Only a few of Evergrande’s Hengchi cars were ever built
An asset seizure in Guangzhou leads today’s real estate news from around Asia, with shareholders in China Evergrande Group finding out that some of the company’s automotive assets have changed hands without their knowledge. Also in the headlines, an Aussie fund manager lobbies for a higher price on a buyout offer for National Storage and GLP is said to have chosen banks for its Hong Kong IPO.
Mainland Court Transfers Evergrande Auto Assets to State Control
Offshore creditors hoping to recoup some of their losses in the bankruptcy of China Evergrande Group received some unwelcome news this past week when the board of China Evergrande New Energy Vehicle, the developer’s automotive unit and one of its most significant overseas assets, informed the Hong Kong stock exchange that ownership of key company subsidiaries had been transferred to units of the Guangzhou municipal government.
In a statement to the exchange, Shawn Siu, China Evergrande NEV chairman said that, by order of a mainland court, shares in NEV Guangdong and SA Guangdong, both mainland registered units of the company had been transferred by the court to entities under the local State-owned Assets Supervision and Administration Commission following claims by local creditors. Read more>>
Investor Pushes Brookfield, GIC Bid to Up Bid for National Storage
A minority shareholder in Australia’s National Storage REIT said that an A$4 billion ($2.6 billion) takeover bid by Brookfield and GIC, undervalues the company by failing to recognise its intrinsic value, according to a minority shareholder in the self-storage company.
Resolution Capital chief investment officer Andrew Parsons, argues the company is worth “materially more” than the bid price and said sell-side brokers assessing the company had not appreciated the platform’s value. Read more>>
GLP Said to to Choose Citi, Deutsche Bank Jefferies and Morgan Stanley for IPO
Logistics developer and fund manager GLP Pte has selected banks for a Hong Kong initial public offering that may take place as soon as the first half of 2026, according to people familiar with the situation.
The Singapore-based company has picked Citigroup Inc., Deutsche Bank AG, Jefferies Financial Group Inc. and Morgan Stanley to manage the share sale, the people said, asking not to be identified discussing a private matter. Read more>>
Brookfield India REIT Raises $223.3M in Green Bonds
Brookfield India Real Estate Trust has raised INR 2,000 crore ($223.3 million) through its maiden sustainability-linked bonds with the International Finance Corporation (IFC) as an anchor investor, said persons with direct knowledge of the development.
Other key subscribers include domestic and international institutional investors. The listed REIT will pay a 7.06 percent quarterly coupon on the bonds that hold a tenure of five years. Earlier this month, the REIT raised INR 3,500 crore through a qualified institutional placement (QIP) from domestic and global investors. Read more>>
QIC Buys Sydney Community Shopping Centre for $26.5M
QIC Real Estate has acquired a neighbourhood shopping centre in Sydney’s lower North Shore, marking the first new addition to its convenience retail portfolio following a recent recapitalisation.
Situated within the Willoughby Road precinct just five kilometres from the Sydney CBD, The Albany Crows Nest is anchored by a Coles store, with QIC estimated to have paid up to A$40 million ($26.5 million) for the 5,294 square metre (56,984.1 square foot) property. Read more>>
Boustead Reported to Have Sold London Office Block to UK Premier Inn Operator
Whitbread PLC said earlier this month that it had acquired Victory House, an office property at 30-34 Kingsway, WC2 London, with sources in Singapore indicating to Mingtiandi that the seller of the West End commercial property was an entity related to the owners of Boustead Singapore.
Whitbread, which owns Premier Inn, the UK’s biggest hospitality chain, said it plans to convert the 45,000 square foot (4,180.6 square metre) office building into a 200-room budget hotel. Read more>>
TRI Investment Management Granted Singapore Capital Markets License
TRI Investment Management, a fund management startup founded by former Kenedix Asia chief executive and chief investment officer Keisuke Ogawa, announced this weekend that it has been granted a Capital Market Services license in Singapore.
TRI, which was first established in 2023, is now permitted to engage in capital markets activities in Singapore, with Ogawa saying that the company is in the final stages of closing on transactions in India as well as in the city-state. Read more>>
Adani Declares Plans to Build Leading India Hotel Portfolio
Gautam Adani’s conglomerate is preparing to make a big-bang entry into India’s hospitality sector, with plans to build what it says will be one of the country’s largest hotel portfolios.
Anchored around its fast-expanding airport and real estate businesses, the move marks a strategic shift in how the group plans to monetise its infrastructure assets and positions it against established hotel majors such as the Tata Group’s Taj, ITC Hotels and the Obero. Read more>>
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