CapitaLand said on Tuesday that its related entities have embarked on an asset swap arrangement to take full ownership of 22 retail malls in China. The firm said its sponsored funds, CapitaRetail China Development Funds, agreed to an asset swap arrangement with SZITIC Commercial Property (SCP). Under the deal, the development funds will swap their 65 per cent equity stakes in 4 projects and 50 per cent...
Overseas Property
Singapore developer Ho Bee said on Friday its unit has formed a joint venture company with China-based developer Yanlord Land. The newly formed subsidiary called HB Investments (China) is 80 per cent owned by Ho Bee and 20 per cent owned by Engro Corporation, a mainboard-listed producer of slag-cement. In turn, HB Investments and Yanlord Land will hold 50 per cent stake each in the JV investment holding...
Singapore-listed Ying Li International Real Estate has acquired a prime integrated development site in Chongqing's Yuzhong District for S$177 million. The site was bought in a government land auction. Ying Li said on Friday it will develop the site into an integrated development project, with high-end residential, hospitality and high-grade retail components. The project is expected to be fully completed...
Mainboard-listed Asia Food & Properties (AFP) on Thursday said it is planning a demerger of its China property business. The firm's China property business will now be held under a new unit called Bund Center Investment, which will be listed on the Singapore exchange. The demerger will take place through a capital reduction in AFP, and a distribution of shares in the capital of Bund Center Investment...
Singapore-listed Chinese property developer Pan Hong said Thursday it will receive compensation for a delay in the handover of a land parcel that it bought. The firm said it will receive 4 million yuan (about S$846,000) from authorities in China's Fuzhou city due to the delay. Pan Hong had bought the rights to the Fuzhou site in 2007 at a cost of 200 million yuan. But an unspecified delay on the...
Property developer CapitaLand has channelled an additional capital of S$1 billion to its wholly owned China, Vietnam and Ascott businesses. The developer said it intends to sharpen its focus for the next phase of growth. The funds came from its recent S$1.8 billion rights issue. Out of the S$1 billion, half will be allocated to CapitaLand China Holdings, while S$299 million will be deployed to its...
Frasers Hospitality has signed a contract to manage its first Fraser Suites property in India's capital, New Delhi. The nine-storey, 90-unit Fraser Suites New Delhi is scheduled to open in October next year. The company said the property has an ecological design, aimed at optimising the use of solar energy for lighting, heating and electricity generation. Situated in the Mayur Vihar area, it is part of...
Hospitality group Banyan Tree is on track to develop one of Vietnam's largest integrated resorts. The phase one development of its US$900 million beachfront project Laguna Hue will commence on Saturday with a groundbreaking ceremony. The Singapore-listed company raised US$283 million for the project through a real estate fund established in 2008. When the first phase of the 280-hectare project is...
Singapore-listed Hong Kong-based property developer Pan Hong said on Thursday that it has acquired a land parcel in China's Huzhou city for S$46.7 million. The site will be used for the development of residential and commercial properties. Located in Zhejiang province, the 103,000sqm site is estimated to yield a total gross floor area of around 216,000sqm. Construction for the project is expected to...
Real estate developers in India think the worst may be over as property prices stabilise. Buyers are also returning, encouraged by the government's decision to provide cheaper home loans. India's real estate sector is showing its first signs of stability after a free fall that started last year. A series of interest rate cuts on home loans and a revival in optimism have encouraged developers to start new...