Unfinished Oceanwide Plaza in Downtown Los Angeles (Image: Google Maps)
China Oceanwide’s creditors, including Aussie contractor Lendlease, have gone to court to force the sale of the developer’s Los Angeles project, with that news leading today’s roundup. Also making the list, industrial giant Goodman eyes data centre projects with an expected value of $52 billion and Singapore earmarks $3.7 billion for infrastructure and clean energy.
Lendlease Files Bankruptcy Petition Over Oceanwide LA Project
The saga of Oceanwide Plaza, the graffiti-emblazoned stalled luxury condo, retail and hotel project in Downtown Los Angeles, continued last week as creditors took action in court that could finally force a sale of the site.
On Tuesday, Lendlease and four other contractors on the project who claim they haven’t been paid sued Oceanwide Plaza LLC, the developer of the property, in the US Bankruptcy Court for the Central District of California. Lendlease sees the move as the only way it will be compensated for its services rendered, the company said. Read more>>
Australia’s Goodman Aims to Expand Data Centre Platform to $52B in Value
Industrial giant Goodman will look at increasing its power bank in coming years as the Aussie developer works with tenants to make its vast portfolio as energy-efficient and on top of the tech wave as they demand.
The use of robotics and artificial intelligence is growing at a rapid rate as companies themselves try to keep up with the constant changes in technology. Goodman will focus on developing high-tech energy-efficient warehouses, most of which will be high-rise due to the scarcity of land. Read more>>
Singapore Plans $3.7B Fund For Clean Energy Transition
Singapore is setting up a S$5 billion ($3.7 billion) fund to invest in clean energy technology and infrastructure as it works toward net zero emissions by 2050.
The so-called Future Energy Fund will “put us in a better position to move quickly on critical infrastructure and enhance our security in clean energy,” Deputy Prime Minister Lawrence Wong said in parliament Friday. Read more>>
China Central Bank Leaves Key Policy Rate Unchanged
China’s central bank left a key policy rate unchanged as expected on Sunday when rolling over maturing medium-term loans, with uncertainties around the timing of an easing by the Federal Reserve limiting Beijing’s room to manoeuvre on monetary policy.
Beijing is striking a delicate balancing act to support the economy at a time when signs of persistent deflationary pressure call for more stimulus measures. But any aggressive monetary movement risks reviving depreciation pressure on the Chinese currency and capital outflows. Read more>>
Chinese Builder Redsun Faces Winding-Up Threat in Hong Kong
The debt crisis at Redsun Properties Group is going from bad to worse after missed payments on several offshore bonds since mid-2022, as China’s housing market struggles to overcome a three-year slump. Some bondholders have now moved to put the developer out of business.
The Bank of New York Mellon (London branch) has filed a winding-up petition against the firm for failing to repay at least $228.5 million, the company said Friday in a filing with the Hong Kong stock exchange. The debt is related to a $200 million two-year junk bond due in September 2023 plus unpaid interest. Read more>>
China State Banks Earmark $8B for Property Projects
China’s state-owned lenders have earmarked at least RMB 60 billion ($8 billion) of loans for property projects eligible for support, heeding Beijing’s call to boost lending to the beleaguered housing market.
Agricultural Bank of China Ltd approved more than RMB 40 billion of loans for real estate projects on white lists, the lender said in a statement Monday. China Construction Bank Corp extended RMB 3 billion to five property projects, with more than RMB 20 billion of approved loans in the pipeline, it said late Friday. Read more>>
Hong Leong-Mitsui JV Launches Singapore Condo Project
Developer TID began previews of its Lentoria project at Singapore’s Lentor Hills on Saturday, with prices starting from S$1,965 ($1,460) per square foot.
Located in District 26, the 99-year leasehold Lentoria will house 267 units. It is the fourth new launch in Lentor, out of six Government Land Sales sites sold so far. Read more>>
Hong Kong Taikoo Shing Car Parks Offered at 60% Discount
Swire Properties is offering a time-limited discount of around 60 percent on 10 sets of twin car parking spaces in Taikoo Shing in Quarry Bay, with the cheapest one at HK$1.37 million ($175,171).
The developer lowered the prices to a range of HK$1.95 million to HK$2.15 million per set and is offering cash rebates of 5 percent per annum for six years. Read more>>
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