Evergrande’s directors are going to need a few more strategy huddles
In today’s roundup of regional news headlines, indebted developer Evergrande’s liquidity crisis drives bond market yields higher, Hong Kong chalks up another weekend of monster housing sales, and the owners of a Singapore condo tower are having another go at a collective sale.
Evergrande Contagion Risk Has China Junk Bond Yields Soaring
Concern that the liquidity crisis at China Evergrande Group will worsen is hammering China’s dollar junk bonds and potentially raising the cost of borrowing for real estate companies.
Yields on the notes, which are dominated by property firms, rose to 12.9 percent on Friday, a Bloomberg index shows. That’s the highest since March last year when concern over the coronavirus pandemic roiled markets. Read more>>
Hong Kong September Home Sales Head for a Record
Hong Kong’s homebuyers returned to the city’s largest weekend property sales in almost a year, snapping up almost 92 percent of the flats on offer, as sentiments were lifted by an improving economy and easy financing amid low interest rates.
As many as 541 of the 588 apartments on offer at three projects had found buyers as of 9:30pm, according to sales agents. At the former Kai Tak airport in Kowloon, Henderson Land Development sold 68 of 100 flats released in the first batch of The Henley III project. At Wong Chuk Hang at the southern edge of Hong Kong Island, Kerry Properties sold all 188 flats at La Marina, jointly developed with Sino Land and MTR Corporation. Read more>>
Hongkong Land Sees Robust Demand in Central’s Office Market
The biggest landlord in Hong Kong’s most expensive office market expects demand to withstand concerns about political clampdowns and pandemic setbacks.
Hongkong Land Holdings said leasing demand is robust for its dozen interconnected office blocks in the heart of the city’s financial district known as Central, executive director Raymond Chow said in an interview with Bloomberg Television. Read more>>
Owners of Condo Tower on SG’s Sophia Road Try for $484M Sale
Peace Centre/Peace Mansion has been put on the market for collective sale once again. This time, the owners are expecting offers in excess of S$650 million ($484 million), sole marketing agent JLL said Monday.
The minimum price reflects a unit land rate of about S$1,443 per square foot per plot ratio, after including an estimated lease top-up premium, but before factoring in a bonus balcony plot ratio for the residential component. Read more>>
Demolition Order for North India Towers Puts Dodgy Developers in Focus
The Supreme Court’s decision to raze two gigantic residential towers in Noida that were once peddled to buyers as India’s answer to the Petronas Towers of Malaysia has opened up a virtual Pandora’s box across the country, with builders scampering for cover.
These builders, who once worked with the Noida Development Authority — a body overseeing construction of hundreds of homes in Noida that share a border with Delhi — were once managers with the NDA but now are worth INR 4,000-5,000 crore ($547 million-$684 million) each. Read more>>
‘No More Than 2’ Members of Tycoon Families on HK Election Committee
The withdrawal of Hong Kong’s wealthiest man, Li Ka-shing, from the race to join the revamped Election Committee reflects behind-the-scenes efforts by Beijing to reduce the political clout of the city’s tycoons, according to insiders.
The richest families behind the biggest property conglomerates were informed thagt they would be restricted to having only two members each on the committee, several sources told the South China Morning Post. Read more>>
Bukit Timah Bungalow Latest Superhome to Hit Singapore Market
A three-storey Good Class Bungalow belonging to Hin Leong founder Lim Oon Kuin, better known as OK Lim, is for sale along with another GCB at Caldecott Hill Estate, according to a press release issued by marketing agent Knight Frank on Monday.
These properties are for purchase by public tender and by expression of interest, respectively, with their deadlines being 30 September and two weeks from 5 October. Read more>>
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