It will have 19 hotels worth $4.5b under its portfolio.
Greenland Holdings, China’s largest state-owned property developer, will list hotel-focussed real estate investment trusts (REITs) in Singapore.
This follows Greenland’s landmark agreement with Singapore-based Amare Investment Management. Under the deal, the two groups will acquire global hotel assets and operations, worth a total transaction value of over $4.5 billion (RMB21 billion).
The two groups said that the REITs will be listed on the SGX Mainboard. The REITs will purchase 19 hotel properties in China from Greenland Group, the largest REITs issued by Chinese real estate enterprise so far.
“Singapore is an established and matured financial capital and REIT market. It is an excellent place for real estate investors for raising funds as well as finding strategic partners. Together with powerful partners such as Greenland, we will be scouting for properties and land in Singapore to build landmark and iconic properties,” said David Su, Group Chairman of Amare’s parent company Glory Fund Management Group.
“Together with powerful partners such as Greenland, we will be scouting for properties and land in Singapore to build landmark and iconic properties. We are exploring a couple of sites now. We believe in the Asian consumer growth story as the Asian middle class is predicted to rise exponentially in the coming years and consumption lifestyles will dominate. Therefore, demand for resort and family entertainment will grow substantially. We intend to set up a multibillion dollar private equity funds and trust in Asia and establish a regional hub in Singapore to manage our investment activities for Asia,” Su added.
Do you know more about this story? Contact us anonymously through this link.