Jardine Matheson Underlying Earnings Climb 5% and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Hong Kong’s Jardine Matheson reports improved underlying earnings, and US private equity giant Blackstone reportedly defaults on a euro-denominated commercial mortgage-backed security.

Jardine Matheson Posts Higher Underlying Earnings, Eyes Beefed-Up Dividend

Hong Kong-based conglomerate Jardine Matheson reported 2022 earnings of $354 million, down 81 percent. Its underlying earnings, which the company says is a more accurate measurement of its operational performance, rose 5 percent to $1.58 billion.

Revenue in the same period climbed 5 percent to $37.7 billion; total revenue including the total generated by its various associates and joint ventures similarly grew by 5 percent to $114.8 billion. Read more>>

Blackstone Defaults on Bond Backed by Finnish Commercial Portfolio

Blackstone has defaulted on a €531 million ($563.6 million) bond backed by a portfolio of Finnish offices and stores as rising interest rates hit European property values.

The private equity giant, which acquired landlord Sponda in 2018, sought an extension from holders of the securitised notes to dispose of assets and repay the debt, according to people with knowledge of the plan. Bondholders voted against a further extension, the people said, asking not to be identified discussing the private sales process. Read more>>

Central Bank Signals Supportive Tone for China’s Struggling Property Sector

One of China’s top financial officials has sought to rebuild confidence in the struggling property sector on the eve of the country’s annual rubber-stamp congress, as Beijing looks to revive a central driver of economic growth.

Pan Gongsheng, vice-governor of the People’s Bank of China, said the central bank would “learn from experience”, a reference to the market liquidity crisis triggered by the default of developer Evergrande in late 2021 and the government’s introduction of tighter debt limits. Read more>>

Key Investor Says Chinese Junk Bond Rally May Be Short-Lived

Value Partners, one of the biggest local investors in Chinese high-yield bonds, said the 80 percent rally since last November in the market for the riskiest corporate debt in the region has likely stalled for now.

New catalysts are needed to justify the sentiment-driven recovery, a top executive said. Read more>>

China’s Fragile Property Market Underscored by Hesitant Buyers

China property buyers are back on the hunt but not quite ready to invest, underscoring the tenuous state of the country’s real estate market.

Despite a slew of measures to boost demand and the end of COVID Zero, Chinese residents remain reluctant to commit their savings to a sector that’s seen its worst downturn. That’s prompting analysts to expect more policy support coming out of the National People’s Congress this month, as Beijing refocuses its attention to economic growth. Read more>>

Singapore Ranked Sixth for Luxury Home Sales in 2022: Knight Frank

Singapore ranked among the top markets for ultra-prime residential property transactions in 2022 alongside cities like London and New York, according to real estate consultancy Knight Frank.

In the agency’s Wealth Report released on Wednesday, Singapore ranked sixth among the top 10 cities in the high-end activity index, with 18 ultra-prime property sales valued at more than $25 million each and 121 super-prime property sales valued at more than $10 million each. Read more>>

Savills Singapore Sets Up Energy and Sustainability Management Department

Savills Singapore has launched an energy and sustainability management department to provide custom energy and sustainability-related solutions to building owners, occupiers and real estate investors.

These solutions will help to reduce the operational costs and embodied carbon footprint of buildings while maintaining asset relevancy, the property services provider said Friday. Read more>>

Favourable Demographics to Drive Property Demand in Delhi-NCR

Delhi-NCR’s real estate market is expected to grow exponentially in 2023, with some interesting trends shaping the future of Delhi, Gurugram, Noida and the periphery areas that are all gaining traction like never before.

Real estate continues to be the best investment option in Delhi-NCR, with approximately 40 percent people residing in the region preferring it over other investment options, according to a recent survey by R&R By Rise. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.