Evergrande boss Xu Jiayin can’t run away from his creditors
The ongoing debt drama of China’s defaulting developers and their anxious creditors entered a new stage this week as the country’s top planning body, the NDRC, has issued a statement pushing companies to pay their offshore bond obligations and better manage their borrowing.
Also in the news, Hong Kong home prices fell last month at the steepest rate in nearly a year and a German fund manager is entering Asia with a South Korean shed acquisition.
China’s NDRC Asks Firms to Prepare for Offshore Bond Repayments
A top Chinese regulator called on companies to make “active preparations” to meet payments on their offshore bonds as the crisis at China Evergrande Group and other property developers threatens to roil the world’s second-largest economy.
The National Development and Reform Commission, which oversees foreign debt issuance, also called on companies to “optimize their foreign debt structure” to raise funds, according to a statement following a meeting with key industries on Tuesday. The statement didn’t name companies. Read more>>
Hong Kong Home Prices Fall by the Most in Nearly a Year
Hong Kong’s lived-in home prices declined by the most in nearly a year in September, after touching a record high in July as buying power was hit because of a retreating stock market, according to property consultants.
Prices slipped 0.4 per cent to 396.3 last month, according to an index published on Wednesday by the Rating and Valuation Department. Read more>>
Union Investment Enters Asia Pacific Logistics Real Estate Market
Germany-based real estate investment manager Union Investment has entered the Asia Pacific logistics real estate market with the acquisition of West Anseong Logistics Center in South Korea.
Union Investment is buying the 55,400 square metre (596,320 square foot) facility from KB Asset Management, the asset management arm of the KB Financial Group, on behalf of its open-ended real estate fund Unilmmo: Global, the company said. Read more>>
Hong Kong’s URA Invites Tenders for To Kwa Wan Project
The Urban Renewal Authority invited 34 developers and consortiums to submit tenders for the redevelopment project at the junction of Hung Fook and Ngan Hon streets in To Kwa Wan, with a deadline of noon on November 25.
The project, which covers a site area of 4,581 square metres, was first announced in June 2016. Upon completion, it will provide a maximum total gross floor area of 41,229 square metres. Read more>>
Lantau Luxury Homes Gain with Bankers, Lawyers as Pilots Fly Away
Local residents, bankers and lawyers have replaced pilots as top renters of luxury property in Lantau amid diminished prospects in the aviation industry, according to property agents.
Rents of high-end homes in Lantau, the preferred location of aviation sector employees owing to its proximity to the city’s airport, have declined by 10 to 15 per cent since the first quarter of last year, after the Covid-19 pandemic led to massive job losses in the industry as Hong Kong closed its borders to international travellers to contain the spread of the virus, according to property consultancy Knight Frank. Read more>>
Frasers Centrepoint Trust Posts 39.3% Rise in H2 DPU
Frasers Centrepoint Trust’s distributions per unit (DPU) rose by 39.3 percent to 6.089 Singapore cents for the second half of the year ended September, from 4.372 cents for the same period a year ago.
Gross revenue was up 159.9 percent to S$167.5 million for the half-year period, from S$64.5 million in the previous year, with the trust’s manager attributing the rise to its acquisition of its remaining 63.1 percent stake in AsiaRetail Fund and lower rental rebates granted to tenants this year. Read more>>
Razer Launches Regional HQ in Singapore
Razer has launched a new Southeast Asia headquarters in Singapore amid regional expansion plans and a hiring road map that will bump its local team up from 600 to 1,000 employees.
The gaming hardware company’s US$100 million building officially opened on Tuesday (Oct 26) at the one-north technology hub. The building has 180,000 square feet of net lettable area and eco-friendly features such as solar panels. Read more>>
Keppel to Provide Energy as a Service for Perennial Biz Park Project
Keppel Infrastructure has secured a S$50 million ($37 million) contract to roll out energy-as-a-service (EaaS) infrastructure at Perennial Business City in Singapore’s Jurong Lake District.
Keppel Infrastructure will design and build chiller systems to help the business park achieve the Building and Construction Authority’s certification for Green Mark Super Low Energy. The 1,800 solar panels that will be installed will generate about 1,200 megawatt hours per year and reduce 500 tonnes of annual carbon emissions, helping both companies achieve sustainability in operations. Read more>>
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