GuocoLand’s mixed-use project will be developed on Tan Quee Lan Street in Bugis
A Singapore-listed developer leads Mingtiandi’s roundup of Asia real estate headlines today with news that the firm controlled by Malaysian billionaire Quek Leng Chan’s Hong Leong Company has secured the largest ever green loan for a real estate development in Singapore.
In other news around the region, a Korean retailer is locked in a legal dispute over a $448 million property deal, while a US stock exchange is said to be making it more difficult for mainland Chinese companies to list. In more encouraging China, home prices on the mainland grew at a faster rate in April than they had in March.
GuocoLand Secures S$730M Green Loan for Bugis Project in SG
GuocoLand, through its subsidiaries MTG Apartments and MTG Retail, has successfully secured a S$730 million ($515 million) green loan from OCBC Bank, DBS Bank and ICBC Singapore for the construction of its mixed-use development at Tan Quee Lan Street in Bugis.
This is GuocoLand’s first green loan and the industry’s largest green loan so far for a development project in Singapore. Read more>>
China Home Price Growth Accelerates in April
China’s new home prices rose at a slightly faster pace in April, adding to signs that the country’s property market is slowly recovering as coronavirus lockdowns are eased and the world’s second-largest economy reopens.
Average new home prices in China’s 70 major cities rose 0.5 percent in April from the prior month, following a 0.1 percent increase in March. Read more>>
Korean Retailer Locked in Legal Dispute over KRW 550B Property Deal
South Korea’s Ryukyung PSG Asset Management and retailer Lotte Shopping are facing legal action from entities that proposed to buy four Lotte Mart discount stores for KRW 550 billion ($448.4 million) in 2019, according to industry sources on Tuesday.
The prospective buyers, real estate developer Moon Development Marketing and subsidiary the Korea Asset Investment Trust, filed a lawsuit in April against Ryukyung PSG — a local asset management company that oversaw some KRW 1.59 trillion worth of assets as of Friday such as real estate, equities and derivatives — seeking at least KRW 500 million in damages. Read more>>
NASDAQ to Restrict Chinese IPOs
NASDAQ is set to unveil new restrictions on initial public offerings (IPOs), a move that will make it more difficult for some Chinese companies to debut on its stock exchange, people familiar with the matter said.
While NASDAQ will not cite Chinese companies specifically in the changes, the move is being driven largely by concerns about some of the Chinese IPO hopefuls’ lack of accounting transparency and close ties to powerful insiders, the sources said. Read more>>
UOL’s Singapore Hotel Occupancy Falls to 50%
UOL saw the occupancy rate of its hotels and serviced apartments in Singapore fall to 50 percent in Q1 from 85 percent in Q4 2019, according to its quarterly business updates.
Hotel occupancy across the group’s Oceania portfolio dropped from 84 percent to 72 percent over the same period, whilst occupancy of its hotels in China, Vietnam, Malaysia and Myanmar slid to 41 perecent from 69 percent. Read more>>
China Urges Firms to List in London in Global Push
China is urging domestic companies to look at listing in London, several sources told Reuters, as the country aims to revive deals under a Stock Connect scheme and strengthen overseas ties in the wake of the coronavirus crisis.
The Shanghai-London Stock Connect scheme, which began operating last year, aims to build links between Britain and China, help Chinese companies expand their investor base and give mainland investors access to UK-listed companies. Read more>>
Thai Hotelier Minor Plans to Raise $782M Amid Pandemic
Thailand’s Minor International Pcl, which operates brands such as Marriott and Four Seasons, plans to raise a total of THB 25 billion ($782.5 million) through perpetual bonds, a rights issue and 3-year warrants.
“Amidst the adverse impact on its operations from the global COVID-19 pandemic, MINT (Minor International) is taking a proactive approach to ensure its ability to service its obligations and to maintain its commitment to the quality of he balance sheet,” the company said in a statement. Read more>>
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