Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>Brookfield has sold a Sydney logistics complex for $210M to Ontario Teachers', KIC, and Gateway.</li><li>CapitaLand Investment has closed a $130M private credit fund in Korea.</li><li>Sun Hung Kai has bought a $77M residential plot, the cheapest land sale in 11 years in Hong Kong.</li></ul>

Brookfield has sold a Sydney logistics complex for $210M to Ontario Teachers', KIC, and Gateway.CapitaLand Investment has closed a $130M private credit fund in Korea.Sun Hung Kai has bought a $77M residential plot, the cheapest land sale in 11 years in Hong Kong.

Asia Real Estate Tracker (21-Feb-2025): Brookfield sells Sydney complex for $210M

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a> has entered a trading halt “pending the release of an announcement relating to inside information and pursuant to the Codes on Takeovers and Mergers.” </li>
<li>It is likely that the controlling shareholder (Foo Family Trust), representing 74.94% of outstanding shares, is seeking to launch a privatisation through a Bermuda scheme. </li>
<li>While no disinterested shareholder holds a blocking stake, the headcount test necessitates an attractive offer. We estimate a potential offer price range of HK$7.53-19.44.</li>
</ul>



Soundwill Holdings (878 HK) has entered a trading halt “pending the release of an announcement relating to inside information and pursuant to the Codes on Takeovers and Mergers.” 
It is likely that the controlling shareholder (Foo Family Trust), representing 74.94% of outstanding shares, is seeking to launch a privatisation through a Bermuda scheme. 
While no disinterested shareholder holds a blocking stake, the headcount test necessitates an attractive offer. We estimate a potential offer price range of HK$7.53-19.44.


Soundwill Holdings (878 HK): Privatisation from the Controlling Shareholder?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> was a logical suitor for <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>. A non-PRC (or government-affiliated) corporation taking over a media/broadband/telco in Hong Kong is probably a non-starter.</li>
<li>China Mobile has a made a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1202/2024120203351.pdf" target="_blank" rel="noopener">pre-conditional voluntary Offer</a> at HK$5.23/share, a 40.97% premium to undisturbed. The price is final. </li>
<li>Pre-Cons are the usual suspects (NDRC, Mofcom &amp; SASAC). The Offer itself conditional on a 50% acceptance hurdle, with 24.96% in the bag. The intention is to maintain HKBN's listing. </li>
</ul>



China Mobile (941 HK) was a logical suitor for HKBN Ltd (1310 HK). A non-PRC (or government-affiliated) corporation taking over a media/broadband/telco in Hong Kong is probably a non-starter.
China Mobile has a made a pre-conditional voluntary Offer at HK$5.23/share, a 40.97% premium to undisturbed. The price is final. 
Pre-Cons are the usual suspects (NDRC, Mofcom &amp; SASAC). The Offer itself conditional on a 50% acceptance hurdle, with 24.96% in the bag. The intention is to maintain HKBN's listing. 


HKBN (1310 HK): China Mobile's "Fair" Tendering Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, a Hong Kong broadband play, is never short on privatisation rumours. <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> is reportedly (again) holding talks with HKBN's major shareholders. </li>
<li>China Mobile is a logical suitor. I highly doubt a non-PRC (government-affiliated) corporation would be permitted to take HKBN private.</li>
<li>Previous takeover rumours over the years came to nought. It may be different this time. HKBN was <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1119/2024111900127.pdf" target="_blank" rel="noopener">suspended this morning</a> pursuant to the Takeovers Code.
</li>
</ul>



HKBN Ltd (1310 HK), a Hong Kong broadband play, is never short on privatisation rumours. China Mobile (941 HK) is reportedly (again) holding talks with HKBN's major shareholders. 
China Mobile is a logical suitor. I highly doubt a non-PRC (government-affiliated) corporation would be permitted to take HKBN private.
Previous takeover rumours over the years came to nought. It may be different this time. HKBN was suspended this morning pursuant to the Takeovers Code.



HKBN (1310 HK): China Mobile Comes Knocking. Again.

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in AIA, Angelalign, Kuaishou, China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 20th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in AIA, Angelalign, Kuaishou, China Mobile.


HK Short Interest Weekly: AIA, Angelalign, Kuaishou, China Mobile

Hong Kong

Sun Hung Kai Properties is a leading diversified real estate developer in Hong Kong, specializing in the development of residential, office, and retail properties for sale and investment. The company also operates in property management, hotels, telecommunications, transport, and infrastructure. Headquartered in Wan Chai, Hong Kong, the group was founded in 1963.

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Sun Hung Kai Properties (16 HK)

Asia Real Estate Tracker (21-Feb-2025): Brookfield sells Sydney complex for $210M

Brookfield, CapitaLand, Sun Hung Kai, KKR, and APAC investors make significant moves in regional real estate markets with high-value acquisitions...

Asia Real Estate Tracker

Soundwill Holdings (878 HK): Privatisation from the Controlling Shareholder?

The controlling shareholder is likely considering a Bermuda scheme. While no disinterested shareholder holds a blocking stake, the headcount test...

Arun George

HKBN (1310 HK): China Mobile's "Fair" Tendering Offer

Say a conservative six months to secure reg approvals, and an additional two months to complete the Offer - I'd pay ~HK$4.95/share - perhaps up to...

David Blennerhassett

HKBN (1310 HK): China Mobile Comes Knocking. Again.

Shares are suspended - so there's nothing to be done right now. A rumoured HK$5/share is probably ok. A 16% premium to last close. But perhaps ~33%...

David Blennerhassett

HK Short Interest Weekly: AIA, Angelalign, Kuaishou, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Sep 20th and highlight short interest changes in AIA, Angelalign, Kuaishou,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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