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Asia firms go abroad on Hong Kong to Singapore curbs
Developers in Singapore and Hong Kong, cities which last year implemented some of their most- restrictive curbs to rein in residential property prices, are shifting focus to the U.S., China and the U.K. as demand is stifled at home.
OUE, the Singapore developer that last year agreed to buy California?s tallest building, is weighing investments in New York and Miami as it branches into the U.S. Wharf Holdings Ltd., the Hong Kong builder of shopping malls and apartment buildings, is expanding in at least 14 mainland Chinese cities and Singapore?s Oxley Holdings plans 3,400 homes in London.
Property companies in Hong Kong and Singapore, the most- expensive Asian cities to buy a luxury residence, are venturing overseas as governments enact tighter lending restrictions and local mortgage rates are set to rise. Hong Kong home sales, which fell 38% in 2013 from a year earlier, will remain at similar levels this year, said broker Jones Lang LaSalle Inc. In Singapore, they may slide 30% after falling about 35% last year, according to brokerage UOB-Kay Hian Pte.
?Asian developers are diversifying into more mature markets it helps them to tap more sophisticated capital markets and reduce risks,? said Nicholas Holt, Asia Pacific research director at Knight Frank LLP in Singapore. Prime residential properties in the region have been affected by cooling measures, with Hong Kong and Singapore the most impacted, he said.
MORE CURBS
Singapore began introducing curbs four years ago with some of the strictest measures implemented in 2013, including a cap on debt at 60% of a borrower?s income, higher stamp duties on home purchases and an increase in real estate taxes.
Hong Kong has raised the minimum mortgage down payment six times since 2010 and imposed taxes including a doubling of the stamp duty on deals of more than HK$2 million ($326,112) in February, plus an extra 15% levy on non-resident buyers.
The average loan-to-value ratio of new mortgages in Hong Kong was 54.5% in November, according to the Hong Kong Monetary Authority. The LTV ratio for outstanding home loans in Singapore was 47.3% as of the third quarter of 2013, the Monetary Authority of Singapore said in a report last month.
Fourth-quarter home prices in Singapore slid for the first time in almost two years, trimming annual gains to the smallest since 2008, data from the Urban Redevelopment Authority on Jan. 2 showed. Residential prices in Southeast Asia?s fourth-largest economy will start falling in 2014 and may decline about 5% to 10%, UOB-Kay Hian forecasts.
ECONOMIC RECOVERY
Asian developers are seeking opportunities as developed economies recover and property prices jump. U.S. home prices rose 13.6% in October from a year ago, the fastest pace in seven years and in London they rose about 11% in 2013 through November, according to the Land Registry.
Meanwhile, Wall Street firms including Goldman Sachs Group Inc. and JPMorgan Chase & Co. are seeing a prolonged slump in emerging-market assets that left equities trailing advanced- nation shares by the most since 1998 last year.
Singapore?s economy shrank for the first time in five quarters in the three months ended Dec. 31. Hong Kong?s economy probably grew 3% in 2013, the government said in November, revising a forecast of as much as 3.5%.
?The motivation for Asian buyers to seek investments in the U.S. and Europe is to diversify risk,? said Priyaranjan Kumar, the Singapore-based regional director of capital markets at Cushman & Wakefield Inc. Cushman estimates more than $50 billion of equity from Asia will be invested in Europe and North America by 2020, he said.
L.A. TOWER
OUE, run by a son of Mochtar Riady, an Indonesian tycoon who founded Lippo Group with interests in property and banks, in June bought the U.S. Bank Tower in Los Angeles for US$367.5 million. The Singapore developer said in February that it sees limited growth opportunities on the island in the next two to three years. Only 17% of OUE?s Twin Peaks residential project in Singapore, scheduled for completion in 2015, has been sold, according to data from the Urban Redevelopment Authority.
The purchase of the Los Angeles tower was the start of the company?s plan to expand in the U.S., Mochtar Riady told Bloomberg Television in September. Future investments will be about the same size, he said, adding that he?s looking in California, New York and Miami for possible deals.
Instead of developed economies, some Hong Kong developers are seeking to tap growth in China where property prices have withstood government curbs.
Moody's assigns provisional Ba1 to OUE Commercial Trust, outlook stable
? OUE offers OUE C-Reit shares at an indicative 80 cts each
Let see what will happen to OUE Ltd share price after the OUE C-REIT IPO listing.
http://mystocksinvesting.com/singapore-stocks/oue-limited/oue-limited-down-trend/
marubozu1688 ( Date: 10-Jan-2014 18:51) Posted:
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We have the C-REIT listing coming up and potential bonus dividend after. Then we have the approved bonus one H-REIT share for every six OUE share. So it's puzzling to see past few days trading where there's a huge block at 2.50, intentionally making sure it doesn't move up... accumulation in progress?
Gearing is very high at 41.2% with offer price of 23.3% discount to NAV.
I hope I calculate corrertly... It is a nightmare to search for those information in the OUE C-REIT IPO prospectus.
http://mystocksinvesting.com/singapore-stocks/oue-commercial-reit/oue-commercial-reit-ipo-prospectus/
Chinese Take Up Cornerstone of OUE IPO: WSJ
Chinese investors are not just buying overseas property, they're also piling into trust listings of real estate overseas.
OUE Ltd., the Singapore-listed property firm that is set to start taking orders Monday for the initial public offering of its commercial assets in China and Singapore, has sold close to half of the nearly US$300 million deal to cornerstone investors--of which Chinese buyers make up a big part. ...
Cornerstone investors in Singapore get first dibs on an IPO, but unlike in Hong Kong, don't have to commit to holding the stock for a specified period. The presence of cornerstone investors generally gives comfort to others planning to put money into an IPO
According to the OUE Commercial Real Estate Investment Trust prospectus, it has secured five cornerstone investors--a Malaysian asset management company owned by RHB Investment Bank Berhad that's taking a 1.4% stake in the planned REIT, and four Chinese entities or individuals. The biggest slice, a 14.4% stake, is going to investment holding company Summit SPV. Summit is wholly owned by Tong Jinquan, China's 35 richest man according to Forbes magazine, which put his net worth as of October at $2.9 billion.
Gordon Tang and his wife, Chen Huaidan--both members of the board of Singapore listed property developer SingHaiyai Group Ltd.--have each agreed to take a 3.6% stake. And Yang Dehe, who started as a seafood restaurateur in Guangdong, China, in 1985 and now heads the Hai Run Group of companies, which is involved in trading and investment holding activities, will take a 2.9% stake.
In its prospectus filed to the Monetary Authority of Singapore, OUE C-REIT said it will sell 866 million units at 80 Singapore cents (63 U.S. cents) each, though half of those are being taken by the sponsor, OUE Realty Pte. Ltd., and so aren't included in the IPO. Of the 433 million units remaining, 225 million are going to the five cornerstone investors.
People with knowledge of the deal said that the company will start booking orders early next week and aims to list on the Singapore Exchange by end of January. The OUE C-REIT will initially hold two commercial properties: the OUE Bayfront building in Singapore's central business district and Lippo Plaza in central Shanghai's Huangpu district.
60% will be offered to public.......
OUE will begin book building for the OUE Commercial REIT listing that will raise as
much as US$355m. OUE Commercial REIT is targeting a market capitalisation of
S$700m, and sponsor OUE plans to retain a 40% stake in the trust. CIMB, OCBC and
Standard Chartered are the joint global coordinators of the IPO, as well as joint book
runners with Citigroup, JPMorgan and RHB.
HVRRVH ( Date: 10-Jan-2014 13:33) Posted:
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Any offer to public? Can buy from ATM?
WanSiTong ( Date: 10-Jan-2014 13:20) Posted:
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ANNOUNCEMENT - LODGEMENT OF PRELIMINARY PROSPECTUS
http://infopub.sgx.com/Apps?A=COW_CorporateAnnouncement_Content& B=AnnouncementToday& F=1027933& fileId=Lodgement_of_Preliminary_Prospectus.pdf
OUE Commercial: REIT units to offer dividend yield of 6.8%.
OUE Commercial REIT was said to have been priced at S$0.80 each, offering a dividend
yield of 6.8% for its S$400m IPO, according to Bloomberg. This compares favourably
with Singapore-focused commercial REITS which have dividend yields of between 5.5%
and 6.8%.
(Source: The Business Times)
OUE?s $451 mil Singapore REIT IPO to be launched next week
Tags: Overseas Union Enterprise
Singapore-listed property firm Overseas Union Enterprise will begin book-building for a commercial real estate investment trust listing in the city-state on Jan. 13 that may raise as much as US$355 million ($451 million), the Thomson Reuters publication IFR reported on Tuesday.
This will be the first major Singapore IPO of 2014, which could be followed by the South Korea?s Lotte Shopping Co Ltd?s US$1 billion REIT after the Chinese New Year holiday.
Tags: Overseas Union Enterprise
Written by Reuters
Tuesday, 07 January 2014 22:23
Singapore-listed property firm Overseas Union Enterprise will begin book-building for a commercial real estate investment trust listing in the city-state on Jan. 13 that may raise as much as US$355 million ($451 million), the Thomson Reuters publication IFR reported on Tuesday.
This will be the first major Singapore IPO of 2014, which could be followed by the South Korea?s Lotte Shopping Co Ltd?s US$1 billion REIT after the Chinese New Year holiday.
OUE Commercial Trust, a spinoff from Singapore?s OUE, plans to offer a 6.8% yield for its about $400 million initial public offering, according to two people with knowledge of the matter.
The trust, which will be backed by properties including the OUE Bayfront office tower in downtown Singapore, intends to start marketing the deal next week, said the people, who asked not to be named as the process is private. It plans to sell the units at 80 Singapore cents each, they said.
OUE Commercial Trust intends to offer a dividend yield of 6.8% for this year and 6.9% for fiscal 2015, according to the people. Two calls to OUE Ltd.?s head office in Singapore seeking comment went unanswered.
The offering will be the second trust OUE has listed in the past six months. OUE Hospitality Trust, which owns a hotel and mall in the city?s Orchard Road shopping district, raised S$600 million from an IPO in July last year. Units of OUE Hospitality Trust are unchanged since they started trading.
OUE agreed to buy the U.S. Bank Tower in Los Angeles, California?s tallest building, for US$367.5 million ($467.7 million) last year. It is controlled by Executive Chairman Stephen Riady, the son of Lippo Group founder Mochtar Riady. Indonesia-based Lippo Group?s businesses include real estate, financial services and food across Asia.
Ya
Banker_DB ( Date: 09-Jan-2014 13:40) Posted:
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Accumulate !!!
oh ok noted, bro.
WanSiTong ( Date: 09-Jan-2014 13:38) Posted:
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Date not announced yet.......... but should be quite soon...most likely by end of Jan b4 OUE Reit listed.
shadowmoon ( Date: 09-Jan-2014 13:35) Posted:
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Oh btw got one more question, when the last date to purchase it for 6 OUE stock for 1 OUE HT share?
shadowmoon ( Date: 09-Jan-2014 13:33) Posted:
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oic, noted. Thanks bro for the info.
WanSiTong ( Date: 09-Jan-2014 13:25) Posted:
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1 OUE HT share for every 6 OUE shares.
shadowmoon ( Date: 09-Jan-2014 13:22) Posted:
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Will we get DIVI in return?
WanSiTong ( Date: 08-Jan-2014 10:00) Posted:
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