HNA chairman Chen Feng was arrested in September
In today’s roundup of regional news headlines, the restructuring scheme for failed Chinese conglomerate HNA hits a snag in Australia, Singapore’s Keppel Capital plans to convert a Seoul hotel into an office building, and logistics developer Goodman raises its full-year earnings guidance as e-commerce booms.
Ho Bee Land Stakes Claim to Seized HNA Asset in Melbourne
China’s HNA won approval for a restructuring programme on Sunday, and that decision in Hainan province is already being felt near Melbourne, where Singapore-based Ho Bee Land has lodged a caveat claiming rights to an HNA asset.
The Aitken Hill conference centre was taken over by receivers earlier this year, after HNA had defaulted on loans, and Ho Bee now appears to have taken over the 124-room hotel and its 69 hectare (170 acre) site. Read more>>
Keppel Capital to Convert Seoul Hotel Into Office Space
Keppel Investment Management, the South Korean arm of Singapore-based real estate investor Keppel Capital Holdings, has purchased Sheraton Seoul D Cube for KRW 131.7 billion ($117.9 million) to embark on a redevelopment project to turn the hotel into a commercial office building.
In the latest indication that luxury hotels in Seoul are increasingly losing their luster, Sheraton Seoul D Cube, located in Guro-gu, western Seoul, shut down Sunday after opening in 2011, according to the hotel franchise operator. The first five-star hotel in western Seoul housed over 250 guest rooms, 12 suites and 12 meeting rooms. Read more>>
Goodman Heads to $52.2B in AUM Amid Online Boom
Goodman Group shares surged almost 6 percent on Tuesday after the logistics giant upgraded its full-year earnings guidance on the back of a bumper first quarter of development activity fuelled by the e-commerce boom.
New forecasts of earnings per share growth of 15 percent this financial year — up from 10 percent guided in August — came in ahead of analysts’ expectations, as Goodman benefited from rising global demand for last-mile logistics facilities on urban in-fill sites it owns around the world. Read more>>
Ascendas REIT to Issue $122.3M in 2.63% Notes Due in 2031
Ascendas REIT, through its trustee HSBC Institutional Trust Services, has issued HK$950 million ($122.3 million) in notes with a fixed interest rate of 2.63 percent maturing on 24 October 2031.
The notes are expected to be admitted to the Singapore Exchange’s official list from 2 November at 9am. Their interest will be payable annually in arrears. Read more>>
ESR Secures $700M Sustainability-Linked Loan
ESR has secured its first sustainability-linked loan of $700 million, with an option to upsize it to $1 billion, from a consortium of leading international and Asian banks.
ESR said this marks its first step into sustainable financing, demonstrating its ongoing commitment to environmental, social and governance principles. Read more>>
China’s Property Woes Put Focus on Prestige Global Projects
China’s property sector woes could spell trouble for prestige megaprojects in London, New York, Sydney and other top cities as the developers behind them scramble for cash.
While China Evergrande’s struggles have dominated the crisis, the risk to multi-trillion-dollar global property markets stems from some of its rivals that have spent the last decade competing to build ever taller and grander skyscrapers. Read more>>
Shanghai Home Investors Spooked by Property Tax
Liu Huali, whose family owns three apartments in Shanghai, is planning to sell one in case the city decides to raise the tax it imposes on residential properties as part of efforts to cool the market.
Her decision, like that of many besides her, comes as the central government prepares to trial a new property tax in selected regions across the country. The recent announcement of a five-year pilot programme has prompted speculation that the existing levies in Shanghai and Chongqing — the only Chinese cities to impose them until now — may be raised as the government intensifies its campaign to tame runaway house prices. Read more>>
HNA Creditors Begin Selling Assets After Restructuring Approved
Creditors of the HNA Group have been given the go-ahead to sell its assets after the Hainan High Court in HNA’s home province on Sunday approved the multi-billion-dollar restructuring of China’s largest corporate bankruptcy case.
Up for grabs are 321 companies out of more than $40 billion of HNA’s corporate assets spread across aviation, airports, finance and commerce, including a 45-storey Manhattan office tower and a luxury villa at Hong Kong’s most exclusive residential address. Read more>>
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