The Goldin Financial Global Centre continues to wait for a buyer (Source: Savills)
In today’s roundup of regional news headlines, the agreed sale of Goldin Financial’s Hong Kong skyscraper fails to culminate, mainland developer Jinke defaults on an onshore debt payment, and Singapore’s Mapletree Investments reports an annual profit increase.
Goldin Financial’s Hong Kong Skyscraper Sale Terminated
Goldin Financial Holdings said the sale of its eponymous Hong Kong skyscraper failed to complete, in a blow to the embattled property firm’s attempts to repay debt.
The agreement by receivers to sell the Goldin Financial Global Centre was terminated and the deposit paid by the purchaser was forfeited, according to a statement to the Hong Kong stock exchange. The company did not elaborate on why the deal was not completed. Read more>>
Chinese Developer Jinke Defaults on $187.6M Debt Payment
Jinke Property Group, which has long maintained the policy of “zero default, no extension”, has become the latest Chinese developer to be ensnared by the sector’s growing debt crisis and has said it will not be able to repay a bond of RMB 1.25 billion ($187.6 million) that matured earlier this week.
The principal and additional interest on the bond, which was due on 28 May, will be paid off in regular instalments over the next 12 months, Jinke said Monday. The private developer, which is based in the southwestern municipality of Chongqing, reached consensus with bondholders on 27 May, it added. Read more>>
Mapletree Investments FY21 Net Profit Jumps 6.2% YOY
Mapletree Investments announced Tuesday that its net profit for financial year 2021 increased 6.2 percent year-on-year to S$1.96 billion ($1.43 billion) despite uncertainties brought about by the COVID-19 pandemic, strained US-China relations, rising inflation and higher interest rates.
The Temasek Holdings-owned real estate group said its recurring earnings for the year jumped 27.9 percent to S$810.2 million, while its revenue rose 4.6 percent to S$2.86 billion. Read more>>
CapitaLand Investments Pledges Net Zero by 2050
CapitaLand Investments increased its greenhouse gas emission reduction target by 46 percent as part of its commitment to achieve net zero emissions by 2050.
The property group announced Tuesday that its new strategy builds on the 2030 Sustainability Masterplan unveiled in October 2020, which included accelerating its transition to a low-carbon business, improving its water conservation and resilience, and enabling a circular economy. Read more>>
Seazen Unit Prices $100M Green Senior Notes Offering
Seazen Group’s New Metro Global subsidiary priced its previously announced senior notes offering at 7.95 percent against a principal amount of $100 million. The green bonds will mature on 1 June 2023.
On Tuesday, the Hong Kong-listed Seazen said proceeds from the issuance would be used to refinance its medium- to long-term offshore debts that will mature within a year. Read more>>
Swire Properties Recruits 30 Office Tenants to Green Initiative
Swire Properties said office tenants occupying over 1.5 million square feet (139,355 square metres) have signed up for the developer’s Green Performance Pledge to promote energy, water and waste reduction in just 10 months.
Since the launch of the pilot in August 2021, 30 office tenants — representing 20 percent of occupied lettable floor area from the company’s Hong Kong office portfolio — have signed up, Swire said Monday. Read more>>
More Flats to Hit Hong Kong Market This Weekend
Hong Kong’s primary and secondary home markets are benefiting from monetary easing in the mainland and the further relaxation of pandemic restrictions in the city, with developers poised to place more homes on the market over the upcoming long weekend.
The third price list for Phase 1 of Silicon Hill in Tai Po has been released, offering 84 units at an average price of HK$17,370 ($2,213) per square foot after discounts, and sales may be launched as early as this Friday, when the city celebrates the Dragon Boat Festival, developer Sun Hung Kai Properties said. Read more>>
China’s Property Market Rebounds in May Thanks to Loose Policies
China’s property market rebounded in May thanks to the implementation of loose policies.
The property transaction area of 17 monitored major cities rose 8.8 percent in May from a month earlier, with the annual decline narrowing to 51 percent, The Paper reported, citing data released by property market research institution China Index Academy. Read more>>
China Taking Green Route With REITs
China’s state planner is exploring adding new energy projects to its pilot scheme on real estate investment trusts for infrastructure projects.
The National Development & Reform Commission and National Energy Administration said in a joint statement that regulators will also support eligible new energy projects to earn certified emission reduction credits and to be included in the national carbon trading market. Read more>>
China’s Curbs on Property, COVID Have Cut Emissions — For Now
China’s carbon emissions have posted their longest sustained drop in a decade due to Beijing’s efforts to rein in the property market, boost clean energy and control the spread of COVID-19.
Carbon output dropped 1.4 percent in the first three months of 2022, marking three consecutive quarters of falling emissions that began last summer when the government tightened its policies on the real estate sector, according to a blog post for Carbon Brief by Lauri Myllyvirta, an analyst at the Centre for Research on Energy and Clean Air. Read more>>
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