Evergrande boss Xu Jiayin is being given some slack by his onshore creditors
China Evergrande leads the news again today after the mainland’s most indebted developer won some extra time to repay its onshore debt. Also making the list, famous US investor Jim Chanos says that cloud providers like Amazon could spell trouble for data centre providers, at the same time that investors are eyeing a Malaysian digital infrastructure operator and Shanghai Disney Resort reopens after a three-month holiday.
Evergrande Gets Six More Months to Repay $1.2B in Domestic Bonds
China Evergrande Group now has six more months to pay off RMB 8.2 billion ($1.2 billion) in domestic bonds, following meetings with its onshore creditors this week.
The debt-wracked developer had been due to pay off its 15 Evergrande 03 notes by 7 July 2022, but after meetings with creditors on Tuesday and Wednesday, it won an extension until 8 January 2023. Originally issued in 2015, the seven-year bonds carry a coupon rate of 6.98 percent. Read more>>
Chanos Shorting US-Listed ‘Legacy’ Data Centre REITs
Short seller Jim Chanos is betting against “legacy” data centres that now face growing competition from the trio of tech giants that have been their biggest customers.
Chanos, who remains best-known for predicting the collapse of energy group Enron two decades ago, is raising several hundred million dollars for a fund that will take short positions in US-listed data centre REITs. Read more>>
Digital Edge, BDx Said Among Bidders for Malaysia’s Time Data Centres
US-based investors DigitalBridge Group, I Squared Capital-owned BDx and Equinix are among potential suitors for the data centre business of Malaysia’s Time Dotcom, according to people familiar with the matter.
Stonepeak-backed Digital Edge and Temasek Holdings’ ST Telemedia Global Data Centres (STT GDC) are also among the possible bidders, the people said, asking not to be identified discussing private information. The suitors are conducting due diligence on the assets, known as Aims Data Centre, as they weigh making binding offers, the people said. Read more>>
Shanghai Disneyland Reopens After 3-Month Lockdown
Shanghai Disneyland was set to reopen Thursday after a three-month hiatus, as China eases more COVID-related restrictions.
Shanghai Disney Resort said Tuesday that the park would resume operations “with limited daily capacity and enhanced health and safety protocols” in line with Chinese government regulations. “During the initial reopening phase, the majority of Shanghai Disneyland’s exciting attractions, rides, shows and shopping and dining locations will resume operations with controlled capacity,” it added in the statement. Read more>>
Yanlord Sells Out Latest Batch of Shanghai Homes
Yanlord Land Group has pulled in RMB 6.1 billion ($911 million) in pre-sales from selling all units in the third batch of apartments launched for its Shanghai project, Yanlord Arcadia.
In a statement on Wednesday, the Singapore-listed real estate developer said that all 372 units with a gross floor area of 52,914 square metres (569,562 square feet) were taken up at an average price of about RMB 115,000 per square metre. In all, 1,769 customers had registered to purchase the units. Read more>>
Singapore’s DBS Raises Home Mortgage Rates to 2.75%
DBS has just raised its rates on all home loan packages to 2.75 percent, placing it the highest among the trio of local banks.
This comes after both UOB and OCBC raised rates on their home loan packages. OCBC and UOB’s fixed rates for two-year home loan packages are at 2.65 percent. About three months ago, the DBS rate was 1.65 percent for a two-year fixed loan and 1.85 percent for three-year loans. Read more>>
Sino Land Sells All 238 Homes on Offer at Lohas Park Project
Hong Kong’s homebuyers snapped up every flat on sale within three hours during a new launch, taking advantage of the breather offered by the city’s banks as they kept prime rates unchanged after the latest round of global rate hikes.
All 238 flats at Sino Land’s Villa Garda I project at Lohas Park in Tseung Kwan O were sold by noon, a spokeswoman said, for a total sales haul estimated at HK$2.2 billion ($280.4 million). Nearly 6,200 bids were received, translating to 26 bids chasing every available flat. Read more>>
Chinese Builders Use Innovative Promotions to Skirt Price Controls
Chinese developers desperate to offload unsold homes are resorting to “fancy” ways to lower prices, seemingly circumventing rules against excessive discounting, a government-backed newspaper reported Thursday.
Developers in some small cities have offered to accept food including wheat, garlic, watermelons and peaches as down-payment substitutes, reducing the amount of cash buyers need upfront and effectively making properties cheaper. Read more>>
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