Capitaland on lookout for distressed assets in China, Japan

Capitaland on lookout for distressed assets in China, Japan

 

Southeast Asia’s biggest developer, Capitaland, is looking for distressed assets in Japan and China to help its expansion in the two markets.

 

CEO Liew Mun Leong told Bloomberg News that Capitaland is always on the lookout.

 

He added that there will be developers with land banks which need money and are under stress.

 

Capitaland is seeking distressed assets as rising energy and commodity prices and a slowing global economy add to financial stress on companies and stoke defaults worldwide.

 

It’s looking at China for such assets as the country raised reserve requirements for banks for the 5th time this year.

 

The developer already runs 7 funds in China, and developed office and retail complexes under the Raffles City brand in Shanghai and Beijing.

 

It also runs two property funds in Japan and teamed up with Mitsubishi Estate in a Tokyo project worth as much as 1.5 billion US dollars.

 

Source: 938Live

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