Agile Group chairman Chen Zhuolin (Getty Images)
The chairman of mainland developer Agile Group has sold a Hong Kong home at a deep discount, with that story leading today’s headline roundup. Also making the list, investment giant Brookfield negotiates the refinancing of a Shanghai office complex and developer Sunac China seeks to slash its onshore debt load.
Agile’s Chen Zhoulin Sells Hong Kong Home at 62% Discount
Chen Zhuolin, the chairman of distressed Chinese developer Agile Group, has sold a residential property in Hong Kong at a 62 percent discount to his purchase price six years ago, according to government records.
The 62-year tycoon sold a 872 square foot (81 square metre) three-bedroom flat at Hamburg Villa on Eastbourne Road in Kowloon Tong for HK$8 million ($1.03 million) on 1 November, according to the city’s Land Registry. Chen is the sole director of Joint Smart Development, which paid HK$21.4 million for the flat in 2018 before the market peaked in 2021. Read more>>
Brookfield in Talks to Refinance Shanghai Office Complex
Brookfield Asset Management is in talks with banks to refinance a loan that had backed its purchase of a Shanghai-based office tower complex five years ago, according to sources familiar with the matter.
The Canadian asset manager has an offshore senior loan of around $700 million due at year-end that funded its purchase of the mixed-use property site from Greenland Hong Kong Holdings in 2019, said the sources, asking not to be identified discussing private matters. Read more>>
China’s Sunac Aims to Cut RMB Debt by More Than Half
Sunac China Holdings is looking to cut its RMB-denominated bonds by more than half under a proposed onshore restructuring plan, according to people familiar with the matter.
The developer has been seeking feedback from some major holders, including some hedge funds, since last week to restructure about RMB 15.5 billion ($2.2 billion) in onshore bonds, the people said, asking not to be identified as the plan isn’t public. Sunac aims to disclose its proposal for domestic creditors as early as November, they said. Read more>>
Chevron Said to Explore Sale of Hong Kong Gas Stations
Chevron Corp is considering a sale of all of its gas stations in Hong Kong amid interest from prospective investors, according to people familiar with the matter.
The American oil and gas company, which operates more than 40 Caltex-branded service stations in Hong Kong, may seek a valuation of about $400 million for the assets, one of the people said, asking not to be identified discussing private matters. Considerations are ongoing and details could change or not result in a deal, the people said. Read more>>
Shanghai Data Centre Operator Said Seeking Private Loan of Up to $700M
Shanghai DC-Science Co, a Chinese data centre developer and operator, is seeking private debt of $600 million to $700 million to fund a project in southern Malaysia, according to people familiar with the matter.
The private loan would be used to pay for data centres in the Malaysian state of Johor, the people said. The project, named Brightray DC, is scheduled to deliver its first phase by February, according to its website. Read more>>
Sydney’s HMC Capital Buys Stake in Affordable Housing Platform
The acquisitive HMC Capital’s flagship share market investment fund has taken a stake in beaten-down affordable housing company Lifestyle Communities, sparking a share price rally.
The David Di Pilla-led company’s HMC Capital Partners Fund 1 has added Lifestyle Communities to its lineup of investments, which includes companies that it sees as undervalued or in need of corporate restructuring. The company’s high-profile plays include a push for a change of corporate strategy at Lendlease and taking a stake in Sigma and driving its proposed merger with Chemist Warehouse. Read more>>
Beijing Removes Restrictions on Land Sales in Bid to Boost Developer Appetites
Beijing’s government did not set a price limit on a residential land sale for the first time in more than three years, suggesting policy relaxation to spur home sales and a transition to market-oriented pricing to combat the country’s property slowdown.
Occupying 63,700 square metres (721,000 square feet) in the Fengtai district, the site has a starting price of RMB 11 billion ($1.5 billion), according to an official statement from the Beijing Municipal Commission of Planning and Natural Resources. Read more>>
Singapore-Listed Manulife US REIT Vows to Continue Debt Reduction
Manulife US REIT is aiming to cut borrowings by $200 million in 2025, its manager announced in a quarterly update.
MUST announced in September the divestment of Capitol in Sacramento, California for $117 million. The divestment, along with existing cash, has enabled MUST to fully repay $130.7 million in outstanding loans maturing in 2025 while lowering its gearing from 58.2 percent to 54.3 percent. Read more>>
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