Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Mingtiandi 2023 Event Calendar
    • Mingtiandi APAC Residential Forum 2023
    • Mingtiandi Asia Logistics Forum 2023
    • Mingtiandi Hong Kong Focus Forum 2023
    • Mingtiandi APAC Data Centre Forum 2023
    • Mingtiandi Asia Office Strategies Forum 2023
    • Mingtiandi Singapore Focus Forum 2023
    • More Events
  • MTD TV
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

Evergrande Creditors Extend Deadline on Domestic Bond and More Asia Real Estate Headlines

2022/10/15 by Michael Cole Leave a Comment

Xu Jiayin Evergrande

Evergrande boss Xu Jiayin again wins an extension from his onshore creditors

Turmoil in mainland China’s property sector leads the real estate news from around the region again today as the country’s biggest developer gets more time to pay debts and two of the world’s largest credit agencies withdraw ratings on seven Chinese developers in one week. Also in the headlines, Blackstone-backed data centre operator VNET appoints advisors to evaluate a buyout offer and Thailand’s CP Group drops out of the bidding for Metro’s India business.

Creditors of Evergrande Onshore Unit Extend Bond Deadline

Bondholders of Chinese property developer Hengda Real Estate agreed to an extension of interest payment on one domestic bond by six months to April 19, 2023, according to a Shenzhen stock exchange filing on Friday.

Hengda, China Evergrande Group’s flagship onshore business, held a meeting with bondholders between Oct. 13 and Oct. 14 to discuss the latest repayment arrangement. Read more>>

Fitch, Moody’s Withdraw Ratings on 7 Mainland Developers

Fitch Ratings and Moody’s Investors Service have withdrawn ratings on at least seven builders this week. They include CIFI Holdings Group Co. and Seazen Group Ltd., both of which were part of a select group of developers to recently sell debt with state guarantees. Others with withdrawn ratings include defaulted developers China Evergrande Group and Kaisa Group Holdings Ltd.

The slew of ratings exits come as CIFI’s default this week raised questions about Beijing’s ability to contain the liquidity squeeze among developers it has intended to better support. The moves are also set to make investors’ decisions even more difficult given the already-murky pictures of some Chinese builders’ finances. Read more>>

Mainland Developers Said Delaying Restructuring Until After Party Congress

Chinese real estate developers are delaying their debt restructuring moves until after the upcoming Communist Party Congress, hoping the crucial gathering offers clues on how Beijing plans to stabilise the embattled sector.

What emerges at the meeting could help determine how the developers, who have missed payments or even defaulted on their offshore bonds worth tens of billions of dollars, pace any asset sales, extract or offer concessions to creditors, or even put themselves up for liquidation. Read more>>

China Data Centre Operator VNET Appoints Advisors to Evaluate Buyout Offer

Nasdaq-listed VNET Group said on 14 October that a special committee of its board has retained Kroll Securities and Kroll LLC as its independent financial advisor and Davis Polk & Wardell as independent legal counsel to evaluate a buyout offer for the data centre operator.

In September a group led by Josh Sheng Chen had made a preliminary offer to buy the outstanding shares in the Blackstone-backed China data centre operator. Read more>>

Reliance Said to Be Sole Bidder for Metro’s India Business

Reliance Industries Ltd. is in advanced discussions to acquire German firm Metro AG’s wholesale operations in India, according to people familiar with the matter, as the conglomerate led by billionaire Mukesh Ambani seeks to dominate India’s mammoth retail sector.

Charoen Pokphand Group Co. is no longer actively in talks with Metro, leaving only Ambani’s Reliance to pursue the so-called cash-and-carry business, the people said, asking not to be identified as the information is private. A final decision could emerge as early as next month, one of the people said. Read more>>

UBS’ Top Asia Investment Banker Retires

UBS Group AG’s Asia-Pacific investment bank head, David Chin, has resigned to step away from banking five years after he was brought back to help bolster the Swiss lender’s China business.

Chin, 54, will be replaced by Taichi Takahashi, the region’s head of global markets, people familiar with the matter said, asking not to be identified before it’s announced internally. Chin will leave the bank by the end of this month, the people said. A Hong Kong-based spokesman declined to comment. Read more>>

PE Investment in Indian Real Estate Reaches $322M in 2022

Private equity investment inflows into the Indian real estate sector stood at USD 322 million (Rs 26 billion) according to the latest report by Savills India, a global property consulting firm.

As many deals are taking longer timelines, Q4 2022 and Q1 2023 should see large announcements on the deals under closure. Read more>>

Hong Kong Property Stocks Recover on News of Policy Relief

Hong Kong’s biggest developers surged in the biggest stock market rally in more than a week, on growing speculation the city will roll back market-cooling measures during a policy address later this month to support the industry.

Shares of Sun Hung Kai Properties, the biggest by market capitalisation, jumped as much as 6.5 per cent, before closing 0.7 per cent higher at HK$91.25 on Friday. Henderson Land Development rose 0.7 per cent to HK$21.90. The Hang Seng Properties sub-index rose 0.7 per cent, paring about half of its earlier advance. 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.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: crelist Tagged With: China Evergrande Group, Fitch Ratings, Metro AG, Moody's Investors Service, Reliance Group, UBS, vnet

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

MTD TV

core panel screenshot2
Allianz, KKR, Gaw and Colliers See Top Asia Office Markets on the Upswing
MTD TV data centre panel
Blackstone, Actis Predict Continued Growth for APAC Data Centres on MTD TV

More MTD TV Videos>>

People in the News

Liu Weiliang Zhenro
Asia Real Estate People in the News 2023-01-23
Paul Davis JLL
JLL Hires Paul Davis, Shai Greenberg to Lead Japan International Capital Division
Craig Pearce Nikota Capital
Japan’s Nikota Capital Launches Real Estate Brokerage Arm
Eric Gan FHT
Frasers Promotes Eric Gan to FHT CEO as Eu Chin Fen Takes Over Hospitality Division

More Industry Professionals>>

People in the News

Asia Real Estate People in the News 2023-01-23

Liu Weiliang Zhenro

An ailing mainland developer leads this week’s set of personnel moves from around Asia, as a new chairman takes over at … Read More>>

JLL Hires Paul Davis, Shai Greenberg to Lead Japan International Capital Division

Paul Davis JLL

JLL has beefed up its Japan capital markets team with the hiring of Paul Davis and Shai Greenberg to serve as co-leads … Read More>>

Japan’s Nikota Capital Launches Real Estate Brokerage Arm

Craig Pearce Nikota Capital

Tokyo-based Nikota Capital has established Nikota Realty as a real estate brokerage division to help individual … Read More>>

Frasers Promotes Eric Gan to FHT CEO as Eu Chin Fen Takes Over Hospitality Division

Eric Gan FHT

Following the failed privatisation of Frasers Hospitality Trust last September, sponsor Frasers Property has made a … Read More>>

More Industry Professionals>>

Latest Stories

Frasers Group JV Buys Half-Stake in Mercatus Singapore Mall for $497M
Sonny Kalsi BentallGreenOak
BentallGreenOak Buying Landmark Osaka Hotel for Reported $385M
Singapore Trade Union Buys Six Shophouses on Serangoon Road For $48M

Sponsored Features

Malls and Megaprojects from Hong Kong to Beijing Triumph at PropertyGuru Awards Show
Thomasin Crowley, WiredScore
Fit for the Future: Retrofitting Hong Kong’s Ageing Office Stock
Vlinker CEO Vic Zhou
Vlinker Unveils 3,000 Apartments in Multifamily Boost for Shanghai’s Minhang District

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • 2022 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Membership
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2023 China Advertising Media Ltd (Samoa). All rights reserved.

  • This field is for validation purposes and should be left unchanged.