Leading today’s roundup, China’s top developer by sales, along with a mid-league peer, have hit a wall in their attempts to issue yuan-denominated corporate bonds, as mainland authorities continue to clamp down on leverage in the property sector. Meanwhile, a different kind of regulatory squeeze, on outbound capital flows, helps explain why Chinese investment in central London properties has dipped to a two-and-a-half-year low. The news is brighter in Southeast Asia, with Singapore’s largest homegrown real estate agency shooting for an IPO and the Waldorf Astoria preparing to unveil a new address in Bangkok. Read on for all these headlines and more.
Chinese property developers Country Garden and Hopson Development this week dropped their plans to issue onshore bonds as regulators tighten access to credit in the overheated sector, sources with knowledge of the matter said on Friday. Country Garden, the nation’s leading property developer by sales, dropped its application to issue RMB 20 billion ($3.12 billion) of corporate bonds on Monday, filings to the Shanghai Stock Exchange showed.
Country Garden, which is incorporated overseas, had intended to issue so-called panda bonds – yuan-denominated debt securities sold to local investors. Guangzhou-based Hopson Development dropped its application on Wednesday to issue RMB 3.1 billion in corporate bonds via private placement, another filing to the exchange showed. Read more>>
Chinese investment into central London real estate has dropped to its lowest level in two and a half years as an influx of cash from mainland China and Hong Kong slows to a trickle.
Buyers from Hong Kong and China bought £482 million ($675 million) of London commercial buildings in the first three months of 2018, according to the property consultants Cushman & Wakefield — a level last seen in 2015. Read more>>
PropNex Realty, Singapore’s largest home-grown property agency, is said to be looking to raise S$40 million ($30 million) from a proposed initial public offering (IPO). The company is targeting a market capitalisation of as much as S$250 million, Bloomberg quoted sources as saying yesterday.
It is understood that the listed entity is likely to have a market capitalisation of below S$300 million, since it is said to require at least 25 percent of post-invitation share capital in public hands. The IPO is expected to include the business of PropNex International, the project marketing arm of PropNex Realty in which property consultancy JLL has a 20 per cent stake. The IPO launch could be as soon as next week and the listing may be as early as the end of June, Bloomberg reported yesterday. Read more>>
Shares of Chinese property firms climbed on Monday after the People’s Bank of China (PBOC) said it would broaden the range of collateral it accepts as part of its medium-term lending facility (MLF), making another slight tweak to its monetary policy.
Introduced to PBOC’s monetary policy toolkit in September 2014, MLFs are loans given by the central bank to commercial lenders in exchange for collateral. The loans come in three tenors: three, six and 12 months. Read more>>
Perennial Real Estate Holdings announced that its Perennial International Health and Medical Hub (PIHMH) has officially opened in Chengdu, China. The first-of-its-kind one-stop medical, healthcare and retail integrated development adjacent to the Chengdu East high speed railway commenced operations today with over 90% committed occupancy.
The launch of PIHMH follows three years of planning, constructing and leasing, as well as curating and developing the various medical and healthcare contents and businesses. The facility is positioned to serve residents in Chengdu, its neighbouring cities, and the wider community in the Sichuan province. Read more>>
With the opening of Waldorf Astoria Bangkok expected in the third quarter of 2018, Hilton’s luxury brand and internationally acclaimed Waldorf Astoria Hotels & Resorts is soon to welcome its first guests ever in Southeast Asia.
The grand debut will introduce the brand’s quintessential experience to sophisticated travellers in the thriving Thai capital, ringing in one of the region’s most anticipated hotel openings this year, right here in the heart of the Ratchaprasong’s colourful intersection. Read more>>