The Tong Building in Singapore’s Orchard Road
A strata office floor in Singapore’s Orchard Road is transacting at a record rate for the Lion City, with that deal leading today’s headline roundup. In other news, Canadian pension fund OMERS ups its stake in an Indian toll road operator and a fire breaks out at a Digital Realty data centre.
Orchard Road Office Floor Selling for Record Rate in Singapore
An office floor at a building in Singapore’s Orchard Road is being sold for a record rate, in a sign of continued investor interest in the city-state’s prime market.
The sixth storey of the Tong Building, located next to a luxury mall on the retail strip, is being sold for S$31.3 million ($24 million), according to a property filing seen by Bloomberg. That works out to S$4,562 per square foot based on its 6,867 square feet (638 square metres) of floor area. Read more>>
Canada’s OMERS Buying Allianz Stake in India Toll Road Operator
Ontario’s pension fund for local government workers agreed to buy Allianz Capital Partners’ stake in Interise Trust, boosting its exposure to the Indian toll-road business.
The deal will see Ontario Municipal Employees Retirement System raise its ownership to 34.8 percent from the current 21.3 percent. The transaction “increases OMERS’ exposure to India’s economic growth, through an asset and sector that we know well,” Christopher Curtain, Asia Pacific head of the pension fund’s infrastructure unit, said in a statement. Read more>>
Digital Realty Singapore Data Centre Knocked Out by Fire
A fire broke out at a data centre in Loyang on Tuesday morning, with firefighters continuing to conduct operations a day after it started. Unrelated reports from Alibaba suggest that the customer’s cloud services may have been a victim of the accident.
The fire at the Digital Realty data centre at 3 Loyang Way broke out at about 7.45am, the company said, while the Singapore Civil Defence Force was alerted to the incident at 8am. Read more>>
Evergrande Founder’s Wife Wins Limited Access to Funds
A British court has allowed the former wife of China Evergrande’s founder to spend up to £20,000 ($26,180) per month from her frozen assets, following a case brought by the developer’s liquidators, Bloomberg reported Wednesday.
The troubled builder’s liquidators are pursuing legal action to recover $6 billion from seven defendants, including founder Xu Jiayin’s former spouse, Ding Yumei, and former executives, with injunctions already secured against three of them. Read more>>
Sino-Ocean Wins Brief Reprieve in Liquidation Case
Sino-Ocean Group Holding got a short reprieve in its liquidation hearing in Hong Kong, as it works to secure more creditor support over a debt plan.
A Hong Kong court on Wednesday adjourned the case until 23 September. The state-linked builder, once considered one of the stronger names among China’s developers, is under pressure to show the court that it’s making progress on its restructuring. Tensions have been rising between Sino-Ocean and a key group of bondholders over the details, and they remain locked in a contentious standoff. Read more>>
Chinese Developers Sunac, Logan Prepping Debt Restructuring Plans
Two major Chinese developers are moving closer to unveiling plans to overhaul their local debt, as defaulters shift their restructuring focus from global creditors.
Representatives of Sunac China Holdings and Logan Group told creditors in recent days that they aim to finalise and present their debt proposals covering local bonds and loans in the coming months, according to people familiar with the matter. Read more>>
China Shares Slump as Troubled Developers Booted From Stock Connect
China’s decision to dismiss a clutch of distressed developers from the Stock Connect scheme has fanned another round of sell-offs, erasing HK$1.76 billion ($225.7 million) in value and pressuring the onshore market, which is already struggling near an eight-month low.
Shimao Group Holdings, CIFI Holdings and Sino-Ocean Group plunged by 14 to 23 percent in Hong Kong on Tuesday, after the Shanghai and Shenzhen stock exchanges removed them from the Stock Connect scheme with immediate effect. E-commerce leader Alibaba Group Holding was among new additions to the scheme. Read more>>
China Junk Bonds Suffer Longest Slide in One Year
China’s junk dollar bond market is on pace to decline for an eighth day, the longest such stretch since August 2023, after weak home sales data underscored the country’s deepening real estate slump.
China Vanke’s 3.975 percent dollar bond due in 2027 declined 3.5 cents to 44 cents on Wednesday, set for the lowest since early May. A 4.25 percent dollar note due in 2029 issued by China Jinmao Holdings Group fell by around 2 cents, as did some bonds sold by Longfor Group Holdings, according to Bloomberg-compiled data. Read more>>
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