Chen Hongtian’s seized Hong Kong flat finally selling at 39 percent below the valuation price leads today’s collection of real estate headlines from around the region. Also in the news, China Evergrande has sold its yacht for $32 million as its offshore creditors scramble for assets and Far East Consortium gets a green light to list its Czech casino business on HKEX.
Chinese tycoon Chen Hongtian’s seized luxury apartment has been sold for HK$418 million ($53.4 million) as the businessman struggles to repay his creditors amid China’s property crisis.
The full-floor condo is in Opus Hong Kong, one of the city’s most coveted projects located in the Mid-Levels. In February, Bank of Communications Co. appointed a receiver to take over the property, documents lodged with the Land Registry show. It was then put up for sale by Savills Plc a few months later. Read more>>
China Evergrande Group sold its luxury superyacht for 30 million euros ($32 million) earlier this year, said two sources, further shrinking the developer’s offshore assets as its cash crunch worsened and it scrambled to pull together a debt revamp plan.
Evergrande’s offshore bondholders are expected to sharpen their focus on offshore assets as the developer’s debt restructuring plan flounders with founder and chairman Hui Ka Yan now being investigated over suspected “illegal crimes”. Read more>>
Hong Kong developer Far East Consortium said this week that it has received approval from the Hong Kong stock exchange to proceed with a spinoff of its Czech gaming business, Palasino Holdings.
In a filing, Far East Consortium — which also holds a stake in Australian casino operator Star Entertainment Group — said the spinoff will likely be implemented by way of a global offering, comprising a Hong Kong public offering and an international offering which would result in a separate listing of the Palasino shares on the main board of the Hong Kong exchange. Read more>>
Plans to build Adelaide’s first skyscraper have fallen flat, with developers looking to offload the city site where they have approval for a 55-storey tower.
Sydney-based, Chinese-backed developer JWDT Land was planning to build a 180 metre (590.5 foot) tower on the corner of Pulteney and Flinders streets, comprising a mix of apartments, hotel rooms and hospitality venues. The project was on track to becoming Adelaide’s first skyscraper after it secured planning approval from the State Commission Assessment Panel last September. Read more>>
Hong Kong developers are expected to put their latest projects on hold as the property sector widely anticipates that long-standing cooling measures that add to the cost of buying a home will be eased soon, according to property agents.
“Some residential projects may stand by and launch as soon as the government eases the cooling measures,” said Sammy Po, CEO of Midland Realty’s residential division for Hong Kong and Macau. Read more>>
China’s banks have seen an influx of bad assets in their once-thriving property loan business, and more could be reported amid the restructuring of Evergrande and other struggling developers.
The outstanding property-related non-performing loans of China’s top banks saw an annual increase in value of 37 percent to RMB 291 billion ($40 billion) from July 2022 to the end of June this year, according to the Post’s calculations of their midyear financial reports. Read more>>
The Indian residential property market in the third quarter of 2023 reported an all-time high in housing sales, according to real estate consultant Anarock. Despite the traditionally slow monsoon season, the top seven cities in India recorded this unprecedented surge, which can be partially attributed to the repo rate pause maintained by the central bank.
Home sales in these top seven cities reached 120,280 units, a significant increase compared with the 88,230 units sold during the same months in 2022, representing a 36 percent growth. Read more>>
Construction of the RFKR Resort, a part-built foreigner-casino project in South Korea’s Incheon, is yet to restart, according to information collated by GGRAsia. In April, the project’s promoter had been given three months to restart building work.
The project is being developed by R&F Korea, a firm linked to Hong Kong-listed Chinese developer Guangzhou R&F Properties. Read more>>