Evergrande boss Xu Jiayin has his domestics creditors falling in line
China Evergrande is back in the headlines today as the notoriously distressed developer wins some extra time from domestic creditors. Also in the news, Bain Capital is making a debt investment in a Delhi developer, and AIMS APAC REIT is going steady with a Sydney office asset.
Evergrande Creditors Agree to Six Month Deferral
China Evergrande Group’s domestic creditors have agreed to defer interest payment on a yuan-denominated bond for six months, giving the world’s most indebted property developer more time to overcome its liquidity crisis.
The Chinese developer gained their approval to extend the interest payments on two onshore bonds totalling 20 billion yuan (US$3 billion), due on May 6, to November 6, according to a filing to Shanghai Stock Exchange. Read more>>
Bain Capital Invests $175M In Delhi Developer TARC
Global private equity company Bain Capital has infused Rs 1,330 crore (around $175 million), along with other investors in Delhi-based real estate developer TARC Ltd.
Bain Capital has invested in Rs 1,130 crore via debentures maturing in 2027 and Rs 200 crore through notes maturing in 2023 end. Read more>>
AIMS APAC REIT Goes Exclusive on Sydney Office Acquisition
AIMS APAC REIT is in exclusive due diligence to acquire Avaya House, an office property located in Macquarie Park in Sydney, Australia, its manager said on Friday morning.
In a clarification note announcement posted to the Singapore Exchange, the manager noted that no binding agreement has been entered into regarding the acquisition and there is no certainty that the REIT would acquire the property. Read more>>
Lendlease REIT Posts 99.9% Occupancy
The manager of Lendlease Global Commercial Reit : JYEU -0.62% (real estate investment trust) on Thursday (May 5) said that portfolio occupancy for the first quarter ended Mar 31 remained high at 99.9 per cent.
Tenant sales year-to-date for its 313@somerset mall have also recovered close to FY2020 levels, the manager said in a business update. Read more>>
Hong Kong Housing Market Picks Up As Fifth Wave Subsides
As the pandemic gradually dwindles, the property market’s momentum has returned. Both the transaction volume and bank valuations for 20 major estates rebounded last month from March.
As many as 15 of the 20 estates saw the number of secondhand home deals rise, with increases ranging from 4 percent to 3.5 times. Read more>>
Assets Without Buyers Foreshadow More Pain For Chinese Builders
When a bellwether Chinese property developer reportedly sought buyers for $12 billion of assets to repay debt this year, the move sparked hopes of a liquidity boost for the nation’s embattled real estate firms.
But since January, only about three of 34 assets listed by Shimao Group Holdings Ltd. — one of the biggest issuers of dollar bonds in the sector — have been sold, according to exchange filings. Read more>>
Singapore Sees Redevelopment Surge
The take-up of two government schemes that incentivise the redevelopment of ageing buildings in certain areas has picked up, and will inject buzz in those precincts as new mixed-use developments emerge, analysts said.
As at Apr 5, the Urban Redevelopment Authority (URA) has received 12 outline applications under the CBD Incentive Scheme (CBDI), of which 8 have been given in-principle approval. Read more>>
SHKP Plans Nearly 10,000 Homes for New Territories Project
A mass housing project is taking shape near the wetlands in Hong Kong’s New Territories, with the potential to accommodate 25,850 residents when it is completed in 2026, a major step towards easing the acute shortage in one of the world’s most expensive cities.
Sun Hung Kai Properties (SHKP) plans to build 9,940 flats at Tam Mei in Yuen Long, according to applications filed with Hong Kong’s Town Planning Board. Read more>>
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