Property news round up 3 Dec 2017

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Singapore investors making foray into Irish property

Ireland is gaining its own limelight as Brexit unravels. With banks and other corporations seeking another European Union (EU) hub, Irish commercial and industrial spaces have seen increased demand – including from Singapore companies.



For instance, Singapore investment firm Fine Grain Property made headlines in Ireland earlier this year when it joined hands with sovereign development fund, Ireland Strategic Investment Fund (Isif), to invest 100 million euros (S$158.6 million) in commercial property there.

En bloc veteran Karamjit Singh launches Showsuite

A year after leaving JLL’s residential team to pursue his own entrepreneurial interests, en bloc veteran and JLL senior consultant Karamjit Singh has launched the fruit of his labour. It is a new portal called Showsuite which he believes will transform how new homes are presented, marketed and sold.

Also read: 10 things to look out for in Chinese REITs

The website cum application is designed differently from agents’ usual property websites. For one thing, it is infused with functions such as 3D technology, virtual reality (VR), and even storey views which allow potential buyers to check out views from specific units within a block. This is enabled by 3D modelling.

Sabana Reit’s talks with suitor fall through

A wholesale takeover of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Reit) now seems more distant after the trust’s manager said over the weekend that talks with Warburg Pincus-backed ESR-Reit has fallen through.

Sabana confirmed in August that it was in discussions with ESR, formerly known as Cambridge Industrial Trust, to explore options in connection with a strategic review that began in February.

Yanlord founder eyes century-old legacy for firm

It  seems a remarkable feat for century-old companies to have weathered the turbulence of wars, financial crises and political transitions, and yet remain steadfast in their development path. This is what makes United Engineers Limited (UEL) and WBL Corp venerable – and has in a way stoked the interest of Yanlord Land Group to invest in these companies.

Known for its high-end development projects in China, Yanlord has not made a business move in Singapore until its stake acquisition in UEL in July. It thus marked a major milestone in Yanlord’s diversification strategy, granting it immediate access to Singapore’s commercial real estate through UEL’s portfolio.

Needy families in limbo as Britain struggles with housing shortage

More than 78,000 households are on the verge of homelessness and in need of temporary accommodation The situation for families has worsened since Britain’s Conservative government came to power in 2010, with the number of households living in temporary accommodation jumping 60 per cent since 2011.

British Finance Minister Philip Hammond, in his budget announcement last week, promised to “fix the broken housing market” and pledged capital funding, loans and guarantees totalling £44 billion (S$79 billion) over five years.

Co-working spaces boosting office and retail market

The growth of co-working spaces has boosted the office and retail market and created new opportunities for landlords, say property watchers.

Also read: 230 units of Parc Botannia sold at launch

The rise of the gig economy is one factor feeding demand for such spaces, according to Ms Susan Sutherland, head of corporate solutions research for JLL Asia-Pacific.

Edmund Tie & Company head of research Lee Nai Jia noted late last month that this new way of working has helped to lift office occupancy and rents.


Overhaul of building design system for right maintenance

A building manager takes over a building, only to find that his maintenance equipment cannot fit through the narrow corridor of the new structure.

It is a scenario that building managers here say happens all too often because maintenance is typically regarded as an afterthought – something to be considered only after the gleaming building is complete. But that is about to change with a new framework to be launched by the end of the year to overhaul the languishing sector – likely as part of the Government’s real estate industry transformation map.

For a start, the new Design for Maintainability framework, developed by the Building and Construction Authority, will ensure that buildings are safe and easy to maintain by involving facility managers earlier in the process.

Infosys co-founder’s family office buys its first Singapore hotel

New Cape Inn, a 76-room freehold hotel in Seng Poh Road in Tiong Bahru, is being sold for S$67 million to a unit of Nadathur Far East, a part of the Nadathur Group. The price works out to about S$881,579 per room.

The transacted price reflects about 2 per cent gross yield on the assumption of an average room rate of S$70 per night and 85 per cent occupancy, said Jaggi Nadig, the chief executive of Nadathur Far East.

Unexplained selloff in Indonesia mall play Lippo Malls

Indonesia consumers, particularly the lower and middle classes, have been going through a rough patch. One indirect play is Lippo Malls Indonesia Retail Trust. It is known for attractive yields, balanced against a currency mismatch on its debt, and uncertain portfolio quality.

On Monday, Lippo Malls suddenly sank from S$0.43 to an eight-month intraday low of S$0.39, closing at S$0.41. “Given the spike in volume, it looks to me like one major shareholder selling off,” an analyst said. “I can’t pinpoint any specific catalyst at the moment.”

SPH, Mastercard launch new Buzz hybrid convenience store

Singapore Press Holdings (SPH) and Mastercard have launched a new convenience store that includes manned and self-service retail counters.

Also read: 3 highlights about Singapore from the wealth report

The Buzz hybrid convenience store has 16 vending machines that allow customers to make purchases using Masterpass, a digital payment service by Mastercard that does not require consumers to enter their financial and shipping information.

Lodge 77 sold for S$29m to KTC

Lodge 77, a freehold residential-commercial mixed development at 77 Upper East Coast Road, is being sold for S$29 million. The buyer, homegrown KTC Group, is expected to redevelop the property, which has a land area of 13,123 sq ft.


Five reasons Hong Kong housing market defies doomsayers

Hong Kong’s red-hot housing market shows no signs of cooling anytime soon.

Prices in the city have climbed 11 per cent this year, defying sceptics waiting for the bubble to burst and government attempts to rein in the world’s most expensive housing market through a raft of taxes and mortgage curbs.

If anything, the frenzy has intensified in recent months as investors have poured money into property.

Oxley confirms talks to buy Chevron House

Oxley Holdings has confirmed that it is negotiating to buy the Chevron House building in Singapore’s financial district.

Oxley, a property developer, said in an announcement before the market opened on Monday that it is in the process of conducting due diligence, and no definitive agreement has been executed yet.

The company made those comments in response to a Business Times article on Nov 24 saying that Oxley was in the advanced stages of buying the 32-storey office and retail building from a fund managed by Deka Immobilien of Germany.

Singapore’s property debt drops amid rise in real rates

Morgan Stanley believes the accumulation of debt due to property acquisitions in Singapore has eased thanks to higher real rates, reported Singapore Business Review.

The firm noted that the trend in Singapore’s debt-to-GDP largely mirrored that of China, in which negative real rates served as the primary driver in the significant rise in leverage. “Households, in particular, took the opportunity to engage in the property market, which resulted in a rapid accumulation of household debt post-credit crisis,” said Morgan Stanley economist Chetan Ahya.

Singapore PR lost over $50k in Airbnb scam

A Singapore permanent resident from South Korea had paid €32,154 (S$51,600) to rent a non-existing Paris apartment they found in Airbnb, reported AsiaOne.

Experts think that 41-year-old housewife April Cho and her spouse most likely got an email from the listing they saw on the home-sharing website that contained a link to a similar-looking portal.

The couple said they had talked with the purported property owner via live-chat and subsequently wired money from DBS Bank to an account called “Airbnb Euro Trans” in Poland for their seven-month stay.

Also read: Top 5 cheapest and most expensive Singapore properties

More private homes investigated for flouting minimum stay law

The number of private residential properties investigated by Urban Redevelopment Authority (URA) for breaching the minimum stay law has risen from 1,000 between 2014 and 2016, or an average of around 330 properties per year, to 600 from January to September this year, reported Channel News Asia.

Attributing the increase partly to “heightened public awareness of the regulations in place”, a URA spokesperson revealed that majority of the offences took place in condominiums.


Residential property prices to rise by as much as 5% in next 2 years, says Macquarie

Macquarie Research believes the Singapore property sector is headed for an upcycle, with residential property prices expected to rise by 3-5% per annum over the next two years.

“We continue to expect a price recovery, following the residential sales volume pick-up in 2017,” says Macquarie lead analyst Ken Ang in a report on Friday. “We expect developers to trade at a narrowed RNAV discount to reflect the residential upcycle.”

According to Ang, residential sales volumes have jumped 54% to 8,702 units in 9M17 compared to a year ago, driven by growth in the mass-market segment due to heightened expectations that the residential market is bottoming.

Lian Beng secures $136.8m contract to build 9 condos

Lian Beng Group has been awarded a $136.8 million contract via a tender to build nine resident blocks at Potong Pasir Avenue 1 in Toa Payoh, revealed an SGX filing on Tuesday, 28 November.

In particular, there will be four blocks of 8-storey residential buildings, two 19-storey blocks and three 20-storey apartments along with carparks and ancillary facilities spanning two levels.

The contract to build the said structures on Lot 06521X MK17 was granted to its wholly-owned unit Lian Beng Construction (1988) Pte Ltd by UVD (Projects) Pte Ltd.

Redas proposing formal joint panel with lead govt agency

The industry body representing real estate players in Singapore is lobbying for a greater say in government policies and initiatives through a proposed joint committee with a lead government agency.

The Real Estate Developers’ Association of Singapore (Redas) hopes to have a formalised platform for regular dialogues with the government through an agency such as the Urban Redevelopment Authority (URA), on issues affecting the real estate sector, such as how to sustain its growth.

Next change at Cathay: Focus on group’s property business

Cathay Organisation’s recent sale of its iconic cinema brand to mm2 Asia will leave it free to focus on the company’s property business, its managing director Choo Meileen said on Tuesday.

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What next for the Capitol project?

AFTER the Court of Appeal two weeks ago threw out Perennial Real Estate Holdings’ application to wind up its joint entities with Capitol Singapore co-deve-loper Pontiac Land, both sides have been left with two options – neither of them easy.

The winding-up application, if it had been successful, would have allowed a buyer to swoop in and take the entire development – its retail mall, residential development, hotel and the refurbished theatre – off the hands of the two developers.


CRCT, CapitaLand to buy RMB3.36b mall in Guangzhou

Capitaland and its sponsored real estate investment trust CapitaLand Retail China Trust (CRCT) have formed a joint venture (JV) to acquire all the shares in a company that owns Rock Square mall in Guangzhou’s Haizhu District.

The total purchase consideration payable is about RMB3.36 billion (S$688.9 million). The transaction is expected to be completed by Q1 2018.

Ying Li divests 3.3b yuan stake in Chongqing CBD project

Mainboard-listed Chinese property developer Ying Li International Real Estate said on Tuesday that it is selling its stake in a project in Chongqing’s central business district to Shengyu (BVI) – part of China Evergrande Group – for 3.29 billion yuan (S$671.9 million).

3rd time’s a charm for How Sun Park en bloc

A subsidiary of SingHaiyi Group Ltd has been awarded the How Sun Park site for S$81.09 million through a collective sale.

The price works out to S$1,092 per square foot per plot ratio (psf ppr), inclusive of an estimated development charge of S$2.92 million.

This is the third attempt at a collective sale by the owners of these townhouses. They are set to get about S$4.05 million per unit – slightly more than twice what they would have received had their units been sold individually.

As Brexit nears, new London office construction slows

The number of new office developments in London is falling as higher construction costs and uncertainty over Brexit lead builders to delay new schemes, a closely-watched industry survey showed on Tuesday.

Construction began on 25 new central London office schemes in the six months ended Sept 30, less than the 28 new construction projects started in the preceding six months, the London Office Crane Survey by Deloitte Real Estate showed.

Also read: 11 things to know about CRCT’s acquisition of Guangzhou’s Rock Square

Completed condo prices up 0.6% in October from September: NUS index

Price of completed private apartments and condos in Singapore rose 0.6 per cent in October compared to the previous month.

This is according to the National University of Singapore’s (NUS) latest flash estimates for its Singapore Residential Price Index (SRPI) released on Tuesday.

The month-on-month (m-o-m) increase is faster than the 0.2 per cent rise seen in September, based on the revised index value for that month.



Gaw and Goldman Team Up to Buy 17 Link REIT Retail Centers for $2.9b

Hong Kong’s Gaw Capital has made itself a major player in Asia’s real estate investment scene and now the family-run private equity firm has teamed up with a consortium that includes US investment bank Goldman Sachs for its biggest acquisition ever.

The Gaw-led consortium signed agreements today with Link Asset Management to dispose of 17 Hong Kong retail properties for a total consideration of HK$23 billion ($2.9 billion).

Singapore jumps to third-hottest APAC market in ULI-PWC survey

Sydney and Melbourne dominate the list of investors’ favourite real estate markets in Asia Pacific, while the region’s biggest buyers of property rekindle a romance with Singapore, according to a recent survey of industry experts.

The Emerging Trends in Real Estate Asia Pacific report, jointly published by the Urban Land Institute (ULI) and PwC, found that surging rents in the pair of Australian cities, combined with limited supply, have earned Sydney and Melbourne the first and second place, respectively, in a ranking of 22 Asian cities by their perceived investment prospects for 2018.

Ascendas-Singbridge buys Seoul office tower for $92m

Singapore’s Ascendas-Singbridge is adding to its office acquisitions in South Korea by picking up a newly-completed, mid-rise office building in Seoul’s Gangnam district for S$124.3 million ($91.8 million).

A fund managed by the SGX-listed real estate firm acquired the 15-storey, 19,578 square metre ICON Yeoksam, with Ascendas-Singbridge unveiling both the new privately-held investment vehicle and the office deal in a single announcement.

The seller is said to be a joint venture led by a unit of Seoul-based GL Industrial Development, which developed the building and held a 40 percent stake. Korea’s Mirae Asset Securities and Meritz Securities each held a 20 percent share in the project.

HNA seeks to sell offshore real estate holdings after Mainland crackdown

After making more than $30 billion in cross-border acquisitions, China’s HNA Group says that it is trying to sell some of its offshore holdings, particularly real estate, after it was targetted for credit checks by mainland authorities earlier this year.

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The switch to sell mode also coincides with a downgrade in the group’s credit assessment by a major ratings agency.

HNA CEO Adam Tan told attendees at a Beijing conference this week that the mainland conglomerate is considering selling some of its overseas assets, including real estate holdings.


Warburg Pincus sees lots of fortune in $227m Chinese parking investment

Warburg Pincus is raising its bet on niche real estate assets in China, with an affiliate of the US private equity firm leading a RMB 1.5 billion ($227 million) round of financing for the country’s biggest car park manager, Sunsea Parking.

China’s largest furniture retailer, Warburg Pincus-backed Red Star Macalline, also joined in the investment round. As part of the deal, the Hong Kong-listed firm will grant Sunsea Parking the rights to operate the parking lots of its more than 200 furniture outlets and shopping malls across the country.

“Parking assets will become the next most attractive real estate asset class because it generates steady cash revenue with potential of further financing options such as REITs,” commented Liang Yan, chairman of Sunsea Parking in this week’s statement.

Necessary measures to keep developers on the straight and narrow

Developers’ profit margins may be squeezed with rising land prices – and the government appears to worry they may compromise on two fronts, going by its recent moves and hints of upcoming measures.

Rising land prices is not the developers’ only headache. They also have to sell their projects fast – within five years of the land purchase, or incur additional buyer’s stamp duty on land cost.

Cromwell European Reit’s public offer 3.1 times subscribed

In an exchange filing on Wednesday evening, Cromwell Ereit Management Pte Ltd announced that it had received 4,448 valid applications for 111.23 million units. The Reit had 36.36 million units available for the public offer, which closed at 12 noon on Tuesday.

It had also offered 392.17 million units for an international placement, which was oversubscribed as well. The manager, however, did not give details.

Also read: REDAS warns that land prices are getting out of hand

Soilbuild custom builds project for RF360

Homegrown property group Soilbuild is constructing a building at Kallang Way to house a Qualcomm-TDK joint venture company, a project in which both parties are investing more than S$600 million.

The building is to accommodate the expansion of RF360, the joint venture company of the US semiconductor giant and the Japanese electronic parts maker.


New World’s Kowloon tower sees 70% take-up for office section

The office component of the HK$20.3 billion (S$3.5 billion) Victoria Dockside complex in Kowloon is already 70 per cent leased, and will be fully rented by the time it officially opens in March or April.

Tenants include Mizuho Bank, which leased six floors and moved into the building named K11 Atelier in October, relocating from Pacific Place on Hong Kong Island.

The Japanese bank is the latest financial company to decamp from Hong Kong Island, where commercial rents are the most expensive in the world.

HDB to transfer industrial properties, land to JTC Corp on Jan 1

The transfer of the Housing and Development Board’s (HDB) industrial properties and land to JTC Corporation will take effect on Jan 1, 2018.

The government had first announced the transfer in October 2016; the Jurong Town Corporation (Amendment) Act 2017 was passed in Parliament in September this year.

The consolidation of all public sector industrial land and properties under a single government agency will enable JTC to better support industrialists in their business growth, both agencies said in a joint announcement on Wednesday.

Lisbon’s hot real estate market leaves buyers struggling for a home

In central Lisbon’s property market, sellers are kings.

The Portuguese capital’s real estate boom is entering a new phase as a shortage of prime property in the city centre is prompting some buyers to bid above the asking price for the last available units.

MAS flags risks from ‘excessive exuberance’ in property market

The Monetary Authority of Singapore (MAS) sounded a note of caution on the property market on Thursday (Nov 30), saying that recent market developments such as the en bloc rage and rising land prices could pose risks to the market’s stability.

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Market players should therefore take a medium-term view of supply-demand dynamics and act with caution, it said in its 2017 Financial Stability Review.

Its concerns stemmed from a potential mis-match between the supply of private housing and occupation demand, as the development of en bloc and Government Land Sales (GLS) sites is expected to add another 20,000 new units in the next one to two years.

This is more than double the current supply in the pipeline, if the 16,031 unsold uncompleted units with planning approvals as of the end of the third quarter remain unsold.


Tempers fray over bid to sell Pine Grove en bloc

An ongoing attempt to sell Pine Grove condominium en bloc has turned ugly with residents reporting heated meetings, residents forming factions and a lawsuit pitting the chairman of the management committee against the chairman of the committee set up to manage the sale.

The Straits Times understands that Ms Singaram Kogilambal, the chairman of the collective sale committee (CSC), was recently served a writ of summons by Ms Cheryn Chan, 59, the management committee chairman, for alleged defamation.

Petition to make housing policy more inclusive for single parents rejected

A petition to amend the city-state’s housing policy to make it more inclusive for single parents has been rejected by the Ministry of National Development (MND), reported Channel News Asia.

The petitioners sought to include a subsection within the Housing and Development Act, stating that the board and the minister “shall not discriminate against any person with legal custody of a child on grounds of such person’s marital status”.

Notably, unmarried parents and their children cannot acquire subsidised flats since they are not recognised by HDB as a family nucleus.

Another warning on property market puts developers on the defensive

The central bank has joined National Development Minister Lawrence Wong in firing a shot across the bow to developers, homebuyers and lenders, warning about the risks of “excessive exuberance” in the property market.

But market players were quick to respond that any policy move by the government now would be premature.

Also read: 10 most commonly asked questions about Singapore REITs

SPH Reit studying overseas markets such as Australia for future acquisitions

SPH Reit has been “aggressively and actively” looking at acquisition opportunities since two years ago. It has even looked at overseas markets such as Australia, but has yet to find any suitable assets to add to its portfolio.

This was what the management told unitholders at the trust’s fourth annual general meeting (AGM) on Thursday, when they were asked about SPH Reit’s expansion plans. About 280 unitholders and proxy holders attended the AGM.


GLP’s shareholders give green light for privatisation

Global Logistic Properties’ (GLP) shareholders voted in favour of Nesta Investment Holdings’ privatisation bid, with the final day of trading of GLP’s shares on the Singapore Exchange expected to be Jan 4.

Nesta – a vehicle owned by Hopu, Hillhouse Capital, SMG, Bank of China Group Investment and Vanke – is taking GLP private at S$3.38 per share, which will take place via a scheme of arrangement. GLP’s chief executive Ming Z Mei is a director of Nesta.

At S$3.38 per share, this values the company at approximately S$16 billion on an equity value basis.

Cromwell European Reit makes a muted start

Cromwell European Reit (CEReit) closed a bit higher at 0.555 euro in a fairly muted trading debut on Thursday.

Units in CEReit opened flat at 0.55 euro when it commenced trading on the Mainboard of the Singapore Exchange (SGX) at 2pm and remained at the same price throughout the rest of the afternoon.

Holland Rd plot to have dual office-residential use component

The Urban Redevelopment Authority (URA) is allowing a dual office/residential use component in the plum Holland Road site that it has just launched for tender.

The dual use, aimed at creating a vibrant “live, work and play” setting, will be considered as part of the project’s commercial gross floor area (GFA), URA indicated in the tender conditions for the site.

Unclaimed land in Japan reaches size of Denmark

In Japan’s declining regions, land gets abandoned. The ownership of about 11 per cent of Japan’s landmass is now unclear, with the current owners unable to be contacted, or unknown.

That’s about 41,000 sq km, which is equivalent to the size of Japan’s south-western island of Kyushu, or almost as large as Denmark.

HK private home prices hit record high for 12th straight month in October

Private home prices in Hong Kong edged up for the 12th straight month in October, extending a record-breaking run of consecutive monthly gains and adding to home ownership constraints in one of the world’s most expensive property markets.

Also read: CDL paid a fortune for the Amber Park en-bloc

Private home prices in October rose 0.53 per cent from September, according to an index compiled by the Rating and Valuation Department released on Thursday.

The index climbed 12.5 per cent year-on-year. Property prices have been shooting up since April 2016 partly due to a supply and demand imbalance.


Allgreen snaps up two freehold sites in Bukit Timah in collective sales

Allgreen Properties has secured two freehold sites in the coveted Bukit Timah area in two separate collective sale tenders, acquiring Royalville for S$477.94 million and Crystal Tower for S$180.65 million.

Each apartment owner at Royalville will receive between S$3.09 million and S$3.76 million, while a maisonette owner will receive between S$5.42 million and S$6.64 million. Shop owners are expected to receive S$5.67 million to S$10.38 million.

Based on the sale price, each apartment owner at Crystal Tower is expected to pocket gross profit of between S$6 million and S$6.6 million, while the penthouse owner will receive about S$12.3 million.

Supertall Skyscrapers: Vision Or Vanity?

By 2020, there could be well over 100 more supertall buildings in the world, from the current 126. Are supertall skyscrapers vision or vanity?

IN 2008, two years before Burj Khalifa in Dubai became the world’s tallest building at 828 metres, development officials in Saudi Arabia were already soil-testing around Jeddah city in early preparations for a building that would beat that record. By 2020, Jeddah Tower in Saudi Arabia will steal the crown with its staggering height of 1,000m when completed.

Singapore home loan rates start upward climb

All three local banks have raised their home loan rates as interest rates continue to spike – and mortgage advisers warn of more hikes to come. DBS and UOB have jacked up the interest rate on their three-year fixed-rate loans by 10 per cent a year.

The fixed-rate packages now sell for 1.85 per cent a year for each of the three years. In October, less than two months ago, the rate was 1.68 per cent.

OCBC Bank, which launched a two-year fixed-rate loan package in October, also increased the interest rate to 1.75 per cent a year for each of the two years, up from 1.65 per cent.

The first year rate for its floating-rate loan is now 1.60 per cent, a big jump from the previous 1.30 per cent.

Cluny Hill bungalow sets record psf price for GCB area

It went for S$2,350 psf on land area, beating the previous record of S$2,190 psf set in 2015 for a Bishopsgate property.

This is believed to be a record price in terms of psf on land area for a Good Class Bungalow (GCB) area.

Also read: S-REITs getting crushed when interest rates rise

US warehouses get bigger, taller and faster

As Americans spend more money shopping online, real estate developers are sinking record amounts of money into new warehouse space, building bigger, taller structures to meet the needs of e-commerce – and the robots that help it along.

Builders spent US$2.6 billion on US warehouse construction in September this year, more than triple the figure in September 2012, according to the census.


New Zealand examines Matt Lauer’s ranch purchase after his firing

THE ripples from the firing of Matt Lauer as the co-host of the Today morning news show have hit the world of New Zealand property, where officials are already scrutinising the role of foreign buyers in an increasingly expensive market.

A New Zealand government agency said on Thursday that it was in discussions with Mr Lauer’s representative over his purchase of a 16,000 acre (6,475 ha) farm there.

Australia home prices stall as Sydney hits air pocket

RBA has been concerned that debt-fuelled speculation in property could ultimately hurt both consumers and banks.

Home prices across Australia’s major cities were flat for a second month in November as regulators’ efforts to rein in investment lending triggered a reversal in the once-euphoric Sydney market.

Annual growth in prices slowed to 5.2 per cent in November, from 7 per cent in October and 10.5 per cent mid-year.

The China factor in property market exuberance

A few bullish bids from China developers doesn’t mean the market is heating up, as they may be driven by non-market considerations.

Other news

Warburg Pincus co-founded Shanghai-based rental housing platform Nova Property Investment with an initial commitment of $173 million in 2015, adding another $183 million this past September.

In a statement last week, the Swiss Takeover Board, which reviews foreign investments in the European nation, cited HNA for giving false information about its ownership to the regulator during its takeover of Swiss airline catering firm Gategroup last year.

In September banks in Hong Kong were reportedly required to provide information to the city’s monetary authority on their lending to both HNA and Wanda.

During October, Wanda’s Bohai Life Insurance Corp was banning by mainland authorities from conducting some financial transactions with other parts of the HNA Group, after it failed to report some related-party transactions.

Ascendas-Singbridge, jointly owned by Singaporean government-controlled Temasek Holdings and JTC Corporation recently completed the acquisition of 66 Gouldburn Street, a grade A office tower in downtown Sydney for A$252 million ($200 million), a deal that was first announced in August.

In September, Singapore-listed Ascendas REIT, which is managed by a unit of Ascendas-Singbridge, scooped up a 14-storey office tower on the outskirts of Brisbane, Australia for A$83.83 million ($66.6 million).

Ascendas-Singbridge is also ramping up its activities in India, revealing in June a $500 million joint venture with Bangalore-based Firstspace Realty to invest in logistics properties in the country. And in August, the Ascendas India Growth Programme – a fund set up by Ascendas and Singapore’s sovereign wealth fund GIC – acquired a 16-acre business park site in Pune, India.

ULI-PWC’s survey mention excess liquidity is a key force in Asia’s capital markets, as a growing tide of capital from the region’s sovereign and institutional funds chases a limited set of assets. Co-working also plays a starring role in this year’s survey, with shared office operators having risen from near-total obscurity two years ago to become the biggest source of new office demand.