In today’s roundup of regional news headlines, Singapore-listed Ascendas India Trust is reportedly in talks to acquire L&T Realty’s commercial portfolio, Chinese developer Shimao gets permission from creditors for an onshore bond extension, and buyers snap up flats at a project in Hong Kong’s Lohas Park.
Singapore-based Ascendas India Trust is in advanced talks with L&T Realty for a forward purchase agreement to acquire its real estate development arm’s portfolio of proposed commercial properties, said two people with direct knowledge of the development.
The portfolio includes total commercial real estate development potential of over 5 million square feet (464,515 square metres) across Bengaluru, Chennai and Mumbai. As the projects are still in the planning stage, the deal is estimated to be worth over INR 2,500 crore ($315 million) based on the current property prices. Read more>>
Shimao Group said it received enough votes from creditors to extend an onshore note, narrowly avoiding a domestic bond default just days after the Chinese developer failed to repay a $1 billion offshore note.
Shanghai Shimao, the luxury builder’s key onshore unit, received creditor approval to extend repayment for two years of a RMB 1 billion ($149 million) note that matured Thursday, according to a statement to the Shanghai exchange dated Wednesday. The company got approval for the bond repayment plan from investors representing 54 percent of the notes, it said. Read more>>
The Karnataka High Court on Monday declined to quash the criminal proceedings against the owner of Bengaluru-based Embassy Group, Jitendra Virwani, in a cheque dishonour case.
The criminal case initiated under the Negotiable Instruments Act against Virwani, chairman of real estate conglomerate Embassy Group, is pending before an Additional Chief Metropolitan Magistrate in Bengaluru. Read more>>
Hongkongers snapped up almost every flat in the second phase of Sino Land’s Villa Garda project in the Lohas Park district of Tseung Kwan O in the New Territories, shrugging off the city’s rising mortgage rates.
The developer sold 225 flats, or 95 percent of the 238 units on offer at Villa Garda I as of 7pm, for close to HK$2 billion ($255 million) in sales proceeds, according to Sino Land executive director Victor Tin. Read more>>
Singapore-listed SPH REIT posted a 5.1 percent increase in distribution per unit to 1.45 Singapore cents for the third quarter ended 31 May 2022. The boost gives the REIT an annualised distribution yield of 5.8 percent.
In its business update released on 7 July, the trust’s manager said year-to-date third-quarter gross revenue rose 0.9 percent year-on-year to S$211.6 million (now $151 million). Read more>>
AirTrunk has finished the fifth and final building at its first Sydney data centre campus.
The company completed the first phase of the SYD1 campus in 2017. Set on more than seven hectares (17.3 acres), the site features 35,000 square metres (337,000 square feet) of technical data hall area across 42 data halls. According to AirTrunk, the fifth building is the final phase of development at the campus. Read more>>
Chinese property developers face a $13 billion wall of foreign currency bond payments in the second half of this year, as a mounting default tally darkens the market outlook.
China’s real estate sector has struggled to come to grips with slowing growth coupled with authorities’ efforts to rein in excess leverage. Waves of defaults have been triggered across the industry, unnerving fixed-income investors who frequently relied on developers’ offshore dollar bonds to deliver outsize returns during the era of ultra-low interest rates. Read more>>
Hong Kong-listed ESR has partnered with Enerbank of Japan to participate in the country’s green energy certificate system.
In a press statement on Friday, ESR said the system will certify the environmental value of ESR’s self-generated solar energy by the Japan Quality Assurance Organisation, coupled with green energy certificates issued by national licence-holding issuer Enerbank. Read more>>