A debt-laden mainland developer leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the company founded by billionaire Wang Jianlin needs to re-finance $5.7 billion of debt maturing this year.
In other news around the region, US private equity investment legend Sam Zell has invested in a Delhi-based co-living startup, while a UK flexible office provider is planning to launch its mid-market co-working brand in India. Elsewhere, profits have plunged at a Hong Kong jewellery-to-property conglomerate chaired by New World boss Henry Cheng.
Dalian Wanda Group, the Chinese conglomerate that borrowed billions of dollars to fund an acquisition binge, is facing a double whammy this year: a wall of maturing debt and a deadly virus that has hampered its operations.
The empire founded by billionaire Wang Jianlin, who once aspired to beat Walt Disney Co. in entertainment, needs to refinance or pay about RMB 39.8 billion ($5.7 billion) of its bonds this year. That is almost 36% of its total outstanding notes, the highest proportion of total bonds due among the nation’s top 25 firms, according to data compiled by Bloomberg. Read more>>
Equity International, founded by American real estate titan Sam Zell, has placed its second India bet on shared property startup Stanza Living.
The US private equity firm’s investment in New Delhi-based Stanza Living, operated by Dtwelve Spaces Pvt. Ltd, is part of its Series C round. Other participants include existing investors Falcon Edge Capital, Sequoia India, Matrix and Accel. Read more>>
IWG Plc, one of the world’s largest shared office providers, plans to introduce its low-priced co-working brand, HQ, to India.
The company already has 110 co-working spaces under its flagship Regus and Spaces brands in 16 cities across the country. Read more>>
Property investors are committed to projects in mainland China despite the coronavirus outbreak though some said they may delay decision-making or renegotiate terms, a survey by a leading real estate services company showed on Wednesday.
More than 60 percent of the 122 foreign and domestic property investment companies surveyed by Cushman & Wakefield expect investment activities to rebound within six months after the epidemic ends, it found. Read more>>
Sales of Chow Tai Fook Jewellery plunged during the first two months after temporarily closing its stores amid the coronavirus outbreak.
Retail sales in Hong Kong and Macau fell by 60 percent from a year ago. Same-store sales in Hong Kong and Macau slumped by 59 percent with sales volume dropping by 61 percent year-on-year. Read more>>
Leading Japanese retail group AEON will invest $2 billion to expand its network of commercial centres in Vietnam, raising the total to 25, according to General Director of AEONMALL Vietnam Iwamura Yasutsugu.
The group also aims to raise export turnover of Vietnamese goods to its malls in other countries to $500 million this year and $1 billion in 2025. Read more>>
Amid the ongoing US-China trade war several international companies including Apple have shifted their focus to India – in terms of manufacturing, expanding, and investing in the country.
Last year, the Indian government eased the rules for single-brand retail markets for global firms. Read more>>