The woes of a financially troubled conglomerate lead the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the Hainan-based group is shedding cash at a much faster rate than it is relieving its debt burden.
In other news around the region, a Singapore-based developer has secured a $180 million sustainability-linked loan, while a property group in the same city-state is set to add 846 units to its lodging business this year.
Meanwhile, a South Korean love hotel app makes it to second base in India — all this and more await you below.
HNA Group’s cash pile shrank 20 times faster than its debts, indicating that pressure is building for one of China’s most indebted conglomerates to speed up asset sales.
Cash, equivalents and short-term investments as of the end of June tumbled 61 percent from a year earlier, according to data derived from the Hainan-based Chinese group’s interim report released on Friday. By comparison, total debt fell 3 percent. Read more>>
Real estate group City Developments Limited (CDL) has obtained a S$250 million ($180 million) three-year revolving credit facility from DBS Bank to promote the United Nations’ Sustainable Development Goals.
This SDG Innovation Loan is a green financing concept focused on innovations, CDL and DBS said in a joint statement on Wednesday.The loan will be used for general working capital and corporate funding. Read more>>
There is a lot working against China’s most indebted property firm. China Evergrande Group is sitting on $113.7 billion in debt and its core profit fell 45 percent in the first half of the year.
Real-estate growth is slowing, with banks under orders to curb home loans. President Xi Jinping’s refrain that houses are for living in, not speculation, has been cropping up more frequently. Read more>>
Singapore-based CapitaLand’s Ascott lodging business plans to add a record 846 units across four new properties in Singapore this year, growing its local portfolio to over 3,100.
The 279-apartment lyf Funan Singapore, the 166-unit Citadines Balestier Singapore and the 81-room Ji Hotel Orchard Singapore properties are set to open this month, while the 320-unit Citadines Rochor Singapore asset will open in December. Read more>>
A 665-unit project in Shenzhen could be home to flats worth RMB 20 million ($2.8 million), if its developers win approval for an average price of 100,000 yuan per square metre, industry insiders said.
Longhua Jinmao Palace, which was completed eight months ago and has been left unsold since then, could – at a 50 per cent premium over its neighbourhood – become the Shenzhen Longhua district’s most expensive residential development. Read more>>
The creator of South Korea’s most popular hotel app has acquired Indian lodgings management platform eZee Technosys, quickening an expansion beyond its home country.
Yanolja Co will pick up 21,000-plus global clients from the Surat, India-based company, which helps hotels and other customers manage room bookings and loyalty programmes online. The South Korean company hopes to extend that automation technology to its other businesses across the region. Read more>>