Shimao Asks for Repayment Delay on $183M in Debt and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, cash-strapped Shimao Group seeks an extension for repayments on asset-backed securities, private equity bigfoot Blackstone raises its offer for Australia’s Crown Resorts a third time, and Singapore’s Metro Group forms an investment alliance with Japanese developer Daiwa House.

Shimao Looks to Delay Repayment on $183M of Securities

Shimao Group Holdings is asking investors to extend the deadline for full repayment on a pair of asset-backed securities, fuelling concern that the embattled Chinese property developer could seek delays on other debts.

The company and a unit will meet with investors Monday to obtain agreements to repay RMB 1.17 billion ($183 million) of ABS in instalments throughout this year, according to private filings with the Shanghai Stock Exchange seen by Bloomberg. The original repayment dates are in about two weeks. Read more>>

China’s Yuzhou Group Asks for Relief on $5B in Debts

China’s crushing “three red lines” policy against home developers continues to claim new victims as Yuzhou Group turns to creditors for forbearance on more than $5 billion in debt from years of unrestrained offshore borrowing.

The group is offering sweeteners to bondholders to delay repayment by a year on two dollar-denominated bonds worth $582 million in a debt exchange plan, according to an exchange filing, citing significant short-term liquidity pressure. The notes are due this month. Read more>>

Blackstone Ups Crown Resorts Takeover Bid to $6.5B

US private equity giant Blackstone moved closer to triumphing in its almost yearlong pursuit of troubled Australian casino operator Crown Resorts after sweetening its offer a third time to A$8.9 billion ($6.5 billion).

The buyout firm, which already owns 10 percent of Crown, lifted its bid to A$13.10 per share from a November offer of A$12.50, the Melbourne-based casino company said Thursday. Crown shares rose 8.7 percent to A$12.64 in early afternoon trading in Sydney after closing at A$11.63 on Wednesday. Read more>>

Singapore’s Metro Group Forms Investment Alliance With Daiwa House 

Metro Holdings has formed a strategic tie-up with Japanese real estate player Daiwa House Industry to deepen investment collaboration in various asset classes, following the Singapore-listed group’s S$41.3 million ($30.7 million) investment in Daiwa House Logistics Trust for a 7.65 percent stake.

The property player, in a regulatory filing on Wednesday, announced that it had executed a memorandum of understanding with Tokyo-listed Daiwa House Industry for investment collaboration. Read more>>

SingHaiyi Gets Approval from Bourse Operator SGX to De-List

SingHaiyi will de-list after obtaining regulatory approval on Wednesday, as its free float has dropped to under 10 percent, with the date to exit the Singapore Exchange to be announced.

In a regulatory filing, the property player said the SGX has no objection to its proposed privatisation, as its controlling shareholders’ voluntary unconditional cash offer has secured 95.8 percent valid acceptances, leaving less than 10 percent of the shares now held by the public. Read more>>

Keppel DC REIT Completes London Data Centre Acquisition

Keppel DC REIT has completed the S$105.5 million ($78.4 million) acquisition of the London Data Centre in Bracknell, England.

The 4.7 acre (1.9 hectare) property, acquired from a joint venture of Fiera Real Estate and SEDCO Capital, is the trust’s second acquisition of a data centre in the Greater London area. Read more>>

Hong Kong to Set Up Housing Bureau to Tackle Affordability

Chief Executive Carrie Lam announced that Hong Kong would set up a bureau to focus on housing issues, after Beijing directed her government to address the world’s highest home prices.

Lam revealed a sweeping restructure of her government as the city’s first “patriots only” legislature opened session Wednesday, and said the changes should take effect when the next chief executive’s term begins. Read more>>

James Koh of Singapore’s Fragrance Group Bags Bungalow for $18.4M

Property tycoon James Koh is buying an old bungalow along Lornie Road for S$24.8 million ($18.4 million) or S$981 per square foot on the freehold land area of 25,271 square feet (2,348 square metres).

The price per square foot being paid by the Fragrance Group boss for the property in the Caldecott Hill Good Class Bungalow Area seems like a steal. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.