Kaisa boss Kwok Ying-Shing has some unhappy results to report
In today’s roundup of regional news headlines, trading of Kaisa Group’s Hong Kong-listed shares is halted after the developer misses a payment on a wealth management product, CBRE completes its buyout of consultancy Turner & Townsend, and Singapore-listed ARA US Hospitality Trust swings to a third-quarter profit.
Kaisa Stock Halted, Assets on Market After Missing Payment
Kaisa Group Holdings is selling assets to raise capital for liabilities including a missed payment on a wealth product and $11 billion in dollar bonds, as it faces a hectoring by Shenzhen’s government and the trading of its stocks was halted in Hong Kong.
The developer has put 18 property projects with 1.45 million square metres (15.6 million square feet) in Shenzhen on the auction block, with a combined value estimated at RMB 81.82 billion ($12.8 billion), according to a catalogue seen by the South China Morning Post. Read more>>
Kaisa Misses Payment on Wealth Product, Chairman Pleads for Time
Shenzhen-based developer Kaisa Group Holdings has missed a payment on a wealth management product, the latest sign of cracks widening in mainland China’s property sector.
Admitting that Kaisa was facing “unprecedented pressure on its liquidity” because of credit rating downgrades and unfavourable market conditions, chairman and chief executive Kwok Ying-shing promised investors that the company would not shirk its responsibilities. Read more>>
Henderson Talks Up Site 3 Plans, Dismisses Dividend Payment Fears
Henderson Land Development said it has deep pockets to develop a prime harbourfront site in Central into an iconic landmark.
The city’s third-largest developer by market value on Wednesday won the bid for a 50-year land grant of New Central Harbourfront Commercial Site 3 for a record HK$50.8 billion ($6.5 billion), beating five contenders in the government’s “two-envelope” tender. Read more>>
CBRE Closes $2.2B Turner & Townsend Buyout
CBRE Group and Turner & Townsend Holdings have completed their previously announced transaction whereby CBRE has acquired a 60 percent ownership interest in, and entered into a strategic partnership with, Turner & Townsend.
Turner & Townsend provides programme management, cost consultancy, project management and advisory consulting services for clients in 46 countries. Read more>>
ARA US Hospitality Trust Swings to Profit in Q3
ARA US Hospitality Trust reported Wednesday that its third-quarter net property income swung to a positive $9.2 million from a year-ago loss of $1.3 million amid a stronger-than-expected summer travel surge.
Gross revenue for the July-to-September period more than doubled to $41.1 million from $20.4 million in the year-earlier quarter, the trust said in a filing with the Singapore Exchange. Read more>>
Lendlease Global REIT Posts Occupancy of 99.8% for Q1
Singapore-listed Lendlease Global Commercial REIT posted a portfolio occupancy of 99.8 percent for its first quarter ending 30 September.
In a business update on Friday, the trust’s manager said the weighted average lease expiry for the first quarter of fiscal 2022 is “long” at 8.5 years by net lettable area and 4.4 years by gross rental income. Read more>>
Koreans Commit $104M to Co-Invest With BlackRock Infra Fund
South Korean institutional investors have allocated a combined €90 million ($104 million) of commitment to a separately structured co-investment vehicle of a fourth flagship fund by BlackRock Infrastructure Solutions, industry sources said Thursday.
Seoul-based investment house IPM Asset Management said Thursday that it has created the vehicle for Korean investors, allowing them to implement a co-investment strategy alongside BlackRock’s fund, dubbed Global Infrastructure Solutions 4. Read more>>
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