Kaisa chairman Kwok Ying Shing is no stranger to danger
In today’s roundup of regional news headlines, developer Kaisa’s Hong Kong-listed shares tumble on fresh warnings from ratings agencies, Singapore’s industrial rents and prices continue to climb in line with the broader economy, and Chinese regulators crack down on vanity skyscrapers.
S&P, Fitch Warn of Fresh Financial Crunch for Kaisa
Kaisa Group Holdings shares plunged a record 18 percent in Hong Kong after two credit assessors downgraded the Shenzhen-based developer and said it may struggle to refinance dollar debt. The company’s 6.5 percent bond due 7 December fell 5.9 cents to 52.1 cents on the dollar, poised for a record low, amid a broad selloff in debt issued by Chinese developers.
S&P Global Ratings and Fitch Ratings cut Kaisa by two notches to CCC+ from B on Wednesday, following a Moody’s Investors Service downgrade last week. Read more>>
Singapore Industrial Property Rents, Prices Extend Rise in Q3: JTC
In line with the economy’s broad recovery, rents and prices of industrial space in Singapore rose for the fourth straight quarter while delays in completion persisted.
Occupancy in the July September period was flat on the previous quarter at 90.1 percent, though it improved by a mild 0.5 percentage points on a year-on-year basis, according to JTC Corp’s latest market report Thursday. Read more>>
China Cracks Down on Vanity Supertalls
China has restricted the construction of extremely tall skyscrapers in smaller cities as part of a crackdown on wasteful vanity projects by local governments.
Without special approval, cities with populations of less than 3 million must not build skyscrapers taller than 150 metres (492 feet), and cities with larger populations must not construct buildings higher than 250 metres, the Ministry of Housing and Urban-Rural Development said Tuesday. Read more>>
Ascendas India Trust’s Q3 Net Property Income Rises 8%
Business park landlord Ascendas India Trust posted an 8 percent increase in net property income to S$39.9 million (now $29.6 million) for the third quarter ended 30 September.
Total property income rose 4 percent to S$48.9 million after income contribution from the Anchor Annex building in Bangalore and the aVance 6 building in Hyderabad. Both are in the trust’s portfolio of tech parks. Read more>>
Mapletree Commercial Trust’s H1 DPU Rises 5.3%
Mapletree Commercial Trust’s gross revenue for the half-year of FY 2022 to September rose by 11.5 percent, while net property income improved 10.7 percent, mainly due to lower rental rebates and compensation received from a pre-terminated lease.
The results filed by the trust’s manager, Mapletree Commercial Trust Management, to the Singapore Exchange on Wednesday indicated that distribution per unit rose 5.3 percent to 4.39 Singapore cents ($0.03) from 4.17 cents. Payment is scheduled for 30 November. Read more>>
Keppel Pacific Oak US REIT NPI Rose 6% in Q3
Keppel Pacific Oak US REIT said third-quarter net property income rose 5.6 percent year-on-year to $21.7 million on recent acquisitions in Nashville and Denver and a stronger performance from the existing portfolio.
Gross revenue for the July to-September quarter increased 4.5 percent year-on-year to $36 million, the REIT said in a filing to SGX. Read more>>
Choon Kim House Owners Try for $41M Collective Sale in SG
Freehold property Choon Kim House is being offered for collective sale by tender by its owners for the third time. The latest tender closes on 15 December.
In a press statement dated 13 October, marketing agent ERA Realty said owners of the four-storey mixed-use building believe they “may be able to whet market appetite” at about S$55 million ($41 million) with applicable goods and services tax. Read more>>
APAC Retail Leasing Expected to Pick Up Next Year
Retail leasing activity in Asia Pacific markets is expected to pick up next year amid solid expansion demand from retailers.
According to a CBRE survey of more than 150 retailers across industries in the region, a majority (65 percent) want to expand their physical store network, with demand most pronounced in China and India, where more than 90 percent are eyeing more stores. Read more>>
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