In today’s regional news roundup, asset management champion BlackRock plans major expansion in Singapore, private equity giant Blackstone completes its acquisition of Australian casino operator Crown Resorts and Fitch Ratings is dropping coverage of a Chinese homebuilder.
BlackRock set to double its presence in Singapore
BlackRock is set for a major expansion in Singapore as it follows other international firms seeking to tap into capital flows to Southeast Asia.
The world’s largest asset manager is in talks to double its floor space in an office building in the city-state’s central business district, according to people familiar with the matter. The US company plans to add dozens of local employees and some relocations from Hong Kong, said one of the people, who asked not to be identified while discussing confidential matters. Plans are still at an early stage, the people said. Learn more>>
Blackstone Completes Acquisition of Crown Resorts
Blackstone announced on Friday that the property funds and private equity funds under its management have completed the acquisition of Crown Resorts Ltd in the company’s largest transaction to date in Asia Pacific.
The transaction includes three premium resort and casino properties in Melbourne, Perth and Sydney. Blackstone says it will work with the Crown team to transform these properties into world-class entertainment destinations and ensure compliance, governance and integrity. Learn more>>
Park Hotel managing director prosecuted for money transfers
Park Hotel CQ and its liquidators have filed a lawsuit against Park Hotel Management director Allen Law Ching Hung for some 6.5 million Singapore dollars ($4.7 million) in funds transferred out of PHCQ.
Law served as the sole director of PHCQ, which is wholly owned by PHMPL, from April 2013 until March 2021, when he resigned as a director. Lim Kang-Ling, previously general manager of the Park Hotel Clarke Quay property, was appointed sole manager on the same day. Sole shareholder and director of PHMPL, Law is the son of Hong Kong billionaire Law Kar Po, who is worth some $6.6 billion, according to Forbes. Learn more>>
Fitch withdraws its ratings on Xinyuan
Fitch Ratings removed Chinese property builder Xinyuan Real Estate’s long-term default rating from foreign currency issuers, as well as its senior unsecured rating and the rating of its outstanding bonds from C, with a recovery rating of RR5.
Fitch withdrew the ratings as Xinyuan elected to no longer participate in the ratings process. Consequently, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Xinyuan. Learn more>>
Chinese FangDD avoids delisting from NASDAQ
FangDD Network Group said on Thursday that it was informed by NASDAQ on June 22 that the Chinese online brokerage had regained compliance with the minimum bid price requirement set by the exchange.
In order to regain compliance with NASDAQ’s $1.00 per share minimum offering price requirement, FangDD had on June 7 changed the ratio of its ADSs representing Class A common stock from one ADS representing 25 shares Class A ordinary shares to one ADS representing 375 Class A ordinary shares. Learn more>>
CapitaLand plans 40MW data center in Hyderabad
Singaporean real estate group CapitaLand is set to build a data center in Hyderabad, India.
The new 40 megawatt facility will be located in Hyderabad Information Technology and Engineering Consultancy City, a business district in Madhapur region, and will have a dedicated gas insulation substation on site. Learn more>>
GCB Singapore bungalow deals plunge as sentiment erodes
Trades have fallen dramatically in the Good Class Bungalow market amid a widening bid-ask price gap, coupled with weak sentiment in recent months from the stock market, cryptocurrency , macroeconomic and geopolitical fronts.
Analysis by List Sotheby’s International Realty of URA Realis caveats uploaded on June 21 showed that so far this quarter there have been nine transactions in GCB areas for a total of S$224.2 million ( $161.5 million). These figures do not even represent a third of the 31 deals that amounted to nearly S$900 million in the second quarter of last year. Learn more>>
Mercatus transaction for the benefit of CICT, FCT and LREIT: DBS
The sale of shopping centers under Mercatus Co-operative, a unit of NTUC Enterprise Co-operative, will be closely watched, analysts at DBS Group Research said in a Thursday report.
On June 16, Bloomberg reported that unit NTUC was considering selling its shopping malls – AMK Hub, Jurong Point, Nex and Swing By @ Thomson Plaza – for 4 billion Singapore dollars ($2.9 billion) . Learn more>>
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