CapitaLand is ready to jump back into Wuhan
In today’s roundup of regional news headlines, CapitaLand enters the winning bids for residential development sites in Wuhan and Chengdu, Indian logistics developer IndoSpace is reportedly mulling a Singapore IPO, and state-owned China Poly plans to sell several projects in Australia.
CapitaLand Wins Housing Sites in Wuhan, Chengdu for $550M
CapitaLand’s development arm has won tenders for two prime residential sites in China for a total price of RMB 3.5 billion ($550 million).
CapitaLand plans to build on these sites 1,581 homes catering to first-time homebuyers and upgraders, bringing its residential pipeline under development in China to 19,139 units, the company said Monday. Read more>>
GLP-Backed IndoSpace Weighing $700M Singapore IPO
IndoSpace, a developer and manager of industrial and logistics properties in India, is considering an initial public offering in Singapore that could raise as much as $700 million, according to people with knowledge of the matter.
The developer, which is backed by logistics real estate investor GLP, is working with advisors on the planned first-time share sale, said the people, who asked not to be identified discussing private matters. A listing in the city-state could take place as soon as the end of this year, the people said. Read more>>
China Poly Selling Multiple Projects in Australia
One of China’s most voracious property developers, Poly Global, is selling off multiple assets across Sydney and Melbourne amid underlying tensions between Canberra and Beijing and a real estate rout in China.
The state-owned developer is quietly listing its landmark A$300 million ($225 million) office project at 1000 La Trobe Street and offloading three major development sites in Sydney and Melbourne, a substantial part of its future growth portfolio. Read more>>
Ex-Evergrande VP Under Investigation for Corruption
China’s anti-corruption watchdog said Jiang Liming, a former official of the country’s banking regulator and a former vice president at China Evergrande, is under investigation.
Jiang is suspected of a “serious breach of discipline and the law”, according to an announcement by the Central Commission for Discipline Inspection. Read more>>
Evergrande Says Construction Has Resumed at 95% of Projects
A unit of troubled property developer China Evergrande said construction work has resumed at 95 percent of the group’s projects across the country as of late March.
Evergrande has resumed work at 734 developments in all of China as of 27 March, including 424 projects recovering to normal construction levels, according to a Saturday post on the official WeChat of the developer’s Pearl River Delta business unit. The post did not give a figure for Evergrande’s total number of developments. Read more>>
Stressed China Builders Face $8B in April Payments
Bond and trust obligations will again be in the spotlight for China’s troubled property sector this month, after further signals of investor concern about builders’ repayment capabilities.
Stressed developers face at least $3.1 billion in payments on US dollar and onshore public bonds, according to data compiled by Bloomberg, a pullback from the previous month’s level. In addition, the sector has RMB 53.6 billion ($8.4 billion) in trust payments due in April, according to data tracker Use Trust. Read more>>
COVID-Hit Property Loans Re-Defaulting: Moody’s Study
Troubled real estate loans for the likes of hotels and offices that saw payments get back on track after the 2020 crash are re-defaulting — signalling more pain for commercial mortgage-bond investors.
At least 13 loans that went 60 or more days delinquent by August 2020 had resumed timely payments at some point before re-defaulting between last October and March. That’s according to a new study from Moody’s Analytics focused squarely on loans bundled into commercial mortgage-backed securities. Read more>>
Hong Kong Malls Hope for Consumption Voucher Boost
Hong Kong’s major mall operators are tempting shoppers with an array of promotions, including discounts of up 70 percent, after the government announced it would distribute consumption vouchers from Thursday.
The battered retail market is expected to receive a much-needed boost after suffering since January because of harsh social distancing measures to contain the fifth wave of the COVID-19 pandemic. Read more>>
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