Onewo

Onewo, the property management unit of real estate developer China Vanke, is telling prospective investors it plans to price its Hong Kong initial public offering near the mid-point of its marketed range, according to a person familiar with the matter.

The Shenzhen-based firm is poised to price the offering at HK$49.35 per share, the person said, asking not to be identified. At that price, it would raise about HK$5.8 billion (S$1.05 billion). The firm is offering about 116.7 million shares at HK$47.10 to HK$52.70 each. The price has not been finalised and is subject to change, the person said.

BLOOMBERG

GIC

GIC has bought a majority stake in Mediterranean luxury beach resort Sani/Ikos Group (SIG), valuing the company at €2.3 billion (S$3.2 billion), the companies said in a joint statement on Thursday.

The Singapore sovereign wealth fund has bought a stake held by investors that include Oaktree Capital Management, Goldman Sachs Asset Management and UK-based Hermes GPE.

This partnership will help the resort group to deliver on its five-year investment plan of over €900 million and create jobs in the Mediterranean, the joint statement said.

REUTERS

Cromwell European Reit

Cromwell European Reit's manager said on Thursday that proposed changes to Dutch tax regime will not affect the real estate investment trust's (Reit) distributable income.

The clarification through a bourse filing came two days after the Dutch government's budget day announcement on its tax policy intentions to subject Dutch fiscal investment institutions to Dutch corporate income tax from Jan 1, 2024.

The manager said the Reit and subsidiaries are not considered such entities, and are already subject to Dutch corporate income tax.

THE BUSINESS TIMES