China Evergrande will have to wait a few more months to learn its fate (Getty Images)
In today’s roundup of regional news headlines, a court case on China Evergrande’s potential winding-up is adjourned until November, sales at a high-profile housing project in Hong Kong’s Kai Tak launch at a 10 percent discount, and Swire Properties zeroes in on Shenzhen for its 10-year investment plan.
Evergrande Winding-Up Case Put Off as Restructuring Plan Awaited
A lawsuit in Hong Kong seeking to wind up distressed developer China Evergrande was pushed back to November, as the clock ticks for the property giant at the centre of the nation’s widening real estate debt crisis to present a restructuring plan.
The judge at the Hong Kong High Court decided at a Monday hearing to adjourn proceedings until 7 November so that the company can formulate a restructuring plan. That marks another key date after Evergrande failed to deliver a “preliminary restructuring plan” for its offshore debt that it had promised by the end of July. Read more>>
Kai Tak’s Miami Quay Sells at 10% Discount as Monorail Loss Stings
A housing project in Kai Tak launched with a 10 percent discount to the area’s prevailing price, as developers grappled with the loss of mass transit access and reduced commercial presence at Hong Kong’s former airport site amid a slowing market.
Wheelock Properties, Henderson Land Development, New World Development and Empire Group priced the first 130 units of their Miami Quay apartments at HK$22,452 ($2,860) per square foot on average after discounts, about 10 percent cheaper than the Monaco Marine that launched in the same neighbourhood in April. Read more>>
Swire Properties Targets Shenzhen as Part of $12.7B Investment Plan
Swire Properties will expand its retail property business in Shenzhen as part of its HK$100 billion ($12.7 billion) investment plan over the next 10 years.
The HKEX-listed developer is keen to grow its retail assets in the Greater Bay Area in Shenzhen besides Hong Kong and Guangzhou, chief executive Tim Blackburn said at a briefing last week. Read more>>
China’s Home Sales Could Plunge by 20% This Year: Poll
Problems in China’s troubled property sector are expected to intensify this year, according to a poll of analysts, who say sales could plunge by more than 20 percent this year.
Economists say a bigger and faster drop in sales is likely as homebuyers remain cautious. Read more>>
NTT Launches Cyberjaya 6 Data Centre in Malaysia
NTT Ltd on Monday announced the commencement of its sixth data centre construction in Cyberjaya after the completion of its fifth data centre in 2021.
NTT plans to initially invest more than $50 million in the new data centre, known as Cyberjaya 6. The facility will cater to hyperscalers and high-end enterprises to accelerate digital transformation across industries in Malaysia, NTT said. Read more>>
Citi Formalises Work-From-Home Policies
Citi has formalised a new flexible work model for its operations globally, with Singapore part of the first phase to implement the model worldwide, Citi Singapore said Monday.
The model splits employees around the world into three role designations: hybrid, resident and remote. Read more>>
Shenzhen to Use Tiered COVID Measures as Chengdu Extends Lockdown
China’s southern tech hub of Shenzhen said it would adopt tiered anti-virus restriction measures starting on Monday, while the southwestern metropolis of Chengdu announced an extension of lockdown curbs, as the country grapples with fresh outbreaks.
Shenzhen, which went into a weekend lockdown on Saturday, announced a new round of COVID-19 testing and vowed to “marshal all available resources, mobilise all forces, and take all possible measures” to stamp out the pandemic. Read more>>
Elite Apartment Prices Dip in Seoul’s Posh Gangnam After Rate Hikes
Property in Gangnam, a trio of exclusive districts in Seoul, is beginning to buckle as the central bank’s year-long tightening cycle weighs on the luxury real estate market.
Apartment prices in all Gangnam districts have declined for four consecutive weeks, data from the Korea Real Estate Board show, portending the first monthly decline since the Bank of Korea began raising its key rate last August. 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.
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