Glorious founder Zhang Zhirong has been trying to take the troubled developer private
Leading the news today, troubled Chinese developer Glorious Property has missed a bond payment exactly one year after an early default that was resolved once bondholders got lawyered up. Also in the headlines, Hong Kong homebuilders seem in a hurry to sell, with 21 projects involving more than 12,000 homes due to hit the market by the end of this year. Read on for all these stories and more.
Glorious Property Misses Bond Payment – Again
A Shanghai-based developer missed a deadline to pay interest on an international bond, reinforcing concern that builders have been too aggressive in chasing China’s property boom.
Glorious Property Holdings Ltd. didn’t pay $26.5 million of semi-annual interest due Monday on its 13.25 percent notes that mature in 2018. The builder, controlled by tycoon Zhang Zhi Rong, said it will honor the coupon within a 30 day grace period. Read More>>
HK Developers Plan to Put 12,000 More Homes on Market This Year
Developers who missed out on the buying frenzy for new flats last Saturday are expected to accelerate their project launches, fuelling a new round of price competition to draw home seekers.
More than 12,000 units in 21 new projects are expected to be available for launch between now and December, pending developer applications for pre-sale consent from the government, according to property agents. Read More>>
Anbang Backs Away From Acquisition Spree Before Reported IPO
Anbang Insurance Group Co., known for its aborted attempt to buy Starwood Hotels & Resorts Worldwide Inc. in March, is turning its attention from chasing deals to digesting $13.5 billion of overseas acquisitions announced since 2014.
The company will focus on integrating purchases such as South Korea’s Tongyang Life Insurance Co., Vice Chairman Yao Dafeng said in an interview on Tuesday. While Yao said Anbang will still continue to seek acquisitions, mostly insurers and banks, his comments suggest a deal spree that included buying New York’s iconic Waldorf Astoria Hotel and mounting a $14 billion bid for Starwood might abate. Read More>>
Singapore Plans to Keep Property Curbs in Place
Singapore doesn’t intend to ease property curbs that have dragged home prices down by almost one-tenth anytime soon, the head of the central bank said.
The relaxing of mortgage refinancing rules announced last week by the Monetary Authority of Singapore are aimed at easing homeowners’ debt burdens rather than create demand for new housing loans, the central bank’s Managing Director Ravi Menon said Tuesday. Read More>>
Chinese Space Travel Company Plans $1.5B Hangzhou Theme Park
Kuangchi Science, China’s answer to SpaceX, has announced it will invest RMB 10 billion ($1.5 billion) on a space-travel theme park based in Hangzhou, the city that is currently hosting the G20 meeting.
As part of the park, the Hong Kong-listed company said it is preparing for manned tests of a high-altitude balloon called the “Traveller,” which they hope will be able to take tourists into near-outer-space. Read More>>
Sotheby’s Dumps HK Partner Over “Legal Matters”
Sotheby’s International Realty, the New Jersey headquartered estate agency franchise, has terminated its agreement with Hong Kong partner Sino Gateway, after claiming the latter was involved in “legal matters” over its ability to sell properties overseas.
“Effective August 26, 2016, we terminated our franchise agreement with Sino Gateway that previously did business as Hong Kong Sotheby’s International Realty,” Sotheby’s said in a written email to the South China Morning Post on Tuesday. Read More>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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