In today’s roundup of regional news headlines, debt-stricken China Evergrande gives up two land parcels to the government in the city of Chengdu, the Pavilia Farm project in Hong Kong is flagged again for its concrete quality, and mainland developer RiseSun reportedly considers the sale of its EV battery unit.
Two sites in the Chinese city of Chengdu owned by China Evergrande Group, the world’s most indebted developer, were repossessed by the local government after the company let them sit idle for a decade.
The sites were acquired by a real estate development company under Evergrande in 2010 and 2011, according to two notices on the website of the Longquanyi Municipal Bureau of Planning and Natural Resources Chengdu. Read more>>
Five percent of samples taken from two Pavilia Farm blocks on top of Tai Wai MTR station have failed to meet the required concrete strength, Hong Kong’s Buildings Department said. The blocks in question are from the estate’s Phase I development, namely Tower 2 and Tower 3.
The project is jointly developed by New World Development and MTR Corp. The department said it had called for a proposal for follow-up works for Phase I and had approved the relevant strengthening works and granted consent for commencement of the works, adding that the work could be completed in a few months. Read more>>
Chinese real estate developer RiseSun Holdings is considering a potential sale of a unit that makes electric vehicle batteries, according to people familiar with the situation.
The company is working with an adviser to identify prospective buyers and is seeking as much as RMB 10 billion ($1.6 billion) for RiseSun Mengguli Power Technology, the people said, asking not to be identified discussing private information. Read more>>
Days after a round of property curbs was introduced, collective sale candidates in Singapore remain in wait-and-see mode, with some unfazed for now.
Several sites that have already begun their tenders are proceeding with the en bloc sale process, while a few have moved into private treaty talks, the Business Times has learned. Read more>>
Dasin Retail Trust said Monday that the lenders for both its onshore and offshore credit facilities have agreed to extend the tenure for three months to allow the lenders more time to discuss new requests from minority lenders.
“The Trustee-Manager hopes to see a successful conclusion to the refinancing exercise soon and will make appropriate announcements in the event of any further material developments,” the trust’s manager said in a filing with the Singapore Exchange. Read more>>
Thailand’s property space is set for take-off in the new year ahead thanks to favourable fiscal measures and new supply coming in, Maybank Kim Eng said in a recent sector note.
Stocks under Maybank KE’s coverage are projected to book combined year-on-year revenue growth of 11 percent and earnings growth of 13 percent in 2022, notwithstanding potential pandemic-related disruptions. Read more>>
Hybrid work models helped commercial real estate firm WeWork India turn profitable on a top line of INR 800 crore ($106 million) in the January-November period of calendar year 2021, said chief executive Karan Virwani.
The turnaround was possible because the company was able to strike more asset-light deals with landlords even as businesses sought to transition into a hybrid model of work. “Next year, we are going to expand and go back into growth mode again,” Virwani said. Read more>>
Many cities across Asia Pacific are springing up with exciting urban office districts offering attractive investment opportunities, DWS Group said in a report.
The German asset manager picked emerging locations in Sydney, Melbourne, Brisbane, Seoul and Fukuoka, adding that the cities are the home of expanding business clusters around the sectors of technology, gaming and life sciences. Read more>>