TEMASEK, UBS FUNDS BACK VANKE SERVICES IPO AND MORE ASIA REAL ESTATE HEADLINES
In today’s roundup of regional news headlines, China Vanke lines up some heavy-hitting cornerstone investors for its property services IPO, GuocoLand hails a successful sales launch at its Lentor Modern project in Singapore, and a city-state residential site retries a collective sale.
China Vanke’s $784M IPO Spin-Off Attracts Temasek, UBS Hedge Funds
China Vanke, the nation’s third-biggest property developer by sales, has attracted six cornerstone investors including Temasek Holdings and hedge funds managed by UBS Group to the initial public offering by its property services unit in Hong Kong.
The Shenzhen-based developer is seeking to raise as much as HK$6.15 billion ($784 million) by selling 116.7 million shares in its unit Onewo Inc, according to a stock exchange filing on Monday. The shares are being marketed at HK$47.10 to HK$52.70 each. Read more>>
Kaisa Offshore Creditors Offer to Pay $2B to Buy Out Projects
An offshore bondholders’ group of cash-strapped Kaisa is offering up to $2 billion to acquire stalled housing projects of the Shenzhen-based developer to facilitate their completion, two people with direct knowledge of the matter said.
The takeover talks are in early stages, according to the people, who declined to be named as they were not authorised to speak to the media on this subject. Read more>>
GuocoLand Sells 84% of Lentor Modern at Launch Weekend
GuocoLand sold 508 units, or 84 percent, of its Lentor Modern project’s 605 units over two days during its launch weekend at prices ranging from S$1,856 to S$2,538 per square foot.
The integrated mixed-use development in the Lentor Hills estate in the north of Singapore reported sales at prices ranging from S$1.07 million ($760,000) for a 527 square foot (49 square metre) one-bedroom unit to S$3.33 million for a 1,528 square foot four-bedroom unit, GuocoLand said Sunday.
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