In today’s roundup of regional news headlines, South Korean investment firms are heading stateside as one looks to buy a half-stake in a Washington DC office building and two others complete the purchase of a California residential complex. In China, developer Sunac is seeking support from a city government as the Evergrande crisis pressures builders.
South Korea’s Meritz Alternative Investment Management is set to invest in a recently completed Brookfield office building in Washington DC, after receiving backing from a local pension fund.
Meritz formed a KRW 200 billion ($169 million) property fund to buy a 50 percent stake in 665 New York Avenue in the US capital, according to investment banking industry sources. South Korea’s Police Mutual Aid Association contributed KRW 60 billion to the fund, becoming the largest investor. Read more>>
South Korea’s Tiger Alternative Investors and NH Investment & Securities have bought multi-family homes in California for $220 million amid growing demand among Korean investors for US residential properties.
Tiger Alternative and NH Investment acquired The Monterey in the Inland Empire community of Corona, including all 442 homes and community facilities, according to South Korean investment banking industry sources. Read more>>
Chinese developer Sunac has sought help from a city government during a soured market, the latest sign that the nation’s property slowdown and the crisis at Evergrande are weighing on builders.
Sunac asked authorities in eastern Shaoxing to offer “special policy support” because operations in the city have become difficult, according to a letter from a subsidiary to the local government and seen by Bloomberg. Read more>>
Eleven entities belonging to embattled conglomerate HNA Group, including its flagship carrier, Hainan Airlines, will hold a creditor meeting on Monday, according to a document detailing its debt restructuring plan, seen by Reuters.
Under the plan, the 11 entities will be reorganised as a group and most of the group’s liabilities will be reduced via debt-to-equity swaps and shareholder repayments. Read more>>
Several local governments in China have set up special custodian accounts for property projects of its most indebted developer, Evergrande, to protect funds earmarked for housing projects from being diverted, media outlet Caixin said.
Reeling under debts of $305 billion, Evergrande missed a payment deadline on a dollar bond last week, and its silence on the matter has set global investors wondering if they will have to swallow large losses when a 30-day grace period ends. Read more>>
Top Spring is pushing ahead on its apartment portfolio, buying a A$94 million ($68.2 million) development-approved site next to the Double Bay’s InterContinental Sydney.
The Hong Kong property group exchanged contracts on the Double Bay Plaza site with the Rose family, which had already gained an approved application for a seven-storey, mixed-use development. Read more>>
Construction group Lum Chang Holdings said on Saturday that a subsidiary, Wembley Properties, has entered into an agreement to dispose of its interest in a 300-room serviced apartment block and neighbouring car park in London’s Wembley area for £28.9 million ($39.6 million).
Wembley Properties indirectly holds a 70 percent interest in a recently-completed 11-storey serviced residence block in the UK, as well as the long leasehold rights to an ancillary 45-lot car park at the basement of the apartment building. Read more>>