In today’s roundup of regional headlines, TikTok maker ByteDance buys a Beijing-based real estate brokerage, a Singapore-listed REIT picks up three office assets in the western United States and Sydney-based AirTrunk opens its first data center in the Tokyo area.
ByteDance buys 20% stake in real estate broker
ByteDance has acquired a 20% stake in Beijing Maitian Real Estate Brokerage, the two companies confirmed to Caixin, marking the TikTok owner’s latest push into China’s rental property market.
The move comes after ByteDance successfully obtained a real estate broker’s license in late September by having a wholly-owned subsidiary take a 100% stake in Beijing Fuwang Real Estate Agency, a unit of Maitian. Learn more>>
Manulife US REIT buys Oregon and Arizona assets for $202 million
Singapore-listed Manulife US REIT on Tuesday announced the acquisition of three properties in the United States for $201.6 million as the trust increases its exposure to high-growth markets and tenants to generate returns.
“Having painstakingly built our trophy and portfolio of traditional Class A offices over the past few years, we begin today the next phase of growth for Manulife US REIT as we enter the Sun Belt city of Phoenix. , Arizona, and the Magnetic City of Portland, Oregon,” the trust’s director said. Learn more>>
AirTrunk opens $5 billion data center in Tokyo
Macquarie-backed AirTrunk opened its first Tokyo-area data center this week, which when fully expanded to 300 megawatts will become the country’s largest such facility, worth up to reach $5 billion.
The scale of data centers is typically measured by their power needs, with the Tokyo-area facility kicking off after AirTrunk unveiled plans to create a multi-billion data center campus. dollars in Western Sydney. At 320MW, the Sydney facility would be Asia-Pacific’s largest data center campus outside of China. Learn more>>
Hong Kong property companies scoop up assets from mainland developers
Mid-size property companies in Hong Kong are buying residential land at steep discounts from cash-strapped mainland Chinese developers who are accelerating asset sales to pay off debt.
Far East Consortium International recently seized two plots of land, one of which belonged to the heavily indebted Kaisa Group Holdings. Learn more>>
Land-starved Hong Kong builders seek heritage projects
Hong Kong property developers have become increasingly interested in heritage projects over the past five years, as such developments improve their brand image and provide them with access to valuable urban land.
The number of such projects has increased despite the higher costs and longer lead times involved, said Candy Chan, vice president for external affairs at the Hong Kong Institute of Architectural Conservators and director of consultancy Property Conservation Company. Learn more>>
The North Face Opens Asia’s Largest Store at K11 Kowloon Project
The North Face, the American brand known for its outdoor apparel and mountaineering gear and equipment, is set to open its largest store in Asia-Pacific, which could be the first tangible sign that the segment of l Hong Kong’s struggling commercial real estate is on the mend.
Opened on December 2, the 3,800-square-foot (353-square-meter) store at the K11 Art mall in the Tsim Sha Tsui shopping district comes as retailers eagerly wait to welcome Chinese tourists, who may be returning in large numbers after the border with the mainland reopens early next month. Learn more>>
Singapore’s Golden Mile targets $585m in second collective sale
Singapore’s Golden Mile complex has gone up for sale in its second collective sale attempt at a reserve price of 800 million Singapore dollars ($585 million), sole marketer Edmund Tie said.
The last attempt to sell the property – listed as a retained building by the Urban Redevelopment Authority on October 22 – was completed in July 2019, with the two tenders in the first round of the collective sale exercise closing. without offers. Learn more>>
Sites in Singapore’s Clementi area join government’s land sale plan
The Singapore Urban Redevelopment Authority has put two residential sites in Pine Grove (Parcels A and B) up for sale, the URA announced on Tuesday.
The Plot A site is 22,534.7 square meters (242,561 square feet) and has a maximum gross floor area of 47,323 square meters. The estimated number of housing units it can have is 520. The plot B site is 25,039.2 square meters and has a maximum gross floor area of 52,582 square meters. The estimated number of housing units it can have is 565. Learn more>>
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