EdgeConneX owns the GTN Data Center in suburban Jakarta
In today’s roundup of regional news headlines, data centre developer EdgeConneX announces sustainability-linked financing for its Indonesian projects, and India’s Reliance Retail works to meet a fundraising goal with support from sovereign investors. Meanwhile, troubled Chinese homebuilder Country Garden faces another RMB bond extension deadline after reportedly making interest payments on an onshore note.
EdgeConneX Bags $403.8M in Sustainability-Linked Financing to Support Expansion
EdgeConneX has secured $403.8 million in sustainability-linked financing to accelerate the EQT-backed company’s expansion plans and green initiatives for its Jakarta data centre footprint.
The inaugural transaction paves the way for increased sustainability capabilities — including power efficiency, renewable energy sources and enhanced safety measures — for EdgeConneX to develop multiple data centres in the region that will bring the Indonesian hyperscale campus in Jakarta to over 120 megawatts. Read more>>
Reliance Retail in $1.5B Gulf, Singapore Funds Talks
India’s Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion, three sources with direct knowledge of the plan said.
Reliance Retail is India’s largest retailer and is led by Asia’s richest person, Mukesh Ambani. The talks with investors are part of an internal target to raise $3.5 billion, which the company wants to close by the end of September, Reuters has reported. Of that, QIA last month announced a $1 billion investment and KKR this week $250 million. Read more>>
Country Garden Up Against Another RMB Bond Vote Deadline
Distressed Chinese developer Country Garden Holdings is approaching another deadline for voting by bondholders on its request to extend repayment, after winning such support on RMB 10.3 billion ($1.4 billion) in other local notes.
The voting on the security, issued by unit Guangdong Giant Leap Construction, is set to conclude on Thursday night at 10pm Beijing time. The bond is the last in a group of eight notes that Country Garden asked to stretch repayment on by three years, with extension of the other seven having already been approved. Read more>>
Country Garden Pays Interest, Extends $1.4B in Bonds
Country Garden showed more signs of progress in its attempt to manage one of the biggest debt loads of any property firm globally — at least for now.
Two holders of an onshore bond from the builder have received interest that will fall due Thursday, they said late Wednesday in China, asking not to be identified speaking about a private matter. The amount of interest due is RMB 62.1 million ($8.5 million), according to Bloomberg-compiled data. Read more>>
Temasek ‘Still Excited’ About China, GIC ‘Doubling Down’ on Certain Sectors
Singapore’s giant state investment firm Temasek Holdings is “still excited about the Chinese market”, a senior executive said, even as investing in the world’s second-biggest economy has become more challenging amid a slowdown and tension with the West.
Speaking at the Milken Institute Asia Summit in Singapore on Wednesday, Temasek’s head of China, Yibing Wu, said he sees attractive opportunities in China in areas such as advanced manufacturing and the energy transition. “People tend to look at weakness in the traditional sectors, such as traditional manufacturing and real estate, and overlook the emerging sectors,” Wu said. Read more>>
Kaisa’s Winding-Up Hearing Adjourned to Next Month
A Hong Kong court on Wednesday adjourned the formal hearing for a winding-up petition against Chinese developer Kaisa Group to 6 October.
The adjournment was initiated because the petitioner would have to amend some technical issues with the petition, including fixing the legal name of an entity, the court said. Read more>>
Hatten Land to Resume Harbour City Project After Unit Restructuring Gets Nod
Singapore-listed Hatten Land’s proposed scheme of arrangement for Gold Mart has obtained majority approval from the Malaysian subsidiary’s unsecured creditors to waive 60 percent or MYR 65.3 million ($14 million) in liquidated ascertained damages.
The remaining 40 percent, or MYR 43.5 million, will be settled through proceeds received from the sale of certain unsold units of the group’s Harbour City project, thereby preserving Hatten’s cash reserves. Read more>>
India’s Ajmera Realty Plans to Monetise Land Parcels to Pare Debt
India’s Ajmera Realty is looking to monetise its land holdings to reduce debt.
The listed developer has around 12 million square feet (1.1 million square metres) of land in different parts of Mumbai. It has invested in the land parcels and added value by resolving challenges, Ajmera Realty executives said during an investor call. Read more>>
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