Jubilant Plaza in Cheung Sha Wan is among the new additions to China Resources Land’s Hong Kong holdings
State-owned China Resources Land continues to scoop up Hong Kong properties in a down market, with that story leading today’s headline roundup. Japan’s listed trusts also make the news, with One REIT planning to sell three Tokyo office buildings and Ichigo Hotel REIT completing the disposal of a Sapporo asset.
China Resources Land Buys 5 Hong Kong Shopping Centres
China Resources Land announced Monday that it has completed the acquisition of five housing estate shopping malls from the Hong Kong Housing Society in its third purchase of Hong Kong real estate assets this year.
The five community retail properties include locations in the Jubilant Plaza, Heya Crystal, Heya Star, Heya Delight and Heya Aqua housing estates in Cheung Sha Wan, with the portfolio spanning 160,000 square feet (14,864 square metres). Read more>>
Japan’s One REIT Selling Trio of Tokyo Office Buildings to Raysum for $42.5M
Japan’s One REIT announced Wednesday that it has decided to sell a trio of Tokyo office blocks for a total of JPY 6.7 billion ($42.5 million).
The properties in Shinagawa ward include Minami-Shinagawa JN Building, Minami-Shinagawa N Building and Minami-Shinagawa J Building with Raysum Co Ltd acquiring them at a premium to their JPY 6.1 billion book value. Read more>>
Ichigo Hotel REIT Sells Sapporo Hotel for $30M
Tokyo-listed Ichigo Hotel REIT announced Wednesday that it has completed the sale of a Sapporo property for JPY 4.7 million ($30 million), following up on a deal signed on 31 July.
The REIT is selling the Nest Hotel Sapporo Ekimae in the capital of Hokkaido to a unit of its sponsor, Ichigo Estate, for more than twice its book value of JPY 2.1 billion. Read more>>
New World Said to Sell Second Hong Kong Industrial Asset This Month
Embattled Hong Kong builder New World Development has sold its second industrial asset this month, striking a deal to dispose of Artisan Hub, an industrial building at 9 Luk Hop Street in San Po Kong, for HK$367 million ($47 million), according to local media accounts.
Earlier in December, New World was reported to have sold Artisan Lab, an industrial building in the same area, for HK$620 million as the company fights to reduce its debt load amid sliding property markets in Hong Kong and mainland China. Read more>>
Singapore-Listed Cromwell E-REIT Rebrands as Stoneweg European REIT
Cromwell European REIT will be renamed Stoneweg European Reit from 2 January, with corresponding updates to its security and counter names on the Singapore Exchange.
The change follows the completion of a €280 million ($291 million) acquisition of Cromwell E-REIT’s manager by alternative investment group Icona Capital and real estate investment group Stoneweg. Read more>>
China Property Regulator Vows to Focus on Stabilising Housing Market
Efforts will continue in 2025 to stabilise and prevent further declines in China’s real estate market, China Construction News reported, citing a work conference held by the housing regulator on Tuesday and Wednesday.
China will vigorously promote the reform of the commercial housing sales system, and expand the scope of urban village renovation beyond the addition of 1 million units, the report said. China will strictly control the supply of commercial housing, while increasing the supply of affordable housing to help solve the living problems of a large number of new citizens, young people and migrant workers, it said. Read more>>
Singapore Tycoon Investigated Over Financial Crime Allegations in Bangladesh
Bangladesh authorities are investigating Singaporean billionaire Saiful Alam Masud for alleged financial crimes, including money laundering, the Straits Times reported Wednesday. He denied wrongdoing.
Lawyers representing the 64-year-old tycoon, who was born in Bangladesh, stated that allegations of money laundering involving Alam, his family and his businesses in Bangladesh were made by local private media outlets and are part of a targeted smear campaign, according to the newspaper. Read more>>
Chinese Firms Said Seeking European Facilities Amid Tariff Talks
Chinese companies are increasingly looking to set up factories in central and eastern Europe to circumvent tariffs and business disruption amid heightening geopolitical tensions, according to a European industrial developer.
Amsterdam-listed CTP anticipates a 10 to 15 percent increase in clients from China next year, according to Jaromir Cernik, the company’s Asia director. CTP is Europe’s largest developer and manager of logistics and industrial real estate by gross lettable area, owning 12.6 million square metres (135.6 million square feet) of space across 10 countries. Read more>>
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