Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Country Garden to Issue $966M in RMB Bonds
Chinese developer Country Garden Holdings Company Ltd said on Thursday a subsidiary had obtained regulatory approval to issue an up to 6 billion yuan ($966.3 million) onshore bond.
The company would be the sixth developer to do so in three months as Chinese builders are avoiding the offshore market and borrowing more money onshore this year on lower funding costs, a weaker yuan and improved liquidity on the back of government easing measures.
ITC Properties Buying HK’S Cheuk Nang Plaza for HK$800M
Cheuk Nang (Holdings) has agreed to sell its headquarters, Cheuk Nang Plaza, in Wan Chai for a price not exceeding HK$800 million to ITC Properties Group.
The 55,621 square foot 31-storey commercial building with 25 car parking spaces on Hennessy Road generates a monthly rental income of HK$1.5 million.
Spain Pushes Back Over Wanda Plans to Tear Down Madrid Landmark
Chinese property giant Dalian Wanda is at the center of a fiery public and political debate in Spain over its plans to demolish an iconic building in central Madrid.
In June last year, the property group acquired the Espana Building for 265 million euros ($297 million) from banking corporation Santander Group.
Developer Share Buy-Back Plans Could Bring New Cash Shortages
As Chinese developers use more money to buy back shares amid an equity rout, concern is increasing that the trend will leave less cash to pay back bondholders.
Evergrande Real Estate Group Ltd., China’s most indebted developer, on Tuesday bought back 127.7 million Hong Kong-listed shares for HK$679.5 million ($88 million), bringing total repurchases to HK$4.32 billion since July 8. China Vanke Co., the nation’s largest homebuilder, this month approved a plan to repurchase as much as 10 billion yuan ($1.6 billion) of its onshore shares.
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for more news as it happens.
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