Jiayuan International chairman and controlling shareholder Shum Tin Ching
In today’s roundup of regional headlines, Jiayuan International becomes the third Chinese builder to lose a winding-up case, and the heir apparent to Singapore’s prime minister tries to calm property price jitters. Also making the news, China home prices inch upwards and CapitaLand readies a new condo project in Singapore’s Jurong East.
Jiayuan Gets Court Order to Liquidate Assets
A third Chinese developer faces court-ordered liquidation after losing a winding-up case in Hong Kong, adding to a small but growing number of legal victories for creditors involving overdue debt.
Jiayuan International Group received the order Tuesday, nearly eight months after a petition was filed by a bondholder involving $14.5 million allegedly due on a dollar note. Two peers got such orders last year from courts in Hong Kong, a gateway for investors to access mainland issuers’ high-yield offshore bonds. Read more>>
Singapore Deputy PM Allays Property Price Fears in May Day Speech
Singapore prime minister-in-waiting Lawrence Wong used a May Day rally to address concerns over a red-hot property market fuelling economic inequality, saying citizens will always have affordable homes.
“Affordable and accessible public housing, like access to first-rate education and healthcare will always be a key part of our social compact in Singapore,” Wong said Monday, calling the government-built flats the world’s best. Read more>>
China New Home Prices Up Slightly as Fewer Cities Post Gains
Prices of new homes in 100 Chinese cities rose a touch in April in an extension of modest gains seen in March, a private survey showed Monday, as government support measures stoked demand in large and midsize cities.
New home prices in April edged up 0.02 percent from the previous month, the same as in March, according to data from China Index Academy, one of the country’s largest independent real estate researchers. Read more>>
CapitaLand Announces Launch of J’Den Condo in Jurong East
Property giant CapitaLand has announced the launch of J’Den Condo in Singapore’s “second CBD” of Jurong East.
J’Den Condo, a new 99-year leasehold condominium situated on the former JCube shopping mall site, is set to be completed in 2027 and will be part of the upcoming Jurong Lake District. Its launch is expected in the second half of 2023. Read more>>
Four Singapore Strata Bungalows Going Up for Sale at S$33M
PropNex Realty will be launching four freehold strata bungalows in Singapore’s Vanda Crescent for sale via private treaty for an indicative price of S$33 million on Wednesday.
The properties, which are held by a single owner, are located in the prime Bukit Timah area near the prestigious Eng Neo Avenue Good Class Bungalow Area and Raffles Park GCBA. Read more>>
Citi Says Hong Kong’s ‘Worst Is Over’ as Bank Looks to Increase Staff
Citigroup, the biggest foreign lender in Hong Kong, will increase staff at its commercial banking unit in the city by 100 to tap growing opportunities in the Greater Bay Area, according to a senior executive.
The increase in headcount is needed after the bank recorded 11 percent year-on-year growth in new corporate clients in the first quarter of this year, said Anson Kwok, head of the commercial bank at Citigroup Hong Kong. The number of new corporate clients in April returned to pre-COVID levels last seen in 2019, he added. Read more>>
Hongkong Land’s Shanghai Cable Car Project to Take 3 Years
The first cable car connecting the west and east banks of the Huangpu River in Shanghai is expected to be completed in three years.
The project will be developed by Hongkong Land, China Travel Service (Hong Kong) and West Bund, which is backed by the government of Shanghai’s Xuhui district. Read more>>
Halting Recovery of Cambodia’s Real Estate Sector Risks Credit Shortage
The pandemic brought an end to a years-long real estate and construction boom in Cambodia, and the market’s ongoing recovery is being undermined by global financial challenges.
As borrowing costs rise, the heavily indebted real estate sector is at risk of financing problems, government officials and the World Bank have warned lately, though some local real estate firms played down such concerns. Read more>>
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