Blackstone Puts Sime Darby Centre on Market in SG

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Forest City Country Garden

Forest City involves four reclaimed islands just 2 km from Singapore

America’s biggest landlord leads Asia’s real estate news today as Blackstone is reportedly putting a Singapore office asset on the market less than a year after purchasing it. Also in the headlines, unhappy buyers of homes in Country Garden’s Malaysian mega-project hope to fight back and new fund closing are are on the way for KKR and TPG. Read on for all the details.

Blackstone Puts Singapore Office Block on the Market

Blackstone Group LP plans to sell one of the office and retail assets it acquired last year from Malaysian palm-oil producer Sime Darby Bhd., according to people familiar with the matter.

The New York-based private equity firm expects to fetch about S$300 million ($214 million) for the Sime Darby Centre in the Bukit Timah area, which it bought for just under S$200 million, said one of the people, who asked not to be identified because the information isn’t public. Read more>>

Frustrated Forest City Buyers Plan WeChat Assault on Country Garden

Middle-class mainlander Laura Zhang found the idea of owning a home overseas irresistible after being bombarded by commercials for an affordable project “near Singapore”.

The Forest City project in the southern Malaysian state of Johor, the subject of the advertisement , is being developed by Country Garden, China’s third-largest home builder. Read more>>

KKR, TPG Aim For April 1st Close on Latest Asia Funds

Global private equity giants – KKR and TPG – are set to hit the first close of of their new Asia focussed funds next month, multiple people familiar with the plans told Deal Street Asia.

KKR is targeting to raise $7 billion for its third pan-Asian fund, that has an institutional hard cap of $8.5 billion, while TPG is raising $4.5 billion for its seventh Asia Fund, and both firms had issued private placement memorandums for their respective new vehicles in 2016-end, according to an industry executive with knowledge of the matter. Read more>>

Five More Mainland Cities Clamp Down on Housing Markets

Five mainland Chinese cities have followed Beijing’s lead in tightening home purchase restrictions, rolling out extensive new measures over the past three days to curb speculative buying.

Within a few hours of Beijing introducing the nation’s harshest curbs on Friday afternoon to dampen surging home prices, Shijiazhuang, the capital of neighbouring Hebei province, the city of Guangzhou in southern China, and Zhengzhou, the capital of central Henan province, rolled out tighter buying curbs. Read more>>

Wanda Takes a Swing at Cloud Computing With IBM – Why Not?

IBM and a unit of China’s Dalian Wanda Group, a property and entertainment conglomerate, agreed on Sunday to team up to provide cloud services to Chinese companies, the U.S. technology provider said.

Through a newly formed venture, Wanda Cloud Company, they will offer select IBM cloud infrastructure and platform as a service (IaaS and PaaS) technologies in China, IBM said. Read more>>

Greentown Plans Overseas IPO for Asset Light Subsidiary

Greentown Real Estate Construction & Management Group, the house building unit of Hangzhou-based developer Greentown China Holdings, is seeking an initial public offering overseas in the near future, according to its general manager, Li Jun.

The unit, which builds homes on land acquired by other parties and collects management fees, is the second largest of Greentown’s four subsidiaries in terms of contracted sales, after the group’s development arm. Read more>>

Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.


Source: einnews.com