Evergrande boss Xu Jiayin sets his sights on meeting year-end targets (Getty Images)
In today’s roundup of regional news headlines, debt-saddled China Evergrande resumes work on hundreds of projects to meet year-end delivery targets, and a Goldman Sachs economist says Japan could scrap its long-standing negative interest rate.
China Evergrande Resumes Work on Pre-Sold Projects
China Evergrande said Tuesday that it has resumed work on 631 pre-sold and undelivered projects as the debt-laden developer looks to meet its property delivery target for this year.
The company said earlier this month that it aimed to deliver 300,000 units this year, after delivering 256,000 between January and November. Read more>>
Goldman Says BOJ Could Remove Negative Interest Rate Next
The Bank of Japan’s next move could be removing the negative interest rate after its surprise widening of the Japanese government bond yield band, according to Goldman Sachs.
“The BOJ’s greater emphasis on the need to enhance the JGB market functioning suggests to us an increased likelihood that it will abandon the negative interest rate policy,” Goldman Sachs Japan economist Naohiko Baba wrote in a note. Read more>>
Brookfield to Sell 3 India Properties Worth Up to $2B
Canadian fund manager Brookfield is looking to sell three commercial properties to its Brookfield India Real Estate Trust and to an investor, sources said.
The deal is expected to happen at an enterprise value of up to $2 billion, sources said, adding that Brookfield is planning to sell 50 percent in three of its assets to an investor for between $400 million and $500 million and the rest to its listed REIT. Read more>>
Landlord Linked to Chinese Estates Sues Tenants for $3.2M Over Unpaid Rent
Hong Kong commercial landlords have stepped up legal action against tenants for unpaid rent after a moratorium against such action expired at the end of July, with one owner going after shop operators in a Tsim Sha Tsui shopping centre for HK$24.85 million ($3.2 million).
Silvercord Limited on Monday sued companies related to local fashion company IT Group for unpaid rent and other fees relating to four shops in the Silvercord shopping centre, according to official documents and writs. Read more>>
SL Green JV Tops Out Manhattan Skyscraper With Hines, NPS
SL Green Realty Corp, in a joint venture with the National Pension Service of Korea and Hines, has topped out One Madison Avenue, a 1.4 million square foot (130,064 square metre) office redevelopment project in Manhattan’s Midtown South neighbourhood. Originally built in 1909, the property is undergoing a complete transformation.
AECOM Tishman is managing the construction of the $2.3 billion project, which has been designed by Kohn Pedersen Fox. With a completion date slated for November 2023, One Madison Avenue is 55 percent preleased. Read more>>
Mindspace Business Parks REIT Completes $12M Commercial Paper Issue
Mindspace Business Parks REIT, owner and developer of Grade A office portfolio located in four key office markets of India, has completed the issuance of commercial papers in the amount of INR 100 crore ($12.1 million) for a maturity of three months at an annual interest rate of 7.2 percent.
The funds will go towards the working capital requirements of Mindspace REIT’s Asset SPVs. The loan-to-value ratio of Mindspace REIT stood at 16.8 percent as of 30 September, the lowest amongst its peers, it said. Read more>>
India’s Office Space Demand Soars in 2022, Likely to Dip Next Year
After two years of slow demand for commercial offices, 2022 is likely to close on a high in India, with gross absorption expected to touch 50 million square feet (4.6 million square metres), as per Colliers.
Another real estate consultancy, JLL India, puts the figure of net absorption for office space by year-end at 39 million square feet. Read more>>
Aoyuan Australia Rebrands as Novm in Wake of Business Restructure
The Australian arm of Aouyuan International is going through a name change, following the partial sale of the business in August this year.
Rebranding to a play on the Latin word for new, Novm comes as part of a larger restructure of the business that involved the operations and administration side of the Chinese developer’s Australian division. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply