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Property firms anchor Asia’s M&A market

Date: 25 Jan 2010

A raft of property-related deals buoyed M&A volumes, while Chinese firms dominated debt markets, and equity markets stayed steady. Asiamoney.com rounds up last week’s capital market activity in Asia-Pacific ex-Japan.

Keywords (click to search): [CapitaLand] [Orient Overseas] [Shanghai Industrial Holdings] [Neo-China] [Guangxi Beisheng Pharmaceutical] [China XD Electric] [Tiger Airways Singapore] [China Southern Power Grid] [Chenzhou City Construction Investment]

Pamela Tang
A number of Asian property firms tapped the M&A markets last week as the race for assets heats up.

The largest deal came from CapitaLand’s US$2.2 billion bid for Orient Overseas International’s Chinese assets.

South-east Asia’s property developer will take over seven sites in Shanghai, Kunshan and Tianjin, which comes to 1.48 million square metres of floor space in residential, office, hotel and retail property. This will allow CapitaLand to double its real estate portfolio in the mainland to 2.8 million square metres.

CapitaLand said that it would fund most of the acquisition with cash raised via the S$2.7 billion (US$1.9 billion) IPO of its CapitaMalls Asia unit last November.

Shanghai Industrial Holdings is also set to more than triple its land bank to 15.8 million square metres after buying a 45% stake in the distressed...

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