银行在亚洲收紧资料中心授信：要求更高入住率、更多尽职调查，且单一承租（single-tenant）若延迟进驻或撤出，营运商在「未产生收入」前可能要再投入翻修资本。另有地缘政治风险：AI 技术可能违反出口限制而被转用至中国；2025 年 3 月，马来西亚 Exsim 终止与 Aperia 的超大型资料中心合约，导火线是新加坡起诉两名 Aperia 高层涉共谋与诈欺、并调查受限 Nvidia 晶片是否流向中国 AI 新创 DeepSeek。
资金面却仍强劲：MSCI 显示亚太近 10 年私募投入近 700 亿美元，其中过去 2 年就约 400 亿美元。大型交易包括 Blackstone 以 240 亿澳元（约 160 亿美元）收购 Airtrunk、KKR 传洽购 STT GDC 估值逾 50 亿美元、以及 Vantage 在获 GIC 与 ADIA 共 16 亿美元投资后收购柔佛据点。供给扩张的数字也惊人：建造成本（不含 IT）约每 MW 1,000 万美元，100MW 规模约 10 亿美元；亚太已投运 13.7GW，另承诺建 14.4GW、规划中再 33.8GW；柔佛则有 15 座运营、11 座在建、25 个核准案，合计 5.3GW。
Asia’s AI-driven data center boom is pushing financing away from founder/investor equity plus plain bank loans toward sovereign funds, private equity, and private credit, often with higher rates and structures that can dilute shareholders (e.g., equity “kickers” or preferred equity). Leases to hyperscalers underpin more project finance, but investor anxiety has risen as reliance on tenant commitments grows—highlighted by Oracle’s sharp share drop after data center leasing commitments surged to $248 billion.
Asian banks are tightening underwriting: more due diligence, higher required occupancy, and concern that customers are concentrated in a few big-tech names. Cash flow timing is risky—operators may not get paid until tenants move in and use capacity; in single-tenant builds, a delay or walkaway can strand owners with refurbishment capex. Geopolitics adds friction: worries that AI tech could be diverted to China; in March 2025 Malaysia’s Exsim ended a hyperscale contract tied to Singapore fraud charges involving server end users and probes around restricted Nvidia chips potentially benefiting China’s DeepSeek.
Capital keeps flooding in. MSCI data shows nearly $70 billion of Asia-Pacific private equity investment in the past decade, with about $40 billion in just the last two years. Deals include Blackstone’s A$24 billion ($16 billion) Airtrunk buy, reported talks valuing STT GDC above $5 billion, and Vantage’s Johor site acquisition after $1.6 billion from GIC and ADIA. Costs scale fast: about $10 million per MW (ex-IT), so 100MW is roughly $1 billion. Capacity stands at 13.7GW live, 14.4GW committed, and 33.8GW planned; Johor alone reports 15 operating, 11 building, 25 approved projects totaling 5.3GW.
