In today’s roundup of regional news headlines, China Evergrande continues its fight against a winding-up petition filed in a Hong Kong court, a tech park developer backed by Tsinghua University falls foul of its bondholders, and Singapore adds two 99-year leasehold sites to its land sale calendar.
Evergrande Winding-Up Lawsuit Adjourned Until 5 Sept
Debt-saddled developer China Evergrande on Wednesday opposed a winding-up petition filed in a Hong Kong court, with the hearing now being adjourned until 5 September.
An investor in Evergrande’s Chinese online real estate and car marketplace, Fangchebao, in June had filed a winding-up petition against the developer in Hong Kong, as it had not honoured an agreement worth $110 million to repurchase shares the investor bought in FCB. Read more>>
Chinese Tech Park Developer Hit With Wind-Up Petition
A Chinese science park developer has been threatened by collectors over its plan to restructure virtually $1 billion in debt, in an instance of the liquidity crisis spreading to a different section of China’s property sector.
A group of bondholders wants to wind up Tuspark, which is backed by the funding arm of Tsinghua University, one of China’s most prestigious academic establishments. Read more>>
Singapore Residential Sites Added to Land Sale Calendar
Two 99-year leasehold sites at Bukit Timah Link and Hillview Rise have been launched for sale under the confirmed list of the Urban Redevelopment Authority’s second-half government land sales programme.
In a press statement on Wednesday, the URA said both sites combined could yield 495 residential units. Read more>>
China’s Mega Banks See Slower Profit Growth on Loan Pressure
China’s biggest banks, including Industrial & Commercial Bank of China, reported slowing earnings growth after being roped in by Beijing to help stave off a deeper economic slump in the world’s second-biggest economy.
ICBC, the world’s biggest bank by assets, said net income rose 4.9 percent year-on-year to RMB 171.5 billion ($24.8 billion) in the six months to June, according to a filing. Bank of China reported that its net income grew 6.3 percent to RMB 119.9 billion in the same period, while China Construction Bank Corp posted a 5.4 percent jump to RMB 161.6 billion. Read more>>
Hersing Puts Tampines Industrial Properties on Market for $49M
Two adjoining B2 industrial sites at 21 and 23 Tampines Street 92 are up for sale, according to marketing agent CBRE. The sites are owned by brand manager and service provider Hersing Corp.
The total land area for both sites measures 214,880 square feet (19,963 square metres). The land has a tenure of 30 years with effect from 9 July 2007 and a plot ratio of 1.4. Read more>>
Casino Operator Landing International Reports $13M H1 Loss
Landing International Development, operator of the Landing Casino on South Korea’s Jeju Island, reported a net loss of nearly HK$105.4 million ($13.4 million) for the first half of this year, compared with a HK$623.7 million loss a year earlier.
The improvement was on revenue that rose by 45.1 percent year-on-year to HK$691.6 million, the firm said in a Monday filing with the Hong Kong stock exchange. Read more>>
Strata Floor Near Orchard Road on Market for $37M
A strata office floor at 15 Scotts Road has been put up for sale via an expression of interest with an indicative price of S$52.5 million ($37.5 million), exclusive marketing agent CBRE said Wednesday.
The floor has a strata area of 13,734 square feet (1,276 square metres), representing 12.7 percent of the total strata area. The indicative price thus translates to S$3,822 per square foot of the total strata area. Read more>>
Asian Brands, Mask Vendors Replace Fashion Houses in Causeway Bay
Restaurants, surgical mask vendors and Asian brands that mainly cater to Hongkongers have snapped up retail spaces left empty by upmarket Western brands such as Prada and Victoria’s Secret in Causeway Bay.
This has helped the hip retail district regain some of its lustre, putting it ahead of rival shopping zones in terms of rental recovery, according to property consultancies. Read more>>
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