In today’s roundup of regional news headlines, China flashes hopeful signs that its long slump in home sales is nearing an end, Mirae Asset Management may soon add a Singapore REIT to its business and India’s Welspun One Logistics Parks launches a second fund.

China Home Sales Falling at Slower Rate in 2023

China’s embattled property sector made new progress in its climb out of a months-long slump as official data on Wednesday showed much narrower declines in home sales, developer investment and construction starts in the January-February period.

Home sales by floor area fell 3.6 percent in the first two months of 2023 from a year earlier, according to data from the National Bureau of Statistics, versus a 24 percent decline for the whole of 2022. Read more>>

Manulife US REIT Manager Confirms Discussions With Mirae Asset

Manulife US REIT’s manager said Wednesday that it was in discussions with South Korea’s Mirae Asset Global Investments to explore a potential transaction that could involve the acquisition of shares of the manager and the subscription of new units in the REIT.

According to a news report by Maeil Business News Korea, Mirae Asset is likely to pay KRW 200 billion ($153 million) for Singapore-listed MUST’s manager and Manulife’s stake in the REIT. Now, though, market watchers are wondering if the $153 million is for a stake in the manager, part of the 9.8 percent stake owned by Manulife, and new units in MUST. Read more>>

Welspun One Logistics Parks Launches Second Fund of $242M

India’s Welspun One Logistics Parks, an integrated fund and development management platform focused on warehousing and industrial realty, on Monday launched its second fund of INR 2,000 crore ($242.4 million), including a greenshoe option of INR 1,000 crore.

Welspun launched the first fund in early 2021 and received capital commitments worth INR 500 crore from high-net-worth investors and family offices. The capital was invested in companies, aggregating to 6.5 million square feet (603,870 square metres), and the company expects to deliver 50 percent of the portfolio by mid-2023. Read more>>

Korean Sovereign Wealth Fund KIC to Set Up Mumbai Office

Sovereign wealth fund Korea Investment Corporation has kicked off procedures to open a Mumbai-based office later this year, the Korea Economic Daily found.

The South Korean fund recently set up a task force team under its investment strategy division in a bid to establish an office in the financial hub of India. Read more>>

Fosun to Sell 60% Stake in Nanjing Nangang for Nearly $2B

Fosun International will sell its 60 percent stake in Nanjing Nangang Iron & Steel United Co Ltd to steel manufacturer Jiangsu Shagang Group for RMB 13.58 billion ($1.98 billion), the Chinese conglomerate said Tuesday.

The divestment, which was first announced last October, will see Fosun dispose of its stake in Nanjing Nangang, held via its subsidiaries, to realise a gain of RMB 830 million. Read more>>

Mindspace Business Parks Raises $66M Via Debut Green Bond

India’s Mindspace Business Parks REIT has raised INR 5.5 billion ($66.7 million) through a debut green bond issue on Tuesday, per a term sheet seen by Reuters and corroborated by two bankers.

The company offered green bonds maturing in three years and one month, marking the first such offering by any REIT in India, the bankers said. Read more>>

Four Shophouses in Singapore’s Little India for Sale at S$23M

Four shophouses in the Little India area are up for sale via an expression of interest exercise. The properties comprise three conservation shophouses on Dunlop Street and one on Desker Road. The portfolio has a guide price of S$23 million ($17.1 million).

The three shophouses are adjacent two-storey properties located at 2,4, and 6 Dunlop Street. They have a total gross floor area (GFA) of 3,879 sq ft and sit on a land area of 2,527 sq ft zoned for commercial use. The ground floor units are currently approved for shop usage. Read more>>

Demand for Beijing’s Premium Office Space Surged in Last 3 Years: CBRE

Prime office space in Beijing has seen a surge in demand in the last three years as companies in the technology and finance sectors sought to move in or expand, according to a survey.

The total amount of premium office property rented out in the capital rose by 41 percent between 2019 and 2022, real estate consultancy CBRE said Tuesday in a report. Read more>>

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