Evergrande’s electric vehicle seem to have lost some of their shine
A fresh setback in China Evergrande Group’s quest for solvency leads today’s list of real estate headlines from around Asia as a would-be investor in the company’s car unit freezes payments. Also in the news, Country Garden faces another bond deadline and Indian billionaire Mukesh Ambani’s Reliance Retail is raising $598 million from the Abu Dhabi Investment Authority.
Evergrande NEV Share Sale Hits the Wall
The electric vehicle unit of defaulted developer China Evergrande Group said Dubai-based NWTN will suspend carrying out its obligations under their share subscription agreement.
NWTN isn’t obligated to provide the second and third tranches of transitional support to China Evergrande New Energy Vehicle Group, “given the current situation”, according to a filing with the Hong Kong stock exchange on Sunday. Evergrande NEV said it’s willing to renegotiate the deal and that trading of the company will resume Monday, according to the filing. Read more>>
Country Garden Faces Offshore Payments Deadline
China’s Country Garden may announce a restructuring of its offshore debt soon, local media reported, while bondholders of embattled peer China Evergrande Group raised concerns about a possible liquidation as its debt plans floundered.
Country Garden, which missed two dollar interest payments last month, has two coupons totalling $66.8 million coming due on Monday. Media outlet Cailianshe said the company may announce a restructuring soon. Read more>>
Indian Billionaire Ambani’s Reliance Retail to Raise $598M From ADIA
Billionaire Mukesh Ambani’s Reliance Retail Ventures said Friday that it would raise INR 49.67 billion ($598 million) from the Abu Dhabi Investment Authority, in the latest bet on India’s largest retailer ahead of a potential stock market listing.
The investment by ADIA at a valuation of $100.8 billion will translate into a stake of 0.59 percent in the company, the retail unit of oil-to-retail conglomerate Reliance Industries said in a regulatory filing. Read more>>
CapitaLand Ascott Trust Moves Forward with Purchase of Three Properties
CapitaLand Ascott Trust has called for an extraordinary general meeting to seek the approval of its shareholders for the proposed acquisitions of The Cavendish London, Temple Bar Hotel in Dublin and Ascott Kuningan Jakarta. The EGM is scheduled to take place at 3:00 pm on 24 October.
CLAS on 9 October entered into purchase agreements to acquire The Cavendish London, Temple Bar Hotel, and Ascott Kuningan Jakarta. CLAS has agreed to acquire 100 percent of the shares of the companies that own these properties. Read more>>
Evergrande Creditors Complain of Lack of Information
A group of offshore creditors of China Evergrande Group said they were “left in the dark” after the developer scrapped a meeting for its multi-billion dollar restructuring plan, in the latest example of investor frustration with governance issues at some Chinese firms.
The holders of more than $6 billion of the defaulted builder’s offshore public bonds implored the company to resolve any regulatory issues with the country’s securities regulator and top economic planning agency, describing the development as a “complete surprise”, according to a press release on 9 October. Read more>>
Macquarie-Backed AirTrunk Weighs Stake Sale Among Options
AirTrunk, an Australian data centre operator, is considering strategic options including a minority stake sale, according to people familiar with the matter.
The Asia Pacific-focused firm, which counts Macquarie Asset Management and PSP Investments among its backers, is working with Goldman Sachs and Macquarie Group to help it explore the various options in order to fuel its ongoing growth, the people said. AirTrunk has drawn interest from a number of investors for a possible minority stake sale, they said. Read more>>
Singapore’s URA Eyes Rezoning of One-North Land Parcel as Residential
A land parcel bounded by Media Circle and One-North Avenue, currently zoned for business park use, is being proposed for a high-density residential development. Elsewhere, land use in five other sites already earmarked for residential use will be intensified for this purpose.
On Friday, the Urban Redevelopment Authority said the residential development in Media Circle will support the demand for housing in One-North and enhance the district as a vibrant, mixed-use business park. Read more>>
SHKP Mall Sales Rise 20% During Golden Week Holiday
Sun Hung Kai Properties says the malls under its management saw sales rise by at least 20 percent from a year ago during China’s eight-day Golden Week holiday.
Fifteen of its 27 malls managed by one team, which include World Trade Center and APM, recorded a 20 percent increase in sales and foot traffic from a year earlier. Read more>>
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