In today’s roundup of regional news headlines, China Evergrande now has state-owned Guangzhou City Construction Investment coming in to help restructure its RMB 3.25 billion ($510 million) in debts, Kaisa Group Holdings joins a wave of developers unable to publish 2021 audited earnings, and Hong Kong’s Henderson Land reports a 9 percent profit decline for 2021.
China Evergrande plans to bring in state-owned Guangzhou City Construction Investment as a guarantor to restructure RMB 3.25 billion ($510 million) worth of debts, sources said, as the embattled developer held an investor call last night in the absence of chairman Xu Jiayin.
But Xu was at another meeting last night where he said that Evergrande’s electric vehicle unit would achieve mass production of its Hengchi 5 SUV by 22 June, mainland media reported. Read More>>
Kaisa Group Holdings became the latest Chinese property developer to warn that it will likely miss the deadline for reporting audited 2021 results due this month.
The developer said it had entered into “constructive dialogue” with creditors as it sought to find a solution to its financial difficulties, and it blamed the delay of its audit process on China’s latest COVID-19 outbreak. It joins developers including China Evergrande Group, Sunac China Holdings and Shimao Group Holdings in delaying the publication of results. Read More>>
Industrial real estate and logistics parks developer IndoSpace is expanding its presence in western India with two industrial warehousing and logistics parks in Gujarat spread over 90 acres (36.4 hectares) with an investment commitment of around INR 600 crore ($78.6 million).
The company’s logistics parks in Becharaji and Bavla with over 2 million square feet (185,806 square metres) of Grade A warehousing near Ahmedabad aim to cater to rising manufacturing demand in Gujarat. Read More>>
Henderson Land Development, one of Hong Kong’s biggest homebuilders, reported a 9 percent slump in profit to HK$13.6 billion ($1.7 billion) in 2021, worse than the 1 percent decline expected by analysts.
Last year’s earnings were dented by the absence of a one-off gain from the Miramar Hotel and Investment Company when it became Henderson’s subsidiary in 2020, according to a filing with the Hong Kong stock exchange on Tuesday. Read More>>
Mainland Chinese owners with luxury homes in Hong Kong’s upmarket Mid-Levels area are offloading their properties at deep discounts to cover their stock market losses.
About 10 to 20 percent of mainland homeowners in the Mid-Levels have reduced prices because they are in urgent need of funds or shedding their holdings, said Samuel Lai, senior district sales director at Midland Realty. Read More>>
Units of Lendlease Global Commercial REIT fell as much as 5 percent after resuming trading on Wednesday.
The manager had announced a private placement and preferential offering on Tuesday — of which proceeds would help finance the trust’s S$2.1 billion ($1.6 billion) acquisition of the remaining stake in Jem mall that it does not already own. Read More>>
Thai property company Singha Estate is planning to invest THB 11 billion ($330 million) in new and existing projects this year, aiming for 73 percent growth in revenue once global tourism recovers.
Chief financial officer Chairath Sivapornpan said THB 4 billion will be earmarked for new plots of land for low-rise housing projects, focusing on the upper-end segment. The company targets net profit growth of at least 10 percent. Read More>>