Australia's Goodman Group creates $2.7 billion group to invest in Hong Kong data centres
The industrial property group said it had joined forces with Dutch investors PGGM and APG, the Canada Pension Plan Investment Board, and CBRE Investment Management's Indirect Private Real Estate Strategies. It said an unnamed Middle Eastern investor was also involved.
Goodman will be a 20% cornerstone investor in the partnership, it said in a statement.
The group will own four existing Hong Kong data centres held by Goodman in an industrial partnership and two centres currently being developed. Goodman's portfolio accounts for approximately 30% of Hong Kong's data centre market by power capacity, it said. Goodman, which has similar data centre partnerships in Japan and Europe, said the Japanese business will have $1.1 billion in assets by the end of 2025. Goodman has a A$10 billion ($6.57 billion) industrial property portfolio in Hong Kong, part of which could be converted to data centres in the future, Chief Executive Greg Goodman said. "There's opportunities in the industrial portfolio. We have to basically redevelop them into data centres and they would then come into this partnership for development," Goodman told Reuters in a telephone interview.
"There's a lot of inquiry now coming out of China, you've seen a big push in artificial intelligence in China. China is on a big growth path in regard to digital evolution and the whole AI sector. So you can expect a lot of Chinese operators also very interested in Hong Kong." Goodman in February raised $2.54 billion in a share placement to help fund the future growth of its global data centres business.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
China stands by India, firmly opposes 50% US tariff & threat to hike it: Envoy
Xu said in the face of such acts, silence or compromise only emboldens the bully. NEW DELHI: With PM Narendra Modi and President Xi Jinping set to carry forward the Sino-Indian rapprochement in their upcoming meeting in Tianjin, Chinese ambassador to India Xu Feihong Thursday backed India on the issue of US tariffs saying China strongly opposed the Trump administration's move to impose 50% tariffs on India for its oil procurement from Russia. Xu said in the face of such acts, silence or compromise only emboldens the bully. "US has imposed tariffs of up to 50% on India and even threatened more. China firmly opposes it. China will firmly stand with India to uphold the multilateral trading system with WTO at its core," said the ambassador. He also said the essence of trade was to complement each other's advantages and achieve mutual benefit and win-win results, not a calculation of who loses and who gains. He said trade should not become a tool for pursuing individual selfish interests. "US has long benefited gr-eatly from free trade, but now it is using tariffs as a bargaining chip to demand exorbitant prices from various countries," said Xu at an event organised by thinktanks Chintan Research Foundation and Centre for Global India Insights. "The development of China and India has not been completely smooth, but fri-endship and cooperation have always been the main theme. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Benefits of Trading Bitcoin CFDs IC Markets Learn More Undo There might be challenges, but unity and cooperation are our only options," said Xu. His remarks came ahead of Modi's first visit to China in seven years. He will be in Ti-anjin on Aug 31 for SCO summit, on the margins of which he will have bilateral meetings with Xi, Russian President Vladimir Putin and leaders of other member-states. The ambassador called for enhancing strategic trust and focusing on common interests. He said economic and trade structures of China and India were complementary. "We'll welcome more Indian commodities into the Chinese market. India has a competitive edge in IT, software and biomedicine, while China is seeing rapid expansion in the fields of electronic manufacturing, infrastructure construction and new energy. The Chinese side welcomes more Indian enterprises to invest in China. It is also hoped that the Indian side could provide a fair, just and non-discriminatory business environment for the Chinese enterprises in India, so as to promote common development of industries and benefit the people of the two nations," he said.
Hindustan Times
2 hours ago
- Hindustan Times
As tensions ebb, Indian exports to China jump 20% in Q1
India's merchandise exports to China have recorded a double-digit monthly growth thus far in 2025-26, cumulatively growing by 20% to $5.76 billion in the first four months of the financial year compared to $4.80 billion in the same period in 2024-25, driven by energy, electronics, and agricultural products, and raising hopes that this could help offset some of the losses arising from US tariffs. Containers are seen at the port in Qingdao, in China�s eastern Shandong province on August 11,(AFP FILE) India's exports to China in the first four months of 2025-26 have grown at an annualized rate of 19.97% compared to a 4.5% year-on-year contraction in the same period last year (April-July 2024), according to government data. If this trend continues, India will witness a positive growth in exports to China this financial year (2025-26), people familiar with the matter said, requesting anonymity. In 2024-25, Indian merchandise exports to China contracted by 14.5% to $14.25 billion as compared to $16.67 billion in 2023-24. Out of 12 months in 2024-25, Indian exports to China contracted in 11 , barring May 2024. In contrast to FY25, a consistent upward trend in exports to China has been witnessed in the current financial year (FY26) , from April itself, they added citing data. In April, they grew 12.9% (over last April) to $1.4 billion; in May, they rose by 24% to $1.63 billion; in June, they grew 17% to $1.38 billion; and in July, they rose 27% to $1.35 billion. This trend is likely to strengthen further with recent positive engagements between the two countries, the people mentioned above said. India and China agreed to enhance bilateral trade relations during Chinese foreign minister Wang Yi's New Delhi visit earlier this week. According to the official statement issued by the ministry of external affairs on August 19, both sides agreed to the re-opening of border trade through the three designated trading points — Lipulekh Pass, Shipki La Pass and Nathu La Pass. They also agreed to facilitate trade and investment flows between the two countries 'through concrete measures'. 'The two [countries] are keen to boost bilateral economic relations amid global trade uncertainties triggered by the US,' one of them said. Granular analysis of data showed that demand for Indian petroleum products, agricultural goods and marine items have immense potential in the world's second biggest market after the US, he added. A second official said the ' rise underscores the strengthening demand for Indian goods in the Chinese market and highlights India's growing export competitiveness despite global trade uncertainties. The steady growth in exports also signals a gradual rebalancing of trade between the two Asian economies, where India has traditionally faced a large trade deficit.' In 2024-25, India had a $99.2 billion trade deficit with China. 'This upswing is a promising development that could help India diversify its export base and consolidate its presence in one of the world's largest import markets,' a trade expert said, requesting anonymity.. India's export growth to China in the first quarter of FY25 was powered by a strong performance across energy, electronics, and agri-based products, according to official data. Exports of petroleum products nearly doubled to $883 million (95.3%), while those of electronic goods surged to $521 million (202.7% growth), reflecting strong demand from China's industrial and consumer segments. Agricultural commodities recorded extraordinary growth, with oil meals exports aggregating $41.7 million (2656.1% growth), rice, $32.2 million (1383.3%), and oil seeds $16 million (1791.7%). Traditional sectors also added to the momentum — exports of organic and inorganic chemicals reached $335.1 million (16.3%), spices $234.5 million (21.9%), tea $8.9 million (93.9%), and gems and jewellery $11.5 million (72.7%). Moderate gains were recorded in marine products (5.1%), mica, coal and ores (3.0%), and ready-made garments (14.8%).
Hans India
3 hours ago
- Hans India
India-Russia Strengthen Partnership Through Energy Cooperation And Balanced Trade Discussions
External Affairs Minister S. Jaishankar and Russian Foreign Minister Sergey Lavrov engaged in comprehensive discussions in Moscow on Thursday, focusing on expanding bilateral trade relationships in a sustainable manner while ensuring long-term supply arrangements for critical commodities including fertilizers and maintaining robust energy cooperation. The high-level diplomatic engagement emphasized that India-Russia relations remain among the world's most stable major partnerships, driven by geopolitical alignment and strong public support. The ministerial talks took place one day after Jaishankar co-chaired a bilateral trade and economic commission meeting, highlighting the strategic importance both nations place on strengthening their economic ties. During the discussions, Jaishankar addressed several pressing concerns affecting bilateral relations, including India's substantial trade deficit with Russia, non-tariff barriers that impede commerce, regulatory obstacles, and the sensitive issue of Indian nationals serving in the Russian military. Following his discussions with Lavrov, Jaishankar also held a meeting with Russian President Vladimir Putin, who is anticipated to visit India later this year for a summit with Prime Minister Narendra Modi. This diplomatic engagement occurred against the backdrop of Jaishankar's recent meeting with Chinese Foreign Minister Wang Yi in New Delhi, aimed at normalizing India-China relations, while tensions with Washington continue to escalate over trade disputes and punitive American tariffs on Indian goods. Opening the formal discussions, Jaishankar emphasized the global context shaping their bilateral engagement, noting the evolving geopolitical landscape, shifting economic and trade dynamics, and both countries' shared objective of maximizing their complementary strengths. Lavrov responded by highlighting the special significance of India-Russia relations, particularly as the world witnesses the emergence of new international relationship architectures. During a joint press conference following their talks, Jaishankar characterized India-Russia ties as representing one of the world's steadiest major relationships, with geopolitical convergence and popular sentiment serving as fundamental driving forces. He stressed that as both nations work toward expanding bilateral trade, growth must occur in a balanced and sustainable fashion through increased Indian exports and resolution of non-tariff barriers and regulatory impediments. The trade relationship presents both opportunities and challenges, with bilateral commerce reaching a record $68.7 billion in 2024-25. However, this figure masks a significant imbalance, as India's exports totaled merely $4.88 billion compared to much larger Russian exports to India. This disparity has grown dramatically, expanding nine-fold from $6.6 billion to $58.9 billion over the past four years, creating an urgent need for corrective measures. Jaishankar emphasized that enhancing Indian exports in key sectors including pharmaceuticals, agriculture, and textiles would help address this substantial trade imbalance. Both sides explored strategies to ensure sustained fertilizer supplies and maintain energy cooperation through expanded trade and investment arrangements. Russia currently supplies nearly 40 percent of India's energy requirements, with Indian imports of petroleum and crude oil valued at $53 billion in 2024, according to United Nations data aggregation. The discussions addressed practical measures to enhance economic cooperation, including improved mobility arrangements for skilled Indian workers to meet Russia's labor demands, particularly in information technology, construction, and engineering sectors. Jaishankar advocated for expediting the establishment of two Indian consulates in Kazan and Yekaterinburg to facilitate these enhanced economic linkages. Both ministers examined connectivity initiatives designed to deepen economic relationships and reduce transit times, including the International North-South Transport Corridor, the Chennai-Vladivostok maritime corridor, and the Northern Sea Route. These infrastructure projects represent strategic investments in long-term economic partnership between the two nations. Jaishankar described defense and military cooperation as robust, emphasizing Russia's support for India's "Make in India" initiatives through joint production arrangements and technology transfer programs. This collaboration continues despite criticism from the United States regarding India's defense procurement from Russia. A sensitive topic addressed during the talks involved Indian nationals serving in the Russian Army. Jaishankar acknowledged progress in resolving these cases while noting ongoing concerns, stating that while many individuals had been released, pending cases and missing persons remained issues requiring expeditious resolution from Russian authorities. According to official Indian data, 126 Indians were recruited by Russian military forces, with 12 fatalities during combat operations in Ukraine. Russian authorities discharged 96 individuals, while 16 others remained listed as missing. Regional security issues featured prominently in the discussions, including developments in Ukraine, West Asia, and Afghanistan, along with India's ongoing struggle against cross-border terrorism. Jaishankar reiterated India's diplomatic approach emphasizing dialogue and diplomacy for conflict resolution, while affirming that India and Russia would jointly combat all forms of terrorism. He conveyed India's unwavering commitment to zero-tolerance policies against terrorism and the nation's sovereign right to defend citizens against cross-border terrorist activities. The ministerial engagement served as preparation for the anticipated Modi-Putin summit, with Jaishankar noting that both sides were developing concrete outcomes for the high-level meeting. He emphasized that practical steps were being implemented to ensure substantial growth in the bilateral relationship beyond diplomatic rhetoric. These discussions occurred as India navigates complex international relationships, balancing its traditional partnership with Russia against growing tensions with the United States over trade policies. The meetings demonstrate India's commitment to maintaining strategic autonomy while pursuing its national interests across multiple international partnerships. The talks reflected both countries' determination to strengthen their partnership despite external pressures and changing global dynamics. By addressing practical challenges including trade imbalances, regulatory barriers, and human resource mobility, both sides demonstrated commitment to building a more robust and sustainable partnership capable of withstanding international political pressures. The comprehensive agenda covered during the Jaishankar-Lavrov talks illustrates the multifaceted nature of India-Russia relations, encompassing energy security, defense cooperation, trade expansion, technological collaboration, and regional security concerns. This diplomatic engagement reinforces both nations' commitment to deepening their strategic partnership while adapting to evolving global circumstances and maintaining their respective national interests in an increasingly complex international environment.
