Ho Bee Land’s Scalpel is starting to look like a double-edged sword
In today’s roundup of regional news headlines, Singapore’s Ho Bee Land posts a six-month loss tied to the falling value of its London properties, and Chinese developer Fantasia’s shares tumble after a long trading halt. Also making the list are surging Hong Kong foreclosures and a big payday for Country Garden’s billionaire boss.
Ho Bee Land Swings to H1 Loss on Hit From London Portfolio
Singapore developer Ho Bee Land posted a net loss of S$155.7 million ($115 million) for the first six months of 2023, reversing a net profit of S$149.9 million in the same period a year earlier.
In a Thursday bourse filing, Ho Bee Land said the result was mostly due to the unrealised fair-value loss of S$208.3 million it recorded for the group’s London portfolio, as well as higher interest costs. Read more>>
Fantasia Shares Dive as Trade Resumes After Months-Long Halt
Shares of Fantasia Holdings stumbled in Hong Kong on Friday, as the Chinese developer resumed trade after over a year of suspension amid its liquidity crisis.
The stock has lost as much as 60 percent and was last down 57 percent. The sell-off came after Fantasia late Thursday posted heavy losses for 2021 and 2022. Read more>>
Hong Kong Foreclosures Surge Most in Five Years
Hong Kong’s July foreclosures surged the most in more than five years as higher rates pinched homeowners’ ability to pay mortgages, according to Centaline Property Agency.
The number of homes taken over by creditors in Hong Kong last month increased by 45 units from June to 246, based on units commissioned by Centaline. Read more>>
Country Garden’s Billionaire Boss Bags Big Payouts as Default Looms
Country Garden Holdings bondholders are setting their sights on the company’s billionaire chairman, Yang Huiyan, to see if she will use her vast personal fortune to prevent what was once China’s biggest developer from defaulting.
Yang, who the Bloomberg Billionaires Index estimates has a net worth of more than $5 billion, will get about $28 million in dividends on Friday for her personal stake in the company’s services unit, according to Bloomberg calculations. Read more>>
R&F Properties Sinks After Order to Repay $166M Debt
Shares of R&F Properties tumbled after the troubled Chinese developer said it had been ordered to repay debts worth RMB 1.2 billion ($166.4 million) to two financial institutions.
After falling by as much as 8.3 percent early Thursday, R&F closed down 6.1 percent at HK$1.24 ($0.16) a share. Read more>>
Hong Kong Home Rents Hit 18-Month High as Students, Professionals Return
Home rents in Hong Kong climbed to an 18-month high in July as the city’s private housing market entered its peak season, students and working professionals returned to the city and high interest rates continued to deter renters from becoming buyers.
Rents increased 1.15 percent in July to 114.02 from a month earlier, according to the Centa-City Rental Index compiled by Centaline Property, which tracks 138 housing estates across the city. The index has risen 5.45 percent over the six-month period starting January, when it fell to its lowest level since August 2016. Read more>>
Swire Boosts Dividend as Profits Rise
Swire Pacific and Swire Properties increased dividend payouts as the latter saw first-half operating profit improve from its retail and hotel businesses in Hong Kong and mainland China.
Swire Properties on Thursday declared a first interim dividend of 33 Hong Kong cents, up 3 percent year-on-year, and aims to deliver mid-single-digit annual growth in dividends. Read more>>
Investors Bid Goodbye to Speculation in China Homes
Shanghai businesswoman Kate Ren might have hoped that after Chinese leaders removed the slogan “houses are for living, not for speculation” from the nation’s policymaking dogma last month, someone would bid for her properties.
She hasn’t received a single phone call. “I no longer live in fantasy,” said Ren, who used to own six apartments and is trying to sell the last two of them. “The glorious days of immediate profits after a purchase are gone.” 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.
Leave a Reply