The Sheraton Pasadena has found its way to new owners through Eagle Hospitality Trust’s latest sale
In today’s roundup of regional news headlines, Eagle Hospitality Trust completes the disposal of its remaining non-auctioned Chapter 11 hotels, debt-stricken developer Evergrande makes good on its $1.8 billion offshore bond, and Hong Kong home prices rise for a fifth straight month.
EHT Books $324.7M Selling 9 Remaining Hotels
Eagle Hospitality REIT (EH-REIT), a part of the beleaguered Eagle Hospitality Trust (EHT), last Thursday completed the sale of its remaining nine non-auctioned Chapter 11 properties excluding the Queen Mary Long Beach.
These assets include the REIT’s Holiday Inn properties in Orlando, Denver and California, as well as Renaissance Denver Stapleton, Sheraton Pasadena, Crowne Plaza Danbury, Westin Sacramento and Embassy Suites by Hilton Palm Desert. Read more>>
Ascott Residence Trust Issues Forfeiture Notice to Clarke Quay Hotel
Ascott Residence Trust (ART) has issued a notice of intended forfeiture to Park Hotel CQ following outstanding payments relating to a master lease for 1 Unity Street. The 10-year lease commenced in 2013.
In a filing to the Singapore Exchange on Friday night, ART said a letter of demand was issued to the tenant to recover sums due under the master lease as of 1 March 2021. The parties were then in talks with respect to the master lease. Read more>>
Evergrande Arranges HK$13.6B to Repay Offshore Bonds
China’s most indebted property developer, Evergrande Group, said it had arranged its own funds of HK$13.6 billion ($1.8 billion) to repay bonds due on 28 June, as well as to pay interest on all other dollar bonds, sending its shares sharply higher.
The funds are to be remitted into the bond repayment account, the company said last Thursday, adding that it has no further onshore or offshore bonds due to mature before March 2022. Read more>>
Hong Kong Home Prices Rise for 5th Straight Month in May
Hong Kong private home prices, the most unaffordable in the world, extended gains for a fifth consecutive month in May, official data showed on Monday, helped by a recovering economy and expectations that Chinese buying will keep prices firm.
An index of home prices rose 0.6 percent last month, according to the data, after a revised 0.4 percent gain in April. The index has climbed 3.6 percent so far this year and is off just 0.8 percent from its all-time high hit in May 2019. Read more>>
Hong Kong Second-Hand Home Prices Soar to 23-Month High
Housing affordability, one of the issues fuelling political strife in Hong Kong over the past few years, is rearing its head again as low interest rates fuel a speculative real estate frenzy while the economy grapples with budding signs of recovery from a pandemic-led recession.
An index measuring the prices of all lived-in homes rose 0.6 percent in May to a 23-month high of 394.7, a mere 0.8 percent from its May 2019 historical peak, according to data released by the Rating and Valuation Department. Prices of second-hand homes smaller than 431 square feet (40 square metres) increased 1.1 percent last month to a record 439.9, from a year ago. Read more>>
SM Prime May Set Philippine REIT Record with $1B IPO Attempt
Property giant SM Prime Holdings may launch by 2022 what could be the largest REIT offering in the country with a size of at least $1 billion, allowing the property developer led by the Sy family to recycle capital from its mature properties to further expand the real estate empire.
During an online REIT forum hosted by Inquirer Property last week, BDO Capital & Investment president Eduardo Francisco said SM Prime could wait until next year to launch a REIT offering. Read more>>
COLI’s One Victoria Set to Roll Out 100 More Kai Tak Flats
China Overseas Land and Investment expects to release about 100 flats in the second price list of One Victoria in Kai Tak soon.
The developer has received about 2,600 registrations of intent from potential buyers for 212 flats in the first list, making them more than 11 times oversubscribed. 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.
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