In today’s roundup of regional news headlines, Singapore’s GLP reportedly eyes raising fresh funds to expand its China data centre platform, Chinese developer Yango reaches an agreement to delay an interest payment by six months, and CapitaLand’s CapitaSpring tower receives its temporary occupation permit, marking the end of construction.
GLP is considering raising fresh funds to help expand its data centre platform in China amid increasing investor demand for digital infrastructure assets, according to people familiar with the matter.
The Singapore-based investment manager is seeking to raise about $500 million from investors in exchange for a minority stake in the platform, the people said, asking not to be identified discussing private matters. Read more>>
Online classifieds company Carousell is in talks to acquire Singapore-based property marketplace operator 99 Group ahead of a potential public listing in the US this year, according to people aware of the development.
The acquisition is likely to give a boost to Carousell’s monetisation strategy as it doubles down on high-value transactions and shapes up for the public market, one of the sources said. Read more>>
China’s embattled private property developers have pulled back from buying new land, punching a hole in the local government funding that is needed to service their mountains of debt, fuel economic growth and pay for leader Xi Jinping’s ambitious social spending vision.
Private developers bought just 22 percent of residential land sold at nationwide auctions that wrapped up last month, according to data compiled by China Index Academy, a research firm focused on real estate. That was half their contribution in a round of sales in early 2021, before strict new limits on developers’ leverage known as the “three red lines” pushed heavily indebted firms into default and made it difficult for many peers to refinance their debt. Read more>>
Chinese developer Yango Group has reached agreement with investors to delay a RMB 40 million ($6.3 million) onshore coupon payment by six months, a source with knowledge of the matter said Wednesday.
The agreement, first reported by online financial news service Cailianshe, came after bondholders last month rejected Yango’s request to extend the payment, due on 29 January, by one year for the 6.9 percent notes worth RMB 580 million. Read more>>
Integrated development CapitaSpring has received its temporary occupation permit, marking the end of its construction, the manager of CapitaLand Integrated Commercial Trust said Wednesday in a regulatory update.
The 51-storey project at 88 Market Street has 673,000 square feet (62,524 square metres) of workspace and retail net lettable area combined, of which 93 percent has secured leasing commitments. CapitaSpring was the only Grade A office development in the Raffles Place central business district completed in 2021. Read more>>
China’s biggest property developers are still struggling to sell homes, as a resurgent COVID-19 pandemic combines with a slowing economy to deter big-ticket investments, offering little respite to the most leveraged among them.
The collective sales value of China’s top 100 developers fell 41 percent in January from a year earlier to RMB 526.6 billion ($82.7 billion), widening the slump from the 38 percent contraction in December, according to the China Real Estate Information Corporation. Read more>>
Investors seem to have lost their appetite for bonds issued by Chinese developers while rising defaults by an increasing number of cash-strapped companies have pushed the cost of funding for the sector to more than a decade high.
Chinese real estate companies issued RMB 48.1 billion ($7.6 billion) worth of bonds in January in both local and foreign currencies, according to Beike Research Institute, a research arm of KE Holdings, China’s biggest online property broker. That was a 70 percent slide from a year earlier. Read more>>