In today’s roundup of regional news headlines, developer Oceanwide is said to be looking to sell its main office in Beijing at a price tag of $2 billion, Hong Kong’s government bans Goldin chairman Pan Sutong from pre-selling flats at a luxury project, and one of China Evergrande’s onshore bonds plunges 20 percent in price.
Chinese real estate firm Oceanwide Holdings is seeking to offload its main office complex in Beijing, according to people familiar with the matter, in a bid to raise cash after a unit defaulted.
The company has been in talks to sell the Minsheng Financial Center in the heart of Beijing to China Taiping Insurance Group, said the people, who asked to remain unidentified because the discussions are private and may not result in a deal. Oceanwide’s asking price has been a sticking point, with the two sides currently discussing a potential price tag of about RMB 20 billion ($3.1 billion), one person said. Read more>>
Hong Kong’s government has banned the real estate magnate Pan Sutong from selling residential property off the drawing plan until its construction is completed, in an unprecedented exercise of its mandate amid concerns over the developer’s cash crunch.
Grand Homm, a luxury apartment project comprising 379 luxury apartments in seven tower blocks in the Ho Man Tin residential area of Kowloon district, had its presale consent cancelled on 27 August, according to Lands Department records. Read more>>
China Evergrande’s Shenzhen-traded 5.9 percent May 2023 bond fell more than 20 percent in afternoon trade on Tuesday, extending falls since a ratings downgrade made the company’s bonds ineligible for use as collateral in repo transactions.
A Shenzhen-traded 6.98 percent January 2023 bond fell more than 15 percent, and the company’s Shanghai-traded 6.98 percent July 2022 bond fell more than 9 percent. Read more>>
Just a handful of months after announcing the launch of a new data centre in Jakarta, Tencent Cloud plans to establish a second data centre facility in Indonesia.
The move will mark the first time Tencent Cloud has established two of its internet data centre facilities in one market within the same year. The company’s second Indonesian IDC site is expected to be in place by the end of 2021. Read more>>
Shares of CapitaLand will change hands for the last time at the close of 9 September before they are suspended from 9am the following day, the property giant announced in a regulatory filing after Monday’s market close.
The company’s transfer books and register of members will officially close at 5pm on 14 September, ahead of the group’s expected delisting from the Singapore Exchange on 21 September. Read more>>
The worst is over for Hong Kong’s high-end home rentals sector, as local demand has gradually filled up the empty flats left behind by expatriates, according to the luxury residential leasing arm of Sun Hung Kai Properties.
Luxury home rents have dropped by 16 percent in the last two years, and local tenants have taken advantage to upgrade to better-quality projects. Read more>>
Hongkong Land plans to allocate up to $500 million in a share buyback programme running through the end of 2022, the property investor and developer said in a Monday filing with the Singapore Exchange.
“The purpose of the programme is to reduce the capital of the company,” Hongkong Land said. “As the holding of treasury shares is not provided for in the company’s constitution, any shares which are repurchased by the company will be cancelled.” Read more>>
Starhill Global REIT has priced S$125 million ($93 million) in 2.23 percent notes due in 2028, the REIT’s manager said in a Monday filing with the Singapore Exchange.
The proceeds will be used to refinance existing borrowings, to meet capital expenditure requirements and/or for working capital purposes, Starhill Global REIT said. Read more>>
Lendlease has signed a global partnership with Google Cloud as part of the next stage of its digital transformation strategy.
Under the agreement, Google Cloud will assist the multinational group with migrating onto the cloud its mission-critical enterprise workloads, including its CAD platforms, in-house “project excellence” platform Oli and its Oracle-based e-finance system, which currently reside in eight on-premise data centres located across four continents. Read more>>