Chindata’s ChinaNorth W01 data centre could soon have a new owner
In today’s roundup of regional news headlines, Chindata reportedly draws takeover interest from other data centre firms, a Singapore bank sues Chinese developer Shimao for delinquent debts, and failed conglomerate HNA announces the end of its restructuring work.
Bain-Backed Chindata Said Fielding Takeover Interest
Chindata, a Chinese data centre company backed by private equity firm Bain Capital, has received preliminary takeover interest from other firms in the industry, according to people familiar with the matter.
Shanghai-based GDS Holdings is considering a bid to combine with Chindata, the people said, asking not to be identified discussing private matters. Rivals like EdgeConneX, backed by private equity firm EQT, could also weigh potential bids for the company, they said. Read more>>
OCBC Bank Sues Shimao Over Unpaid Debts
A Chinese developer has been sued by a Singapore bank over a loan repayment demand, in the latest sign that creditors to the nation’s distressed property firms are growing increasingly impatient.
OCBC Bank filed a claim against Shimao Group Holdings and a unit regarding a revolving credit facility agreed to in October, according to a Hong Kong court filing last week by OCBC. Read more>>
HNA Group Says Restructuring Completed
HNA Group, the conglomerate that collapsed with billions of dollars of debt, has completed its restructuring work after a joint working group was set up more than two years ago to handle the task.
All four restructuring plans related to HNA Group have been completed with court approvals, the conglomerate said on its official Wechat account, adding that the “risk-disposal work” is basically finished. Read more>>
China Allows Banks to Ease Financing for Distressed Developers
China’s central bank stepped up its support for several distressed developers by allowing banks and bad-debt managers to loosen restrictions on some loans to ease a cash crunch, according to people familiar with the matter.
The People’s Bank of China held a meeting with about 20 major banks and asset management firms last week to help resolve crises at a dozen large real estate firms, including China Evergrande, the people said, asking not to be identified discussing private matters. The central bank sought looser requirements on a range of financing, from lending for property acquisitions to extending maturities on debt, the people added. Read more>>
Apartment Asking Prices in Tokyo Climb for 21st Month
According to Tokyo Kantei, the average asking price of a 70 square metre (753 square foot) second-hand apartment in Tokyo’s 23 wards climbed for the 21st month in a row to JPY 67.8 million ($530,000) in March, up 1.2 percent from February and 10.5 percent from a year earlier.
Tokyo’s central six wards of Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya had an average price of nearly JPY 97 million, up 8.7 percent from last year and marking the sixth month in a row to see a month-to-month increase. Read more>>
China Restructuring Firms Staff Up for Record Default Wave
China’s property crisis has triggered an unprecedented wave of defaults in the world’s second-largest debt market. For some companies hired to clean up the fallout, business couldn’t be better.
Restructuring and financial advisors ranging from Alvarez & Marsal to boutique firms like Admiralty Harbour Capital have been expanding their Asia teams faster than ever to keep pace with the demand. They are now vying for growing opportunities as some of the biggest names in Chinese real estate, including China Evergrande and Kaisa Group Holdings, undergo a historic revamp after failing to pay creditors. Read more>>
Singapore Office Rents, Prices to Continue Ascent
Analysts foresee further rental growth in the central business district’s office market, after rents in Singapore’s central region rose at a faster pace in the first quarter on the flight to quality, back-to-office momentum, tight supply and economic recovery.
Meanwhile, prices of office space turned the corner in the latest quarter, reflecting robust interest from investors. Demand from buyers is also expected to grow for the rest of this year. Read more>>
Singapore Private Home Price Growth Slowed in Q1
Private home prices in Singapore grew at a slower pace in the first quarter of the year after December’s cooling measures, even as they rose for an eighth consecutive quarter to hit a historical high.
According to data from the Urban Redevelopment Authority, prices of private homes were up 0.7 percent in the first quarter compared with the previous three months, moderating significantly from a 5 percent rise in the fourth quarter of 2021. Read more>>
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