Asia Roundup
PAG, State Firm Eye Evergrande’s Property Management Business
Private equity firm PAG and state-owned Guangdong Provincial Tourism Holdings have contacted the liquidators of China Evergrande Group over a potential acquisition of its property services unit, Caixin reported.
The sale of the controlling stake in Evergrande Property Services Group represents a milestone in the liquidation of the heavily indebted developer as administrators seek to recover value for offshore creditors with claims totalling USD 45 billion as of July 2025.
India’s Bankruptcy Court Admits Smaaash Leisure Into Insolvency
India’s bankruptcy court has admitted Smaaash Leisure, a bowling and entertainment format operator, under the corporate insolvency resolution process (CIRP), granting an application filed by JC Flowers Asset Reconstruction after the company failed to repay its dues, The Economic Times reported.
Smaaash Leisure was part of the loan portfolio that was transferred by Yes Bank to JC Flowers ARC in 2022.
Private Credit Grows in Singapore as Australia’s IFM Joins List
Singapore has attracted another international asset manager to set up shop, adding to a growing list as the city-state seeks to strengthen its presence in the burgeoning USD 1.7 trillion private credit market, Bloomberg reported.
Australian asset manager IFM Investors, which is owned by some of the nation’s biggest pension funds, will open a Singapore office in March. The move follows its partnership with the Australian government in October to pursue investment opportunities across Southeast Asia.
Indonesia Roundup
Indonesia’s Finance Minister Blasts Citi for Budget Deficit View
Indonesia’s finance minister has taken aim at Citigroup for a report that said the Southeast Asian nation’s budget deficit could breach the legal limit this year, Bloomberg reported.
Finance Minister Purbaya Yudhi Sadewa also brandished his doctoral degree in economics, saying Citi’s Helmi Arman, who penned the report and has two master’s degrees, was “not a real economist.”
“You should ask a PhD,” Purbaya said, pointing to himself.
Indonesian Civil Servants to Undergo Military Training
Some 4,000 civil servants in Indonesia will undergo military training in the first half of 2026 under the government’s plans to make them part of the military reserve, CNA reported, citing agencies.
The program aims to foster nationalism and a stronger sense of service to the country, Indonesia’s Defence Minister Sjafrie Sjamsoeddin said.
Indonesian President, Garuda CEO Meet Embraer Executive
Indonesian President Prabowo Subianto met with Arjan Meijer, Chief Executive Officer of Embraer Commercial Aviation, to “exchange views on recent developments in the global aviation industry”, Antara reported.
Brazil-based Embraer is the world’s third-largest aircraft manufacturer, producing both commercial and military aircraft, according to Antara.
At the meeting, the President was accompanied by executives from flag carrier Garuda Indonesia and state-owned defense company Pindad, as well as the State Secretariat Minister.