GLP boss Ming Z Mei is set to raise $1.5 bil in renminbi bonds
Among the biggest real estate stories in the region today, GLP plans to raise $1.5 billion in renminbi denominated bonds, just after the company’s buyout was approved, and Lendlease decides to go Dutch in the sale of a stake in its Aussie senior living portfolio. Also, in the news, Hong Kong home sales are slated to reach new records in 2017 and there’s much more if you just keep reading.
GLP to Sell $1.5B in Panda Bonds
Global Logistic Properties subsidiary Iowa China Offshore Holdings (Hong Kong) plans to sell Panda bonds of 10 billion renminbi ($1.5 billion), as the company strengthens its market position on the mainland.
The size of the first offering under the 10 billion renminbi fundraising plan is expected to be 1.5 billion renminbi, according to a preliminary prospectus. Read more>>
Hong Kong Home Sales to Set Record in 2017
The number of new flats sold in Hong Kong this year is set to be a record, with the two biggest developers also likely to break their combined full-year sales record, in a further sign that demand for residential property in the city remains strong despite soaring prices.
Centaline Property Agency said that in Hong Kong’s primary housing market, 14,299 new flats worth a total of HK$185.69 billion (US$24 billion) have been sold in the first nine months of this year, putting the year on track to be the best since 2004, the agency said. Read more>>
APG Beats Out GIC to Win Lendlease Senior Living Stake
Lendlease Group has sold a stake worth about A$450 million ($352 million) in its retirement living business to Dutch fund manager APG Asset Management N.V., and said it expects construction earnings to weaken next year.
The impact of the deal to sell a quarter of the retirement living business, including transaction costs, will be a net loss after tax of about A$35 million, the company said in a statement on Tuesday. The retirement living business had an overall book value of about A$1.8 billion as at June 30. Read more>>
Wanda Rushes to Reschedule Debt After Credit Downgrade
A unit of Dalian Wanda Group Co. is negotiating with lenders about rescheduling some debt after its credit ratings were cut to junk, triggering a clause requiring early payment of some offshore loans, according to people familiar with the matter.
Covenants requiring mandatory prepayments at Wanda Commercial Properties were triggered on loans totaling more than $1 billion, according to people, who aren’t authorized to speak publicly and asked not to be identified. Read more>>
Future Land Buyout Rejected by Shareholders
Chinese billionaire developer Wang Zhenhua’s HK$5.1 billion (US$650 million) bid to take his Hong Kong-listed real estate company Future Land Development private failed after shareholders rejected the buy-back offer because they believed the company is worth more.
The property company scrapped its privatisation proposal after more than 10 per cent of individual shareholders voted against it, the company said during an extraordinary general meeting Tuesday morning. Read more>>
Chan Meng Kam to Buy Lan Kwai Fong Casino for HK$2B
China Star Entertainment Ltd, a services provider in the Macau casino market, said on Monday that Macau businessman Chan Meng Kam will acquire the Lan Kwai Fong casino hotel property (pictured) for a total consideration of HKD2 billion (US$256.2 million).
The news came as a surprise to the market, as China Star said in June that it had entered into a letter of intent with Hong Kong-listed Paradise Entertainment Ltd – chaired by gaming entrepreneur Jay Chun – for the latter company to take over control of the downtown Macau casino hotel, for a total consideration of HKD2.38 billion. Read more>>
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