China’s CIFI Wins Creditor Approval for Restructuring and More Asia Real Estate Headlines

The struggles of China’s indebted developers lead today’s look at real estate headlines from around the region, as CIFI is said to reach a deal with its domestic creditors at the same time that Seazen markets a Hong Kong apartment block. Also making the list today is a major India office lease by BlackRock.

China’s CIFI Wins Creditor Approval for Domestic Debt Restructuring

CIFI Holdings Group received creditors’ support for reorganising RMB 10.1 billion ($1.4 billion) in onshore debt, becoming the latest defaulted Chinese developer to make a breakthrough in a typically protracted process.

Restructuring plans for all of CIFI’s onshore exchange-traded bonds have been approved, the developer said in a Monday filing with the Shanghai Stock Exchange. That suggests the group has secured backing from the holders of a 5.5 percent onshore note, the last of the seven outstanding bonds included in its local debt overhaul. Read more>>

Mainland Developer Seazen Marketing Hong Kong Apartment Block for $26M

CBRE announced Monday that it has been appointed to sell The Quay, a residential building at 411 Chatham Road in Hong Kong’s Hung Hom area, at a guide price of HK$200 million ($25.7 million).

The 21-storey rental apartment block was opened by mainland developer Seazen Holdings in 2019 and has 54 units spanning a total of 17,451 square feet (1,621 square metres). CBRE noted the property’s proximity to Hong Kong Metropolitan University and Hong Kong Polytechnic. Read more>>

BlackRock Signs Mega-Lease for Bengaluru Office Space

BlackRock’s Indian arm has signed a fresh office lease for 143,000 square feet (13,285 square metres) at IndiQube Symphony on MG Road in Bengaluru’s central business district. The 10-year deal carries a total rental outlay of INR 4.1 billion ($47 million), making it one of the largest enterprise flexible space transactions in the country in recent quarters.

The lease for the ground through fifth floors of the flexible office space carries an annual escalation of 5 percent, according to records on data provider Propstack. Read more>>

China Loosens Regulations on Foreign Exchange to Lure Back Investors

China’s foreign exchange regulator has unveiled measures to streamline the country’s cross-border investment and financing rules in the latest push to deepen market reform and attract overseas capital.

Restrictions on companies using foreign exchange income under capital accounts for purchasing non-self-use residential property have been lifted, according to a statement from the State Administration of Foreign Exchange late Monday. The regulator also eased rules on using foreign exchange for property purchases nationwide, allowing overseas individuals to settle payments earlier. Read more>>

Hong Kong Expected to Push Cross-Border Tech Hub in Policy Address

Hong Kong’s leader John Lee is expected to announce that the city is speeding up the development of a cross-border tech hub with China as the Asian financial hub searches for new growth drivers to revive its fragile economy.

The chief executive will deliver his annual policy address on Wednesday at 11am, with the so-called Northern Metropolis likely to take centre stage. The initiative aims to deepen integration with the mainland and transform the now sparsely populated region into an engine for innovation and advanced industries. The plan is part of a broader effort to diversify beyond the city’s traditional economic pillars of finance and real estate. Read more>>

Korean Casino Operator Said to Eye Acquisition of Grand Hyatt Incheon Wing

Paradise Co Ltd, a foreigner-only casino operator in South Korea, is interested in acquiring the West Wing of the Grand Hyatt Incheon hotel near Seoul. The property is next to the Paradise City casino resort, also in Incheon, a joint venture between Paradise Co and Japan’s Sega Sammy Holdings.

The interest in acquiring the West Wing property was confirmed to GGRAsia by a representative of Paradise Co. Grand Hyatt Incheon, run by KAL Hotel Network Ltd, is located near Incheon International Airport, the country’s main air hub. Read more>>

Frasers to Close InterContinental Singapore in 2026, Rebranding on the Way

The InterContinental Singapore will shut its doors from 2026, and the Frasers-owned property is expected to be rebranded. News of the shophouse-style luxury hotel’s closure comes ahead of the October delisting of Frasers Hospitality Trust, which owns the asset.

At an investors’ meeting one month ago to vote on the privatisation scheme, Frasers’ management had pointed to poorer performance at “upper-class hotels in Singapore such as InterContinental Singapore”. Read more>>

Landlord Kicking Out Singapore Mall Tenants as Master Lease Terminated

Taste Orchard landlord OG has terminated its 7.5-year lease agreement with master tenant Hao Mart, less than two years after the food-focused mall opened, the Business Times has learned.

Hao Mart and its tenants must now vacate and hand over the premises by 31 December. The lease agreement covered all five levels of the former OG Orchard Point building, located at 160 Orchard Road. Read more>>

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