AXA Kyoto Fushimi

AXA’s Kyoto nursing home is part of its latest Japan acquistion (AXA IM)

Japan leads Mingtiandi’s roundup of Asia real estate news today as AXA makes its latest residential acquisition in the country and casinos make their debut in Asia’s second largest economy with the government approving an integrated resort in Osaka. Meanwhile, China’s housing market continues to recover and Singapore’s central bank holds steady on monetary policy as growth slows.

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AXA IM Alts Adds Two Nursing Homes to Japan Portfolio

AXA IM Alts has acquired a portfolio of two nursing homes in Japan on behalf of clients, according to an announcement by the company.

The portfolio comprises more than 170 newly developed and purpose-built assisted living bedrooms, split between two assets in the cities of Kyoto and Nishinomiya near Osaka. The acquisition is AXA’s second in the sector after it acquired 15 Japanese nursing homes in December 2022. Read more>>

Japan Approves Plans for First Casino in Osaka

Japan’s government on Friday approved a controversial plan to open the country’s first casino in the city of Osaka as it seeks to lure more foreign tourists.

The casino resort is to include conference facilities, an exhibition hall, a hotel and a theater and is expected to open as early as autumn 2029, four years after Osaka hosts a World Expo. Read more>>

China Home Prices Rise for Second Straight Month

China’s new home prices rose in March at the fastest pace in 21 months, official data showed on Saturday, as continued government policy support helped prop up demand amid a broader push for an economic recovery.

New home prices in March edged up 0.5 percent month-on-month after a 0.3 percent rise in February, marking the fastest pace since June 2021 and the third consecutive monthly rise, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Prices fell 0.8 percent year-on-year, down on an annual basis for the 11th straight month. Prices were down 1.2 percent in February in annual terms. Read more>>

Singapore Keeps Monetary Policy Steady as Growth Slows

Singapore’s central bank on Friday left its monetary policy settings unchanged, surprising economists who had expected another round of tightening.

The Monetary Authority of Singapore (MAS) said its previous five policy tightening moves were sufficient and its stance will continue to reduce imported inflation and help curb domestic cost pressures. Read more>>

Monetary of Singapore Denies Silencing Reports of Mainland Cash Inflows

Singapore’s Private Banking Industry Group, which includes the city-state’s central bank and large lenders, rejected a report that it sought to silence discussions about the origin of wealth inflows into the Southeast Asian nation.

“The Monetary Authority of Singapore (MAS) has not issued any directive to banks – tacit or otherwise – to avoid discussing the origins of wealth inflows into Singapore,” the group said on Friday, referring to an earlier report in the Financial Times. Read more>>

Warburg Pincus Approved to Buy Quarter-Stake in China’s Zhong Ou Asset Management

Warburg Pincus has received Chinese regulatory approval to buy a 23.3 percent stake in Zhong Ou Asset Management Co, as the U.S. private equity giant expands its foothold in China’s $3.8 trillion mutual fund market.

Warburg Pincus said in a statement that once completed the purchase will make it the biggest institutional shareholder in Zhou Ou. The firm is buying the stake from Italy’s Intesa Sanpaolo Bank. Read more>>

China Oceanwide Seeks to Defer Loan Repayments After March Defaults

Chinese property company Sino-Ocean Group is seeking consent from lenders to defer separate amortisation repayments it missed on March 31 for its offshore syndicated loans totalling around US$3bn-equivalent, as concerns grow over its liquidity, financial performance and potential support from shareholders.

The cash-strapped developer had earlier agreed to make one-time early payments representing 5 percent of the loans, in exchange for a waiver of its breach of financial covenants. After missing the payments, the company is now asking lenders to split the 5 percent into multiple payments, with the first portion to be repaid at the end of April. Read more>>

China Dollar Debt Market Declined Further in March

China’s junk dollar debt market is extending declines after the worst slump in five months, amid investor disappointment with long-awaited restructuring plans recently unveiled by defaulted developers.

A Bloomberg index of the country’s high-yield dollar notes, dominated by real estate firms, edged down in April after suffering its weakest month since October with a 3.7 percent loss in March. In contrast, high-grade counterparts gained 1.6 percent last month, part of a global rally. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.


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