In today’s roundup of regional news headlines, officials slap trade restrictions on some of developer China Evergrande’s onshore bonds, Blackstone cashes out of part of its stake in India’s Embassy Office Parks REIT, and a COVID-hit travel agency offloads its Tokyo headquarters.
Trading restrictions were placed on nine onshore bonds sold by China Evergrande Group’s flagship property unit after a local credit rating agency slashed the debts’ creditworthiness, deepening the woes for the world’s most indebted real estate developer.
Three yuan-denominated bonds valued at RMB 28.2 billion ($4.4 billion) issued by Evergrande’s Hengda Real Estate Group unit were restricted to negotiated transactions on the Shanghai Stock Exchange, according to a statement. On the stock exchange of Shenzhen in Evergrande’s hometown, six bonds valued at RMB 25.3 billion were relegated to the high-volume block transactions. Read more>>
The wife of China Evergrande’s billionaire founder paid millions of dollars for wealth management products issued by the property group, according to executives attempting to mollify retail investors fearful that they could lose their investments.
Ding Yumei, the wife of Xu Jiayin, Evergrande’s chairman and formerly China’s richest man, paid RMB 20 million ($3 million) for the company’s high-yield investment products on 8 July, according to a purchase document that a senior executive showed investors this week. Read more>>
Fund manager Blackstone has sold about 5.7 crore units in Embassy Office Parks REIT for over INR 2,000 crore ($275 million) as part of its strategy to monetise part of its investment, sources said. Embassy Office Parks REIT is the country’s first real estate investment trust, sponsored by realty firm Embassy Group and Blackstone.
Embassy REIT was listed on the stock exchanges in April 2019 after raising nearly INR 5,000 crore through a public issue. Read more>>
Travel agency JTB Corp said Tuesday that it sold its Tokyo headquarters as well as another building in Osaka as it progresses through a restructuring effort aimed at shoring up its finances after the COVID-19 pandemic killed demand for its services.
JTB sold the buildings for several tens of billions of yen to bolster its cash reserves, a company source said. A JTB spokesperson declined to comment on specifics regarding the sale value or the name of the buyer. Read more>>
Citibank sold a shop in Hong Kong’s Central district at a profit of HK$320 million ($41.1 million) last month, according to Land Registry records.
The shop, Unit A on the ground floor of Wheelock House, was acquired by Shiny Profit Ltd for HK$710 million. Citibank Hong Kong, which has been occupying the shop for years, bought it from a company called Yeebo Technology in December 2004 for HK$390 million. Read more>>
JD is to open a 42,000 square metre (452,084 square foot) physical JD Mall store in Xi’an at the end of this month, described as an “integrated consumption shopping centre”.
The JD Mall takes up five floors and will offer around 200,000 items from more than 150 local and international brands. Read more>>
Singapore’s private housing market is expected to maintain its positive momentum for the rest of the year, with developers having chalked up fairly healthy sales in August despite limited new launches and heightened restrictions to combat the pandemic.
The number of new private homes moved in August was 1,215, nearly 24 percent lower than July’s take-up, though analysts pointed out that July’s sales had notched a six-month-high, underpinned in part by blistering demand for Pasir Ris 8. Read more>>
Indospace, Singapore-based Everstone Group’s industrial and logistics real estate development platform, has launched a new industrial park in Narasapura, near Bengaluru.
The park is situated on a 50 acre (20.2 hectare) land parcel near National Highway 75, in the Narasapura industrial area, and is well-connected to consumption hubs across central, east and northeast Bengaluru. Read more>>