Global Switch $10B Deal Talks Peter Out on Valuation
Discussions about a potential sale of Global Switch Holdings have nearly ground to a halt, people familiar with the matter said, amid tightening financing conditions and lower-than-expected bids for the London-based data center company.
Deal talks between Global Switch’s Chinese owners and prospective bidders aren’t moving forward, as the parties have been unable to bridge a significant value gap from the initial $10 billion sought by the sellers, the people said. Read more>>
China’s Property Sector Shrank 5.1% in 2022: Statistics Bureau
China’s property sector fell 5.1 percent in 2022 from a year earlier, value-added data from the National Bureau of Statistics showed on Wednesday, heaping more pressure on policymakers to revive the sluggish sector in 2023.
Value added in the once-mighty industry was 7.2 percent lower in the fourth quarter than a year earlier, following a 4.2 percent annual contraction seen in the third quarter, according to NBS data. Read more>>
Adrian Cheng, Adam Kwok and Pansy Ho Join Party Standing Committee
Representatives from multiple developers are on the newly issued member list of China’s top political advisory body, including holdovers Victor Li of CK Asset Holdings, Peter Lee of Henderson Land Development and Douglas Woo of Wheelock Properties.
Making their debut on the CPPCC Standing Committee are New World Development’s Adrian Cheng, Sun Hung Kai Properties’ Adam Kwok and Shun Tak Holdings’ Pansy Ho. Read more>>
Evergrande Chairman, Once Worth $42B, Loses 93% of Wealth
Xu Jiayin was once one of China’s richest and most influential titans, bridging the worlds of business and high-level politics.
These days, the China Evergrande chairman’s fortune is considerably diminished. He’s down to about $3 billion from $42 billion, which once made him the second-richest person in Asia, according to the Bloomberg Billionaires Index. Read more>>
China Developers’ Debt Risks Persist After Support Policies’ Slow Start
Country Garden had some rare good news for China’s cash-squeezed property sector with an offshore debt repayment on Tuesday, but a closer look reveals just how many developers may still struggle to access capital, developers and analysts said.
China’s largest developer by sales said it repaid its 4.75 percent dollar bonds with outstanding principal totaling $625 million. The payment was due on Tuesday. Read more>>
China’s Big Spenders Trickle Back into Hong Kong’s Luxury Housing Market
Hong Kong’s property market insiders see signs of mainland China residents returning to the housing market after the reopening of the border, although a full recovery is expected to take months amid high interest rates.
Mainlanders have started to buy homes in Hong Kong again, with interest concentrated in luxury properties so far, Victor Tin, executive director at Sino Land, told the South China Morning Post. Read more>>
Shapoorji Pallonji, Indiabulls and PAG Developing India’s Tallest Luxury Tower
The Vantage Series residences at India’s tallest luxury skyscraper, Minerva, in Mumbai’s South will soon be launched under the guidance of Shapoorji Pallonji Real Estate.
SPRE has been appointed by Lokhandwala Kataria Construction as a project marketing consultant. The 300 meter (984 foot) tall, 372-unit project is financed by Indiabulls Housing Finance and Hong Kong-based investment firm PAG. Read more>>
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