China Aoyuan’s property management division has picked up a new auditor
In today’s roundup of regional news headlines, Deloitte steps down as auditor of mainland developer Aoyuan’s property management spin-off, homebuilder Jiayuan gets a ratings upgrade after making an interest payment, and China’s Super Ocean seeks a capital partner for its Sydney office project.
Deloitte Resigns as Aoyuan Healthy Life Auditor
Deloitte Touche Tohmatsu resigned as the auditor of Aoyuan Healthy Life Group with effect from 31 May, with the property management unit of China Aoyuan Group saying that the two parties had not agreed to terms related to extra services to be provided by the financial services as the mainland firm continues to struggle release its 2021 earnings.
Aoyuan Healthy Life has now engaged Zhonghui Anda CPA as its auditor, and the company also in its statement denied reports that it had understated its liabilities and overstated its current assets. Read more>>
Jiayuan Upgraded by Fitch After Paying Interest Within Grace Period
Fitch Ratings upgraded China-based homebuilder Jiayuan International Group’s long-term foreign-currency issuer default rating and senior unsecured rating to CC from C, in recognition of the company’s payment before the deadline on 2 June of the grace period for the interest payment on its $200 million notes maturing on 30 October.
Meanwhile, the rating agency retained the recovery rating for the developer at RR4, according to a Monday rating action statement. Read more>>
Super Ocean JV Seeks Capital Partner for $289M Sydney Office Project
China’s Super Ocean Group and its partner, Australian developer Addenbrooke, are on the hunt for a capital partner for their A$400 million ($289 million) office property development at 333 Kent Street in Sydney.
The project is now being marketed and could attract a new party capable of either making staged payments or taking out the entire office project when it is finished in 2024. Read more>>
Sun Hung Kai’s Silicon Hill Project in Hong Kong Sells Out
Hong Kong homebuyers turned out in droves on the Dragon Boat Festival holiday on Friday and snapped up all homes that Sun Hung Kai Properties offered in the New Territories, despite an expected hike in interest rates and the city’s weakened economy.
All 170 homes put on the market at Silicon Hill in Pak Shek Kok in the city’s northeastern Tai Po district were sold as of 5pm, agents said. Another 18 homes had been offered through tender and the results of these bids have not been made public yet. Read more>>
Appellate Court Favours Sunevision on Hong Kong Data Centre Leases
Sunevision, the technology arm of Sun Hung Kai Properties, welcomed the Court of Appeal’s ruling, in favour of its claims, regarding potential breaches of lease conditions of data centres in Tseung Kwan O Industrial Estate in Hong Kong.
Sunevision had appealed against decisions by Hong Kong Science and Technology Parks Corporation, including not taking immediate steps to enforce restrictions against the operators of the data centres who sublet the leased premises or allowed third parties to occupy them. Read more>>
URA Plans Live-Work-Play Community at Former Singapore Air Base
Singapore’s Urban Redevelopment Authority envisions a new and green live-work-play town for the 800 hectares (1,977 acres) of land set to be freed up from 2030, in line with the relocation of the Paya Lebar Air Base in the city-state.
The plan, which the authority will enact with partners the Singapore Institute of Architects and Singapore Institute of Planners, was unveiled as part of the launch of the URA’s long-term plan review exhibit on Monday. Read more>>
Yanlord Contracted Sales Down 70% in May
Chinese developer Yanlord Land Group logged RMB 1.1 billion ($170 million) in total contracted pre-sales in May, down 70 percent from the RMB 3.8 billion it recorded a year earlier.
Shanghai was the top contributing city to the group’s contracted pre-sales, with 43.9 percent. Other key contributing cities were Suzhou (17.5 percent), Singapore (9.2 percent), Hangzhou (6.2 percent) and Haikou (4.5 percent). Read more>>
Sino Group’s Major Malls Fare Well During Dragon Boat Festival Weekend
Sino Group, which comprises Sino Land, Tsim Sha Tsui Properties and Sino Hotels, said its three major shopping malls recorded 10 percent year-on-year growth in footfall and a 15 percent rise in sales over the three-day Dragon Boat Festival weekend.
Retailers reported a 10 to 15 percent increase in both traffic and turnover during the holiday, while Chinese restaurants also saw a 20 percent year-on-year expansion in Olympian City, Tmtplaza and Citywalk, asset management director Bella Chhoa said Sunday. Read more>>
IHG Plans Launch of Singapore’s 5th Holiday Inn Express
InterContinental Hotels Group intends to launch Singapore’s fifth Holiday Inn Express by 2023 in partnership with Marlow Hotels & Resorts, following the renovation and rebranding of the former Quality Hotel Marlow in the city’s Novena area.
The planned Holiday Inn Express & Suites Singapore will have 231 rooms, including 34 suites, and will also feature The Express Cafe & Bar, which is set to be the first integrated lobby and food and beverage experience of its kind in the region. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply