Guangzhou R&F Shares Slide After $1.3B Loss Predicted and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Guangzhou R&F’s shares plunge after the developer issues gloomy guidance, the boss of an Aussie casino operator steps down over a failure to stop malfeasance, and Shui On Land’s stock surges on sterling financial results.

Guangzhou R&F Shares Slide After $1.3B Loss Predicted

Guangzhou R&F Properties shares traded sharply lower Monday morning after the company flagged a billion-dollar loss for 2021 and said it would miss a deadline for releasing financial results by up to a month.

Shares of the Chinese property company slipped by as much as 9.5 percent to HK$2.87 ($0.37), putting it on track for its biggest one-day drop since December. Its shares have fallen about 70 percent over the past 12 months. Read more>>

CEO of Aussie Casino Operator Backed by FEC, Chow Tai Fook Resigns

Corporate governance experts are predicting further casualties from The Star Entertainment’s senior ranks and board after chief executive Matt Bekier resigned on Monday following damaging revelations about the Australian group’s failure to stop money laundering and organised crime risks in its casinos.

Bekier stood down one week after a public inquiry by the New South Wales gambling regulator was told he furiously rejected a report by KPMG that found the company was failing to tackle money-laundering risks in its casinos. Star later erroneously claimed legal privilege over the 2018 KPMG report to hide it from the financial crimes watchdog, the inquiry was told. Read more>>

Shui On Land Soars After Sales Nearly Triple

Shui On Land’s shares soared after the upmarket Chinese property developer returned to profit last year as revenue almost tripled thanks to a big contribution from sales of luxury homes in Shanghai.

Shui On Land ended 7.3 percent higher at HK$1.17 ($0.15) after surging nearly 11 percent at one point. Read more>>

CIFI Dives 10% Despite Bonus Shares Dividend

Shares of CIFI Holdings plunged more than 10 percent after the Chinese developer recorded a 5.2 percent drop in annual net profit to RMB 7.61 billion (now $1.2 billion).

However, CIFI proposed a final dividend of 5.7 fen as well as four bonus shares for every 100 shares held. Read more>>

Hong Kong’s Tycoons Spend Billions on Chinese Property Bargains

Hong Kong’s property tycoons are swooping in on a rare opportunity to cherry-pick prime land and projects in mainland China as their counterparts there battle a credit crisis.

The financial hub’s real estate developers are stepping up investments in the mainland, where a government squeeze on leverage and credit-market turmoil have triggered a record wave of defaults, limiting the ability of local builders to buy new land. Struggling developers such as China Evergrande Group and Shimao Group Holdings are also being forced to put treasured assets on sale to alleviate their liquidity squeeze. Read more>>

Singapore Ranks Third for Most Expensive Flexible Office Space Globally

Singapore is the third most expensive market for flexible offices in the world, coming behind two US cities, New York and San Francisco.

New York tops the ranking with private office desk spaces costing an average of $961 a month, with San Francisco in second place at $950. Read more>>

Singapore’s Telok Blangah House Up for Collective Sale at S$98M

Mixed-use development Telok Blangah House has been put up for collective sale via public tender with a guide price of S$98 million ($72 million).

This works out to a land rate of about S$1,887 per square foot per plot ratio, with minimal or no development charge payable, subject to baseline verification, said exclusive marketing agent SRI. Read more>>

Daewoo E&C Jointly Creates $400M Fund for Overseas M&A

Daewoo Engineering & Construction of South Korea and IMM Investment Global, the Hong Kong-based affiliate of Korean equity firm IMM Investment Corp, have jointly created a corporate partnership fund. COPA funds are private equity funds for overseas M&A, with capital commitments from pension funds as financial investors targeting stable profitability.

Daewoo E&C and IMM Investment Global will respectively commit $200 million to create a $400 million fund, the construction giant said Monday. They aim for co-investments in cold chain logistics, environmental, social and governance and blue-chip infrastructure companies overseas. Read more>>

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