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中国零售业: 新加坡嘉德置地欲成立沃尔玛中国超市基金 |
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青青 [博客] [个人文集]
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作者:游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Friday, December 24, 2004
CapitaLand banks on Wal-Mart tenancy in shopping centre deal
BLOOMBERG in Singapore
CapitaLand, Singapore's biggest developer by sales, has agreed to pay S$196 million ($929 million) for stakes in six shopping centres in the mainland that have Wal-Mart Stores as the biggest tenant. It plans to invest as much as S$1.1 billion in similar centres.
The developer acquired 51 per cent stakes in the six centres from Shenzhen Itic, Wal-Mart's partner in a venture that runs 38 stores in the mainland.
CapitaLand said in a statement it had an option to acquire 14 more shopping centres with Wal-Mart outlets and might include all the assets in a property trust.
It is using property trusts to pursue its target of more than doubling assets it manages to S$13 billion over the next three years. Investing in shopping centres with Wal-Mart, the world's biggest retailer, as a tenant may support rental incomes amid rising competition for a share of the mainland's US$600 billion in annual retail spending.
Wal-Mart was "definitely" a big part of the deal, said Chris Reilly, a fund manager at Henderson Global Investors. "The more blue-chip or better regarded the tenant, the more confidence investors will have that the income stream will remain."
CapitaLand shares rose as much as 1.98 per cent to S$2.06 before closing at S$2.04. It is the best performing property stock in Singapore this year.
"Retail is the fastest inroad for us into China," CapitaLand chief executive Liew Mun Leong said at a briefing for reporters and analysts. "We have an enormous appetite for retail investments in China."
The shopping centres might generate a rental yield of more than 9 per cent, compared with the 7 per cent to 10 per cent that mainland properties generally yielded, CapitaLand said.
The other 14 shopping centres where CapitaLand has an option to buy are valued at S$40 million to S$80 million each.
The Singapore developer had the first right of refusal, it said.
Some analysts said property stocks in a developing market might offer better returns than property trusts.
"Yield play is generally for a market that's matured, where there's little capital asset appreciation," said Winston Liew, an analyst at OCBC Investment Research in Singapore.
"In one like China, expectations of capital appreciation are large and you don't play the yield story there."
The yields from the mainland shopping centres are higher than the Link Reit property trust the Hong Kong government is trying to sell. The trust, in which CapitaLand is investing, was offered at a yield of 6.65 per cent to institutional investors and 6.85 per cent to the public.
The trust, which included assets of the Housing Authority, was stalled less than 11 hours before it was due to start trading on Monday by a lawsuit filed by a public housing tenant.
CapitaLand is expanding beyond the city state, anticipating rising interest in Asia from global funds that invest in property.
Properties in Asia made up 2 per cent of global funds that invested in property and might rise to 15 per cent as economies in the region expanded, CapitaLand's Mr Liew forecast earlier.
Business Times - 23 Dec 2004
CapitaLand seals mall venture in China
SINGAPORE - CapitaLand said on Thursday it is teaming up with a Chinese state-linked group to buy and manage a slew of mainland shopping malls whose tenants include Wal-Mart Stores, the world's biggest retailer.
The tie-up is the latest move by Southeast Asia's biggest property developer to exploit the commercial opportunities thrown up by China's rapid economic growth. CapitaLand has been active in the country for a decade.
CapitaLand said it would invest an initial 983 million yuan (S$173 million) for a 51 per cent stake in the half-dozen malls. The balance of the joint venture will be held by Shenzhen International Trust & Investment Co, a Chinese state-owned investment firm.
CapitaLand added that the agreement covered a further 14 malls that would be added within 12 months, and that more sites - all featuring a major Wal-Mart outlet - may be added over the next few years.
Like its major global rivals, Bentonville, Arkansas-based Wal-Mart Stores has been expanding aggressively in China, where it currently has 42 stores in 20 cities. Shenzhen International Trust owns a 35 per cent stake in 38 of those outlets.
'With this joint venture CapitaLand will further expand into China's fast-growing retail property market and gain access to quality assets in the relatively untapped provincial cities,' said Pua Seck Guan, head of CapitaLand Retail Ltd.
CapitaLand said that in might eventually list shares in its Chinese shopping mall venture on the stock exchange, a type of investment vehicle that has been gaining popularity in Singapore in recent years.
CapitaLand is part of the stable of companies controlled by Temasek Holdings, a Singapore investment agency.
作者:游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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- 中国零售业: 新加坡嘉德置地欲成立沃尔玛中国超市基金 -- 青青 - (4981 Byte) 2004-12-30 周四, 10:08 (2073 reads)
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