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Tuesday, March 12, 2024

Hillhouse, Boyu, CDH in Talks to Back GDS in SE Asia and More Asia Real Estate Headlines

GDS in talks with several investors regarding its business outside China

Chinese fund managers Hillhouse, Boyu and CDH are in discussions regarding investments in GDS efforts to expand its data centre network in Southeast Asia, with that story leading Mingtiandi’s headline roundup today. Also in the news, Chinese authorities ask banks to support Vanke as the developer struggles for liquidity at the same time that Beijing says it is ready for some builders to go bust.

Hillhouse, Boyu in Talks to Invest in GDS SE Asia Data Centres ↗

Alternative asset managers Hillhouse Capital, Boyu Capital and CDH Investments are in advanced talks to invest in GDS Holdings Ltd’s data centre business outside China, according to people familiar with the situation, sending the company’s shares up as much as 24 percent in Hong Kong on Monday.

An agreement on a total investment of $500 million to $600 million may be reached as soon as the coming weeks, though no final decisions have been made, the people said, asking not to be identified because the matter is private. Other investors could also be involved in a deal, they said. Read more>> ↗

China Ready to Let Some Troubled Property Firms Go Bust: Housing Minister ↗

Beijing will strive to stabilise China’s property market in the midst of a debt crisis and “systemic risks”, while allowing some troubled developers to go bankrupt or be restructured, the country’s housing minister said Saturday.

On the sidelines of the National People’s Congress, Housing and Urban-Rural Development Minister Ni Hong pointed to further problems ahead as the country struggles to contain the deepening property sector crisis, among other economic woes. Read more>> ↗

Chinese Regulators Ask Large Banks to Step Up Support for Vanke ↗

Chinese regulators recently met financial institutions to discuss state-backed developer China Vanke and asked large banks to enhance financing support and private debt holders to discuss maturity extension, two sources said.

The sources with direct knowledge of the matter said the financial institutions were asked to make progress quickly and that the State Council — China’s cabinet — is coordinating efforts related to supporting Vanke. Read more>> ↗

Hong Kong Weekend Home Transactions Leap to Three-Year High ↗

Hong Kong’s 10 biggest residential estates saw transactions rise to the highest in three years over the weekend, according to Centaline Property Agency, as the market continued to benefit from recent easing steps.

A total of 37 apartments changed hands, up 48 percent from a week earlier. Hong Kong property buyers have been rushing to snap up homes after the government removed extra property levies last month to boost the market. Read more>> ↗

China’s Longfor Issues Profit Warning ↗

Chongqing-based developer Longfor Group Holdings on Friday announced to the Hong Kong stock exchange that it expects a decrease in profit of 45 to 50 percent for 2023, due to lower sales and falling prices.

The company said it expects to publish its 2023 financial results by the end of March while indicating that it achieved positive cash flow last year. Read more>>

Frasers Property to Redeem $451M in Perpetual Securities ↗

Frasers Property’s wholly owned subsidiary, Frasers Property Treasury, is redeeming S$600 million ($451 million) fixed-rate subordinated perpetual securities.

It will be redeemed at S$250,000 for every S$250,000 in nominal amount of the perpetual securities, together with distribution accrued to but excluding 11 April, said Frasers Property on Monday. Read more>> ↗

Korea’s NPS Proxy War Re-Erupts ↗

South Korea’s National Pension Service decided again this year to vote against the reappointment of Hyosung Group chairman Cho Hyun-joon and his younger brother, vice chairman Cho Hyun-sang, as inside directors of the business group’s affiliates, the state pension fund said Friday.

It was the pension fund’s first decision on how to vote during this year’s proxy season, amid intensifying conflicts between major Korean companies and their shareholders, including activist funds and minority shareholders, over their shareholder return policies. NPS is expected to express several additional negative opinions on proposals made by the management of other Korean firms. Read more>> ↗

Malaysia Wealth Fund’s Assets, Profits Jump Amid Recovery ↗

Khazanah Nasional saw its net asset value rebound by about 4 percent in 2023, as its profits tripled from a year earlier on improving market conditions.

The Malaysian sovereign wealth fund’s NAV rose to MYR 84.8 billion ($18 billion), managing director Amirul Feisal Wan Zahir said at a briefing in Kuala Lumpur on Monday. Profit from operations jumped more than threefold to MYR 5.9 billion. 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.

BFIA Admin
BFIA Admin
The big boss.

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