Henry Cheng, chairman of New World Development and CTF Services
The new year is bringing more of the same challenges for one of Hong Kong’s wealthiest families as the controlling shareholders of New World Development are reported to be marketing a set of infrastructure assets, with that story leading Mingtiandi’s first roundup of the year. Also in the news, China home sales levelled off in December and the battle continues over control of a troubled Singapore retail REIT.
New World’s Cheng Family Said Marketing China Toll Roads for $2B
The infrastructure arm of Hong Kong’s billionaire Cheng family is seeking to sell a bundle of roads in mainland China worth about $2 billion, according to people familiar with the matter.
CTF Services Ltd., formerly known as NWS Holdings Ltd, is in early-stage discussions with China’s state-owned Yuexiu Group, the people said, asking not to be identified because the talks are private. It has also discussed a deal with other buyers and has communicated to them that the package of roads could be split into smaller chunks for sale, the people said. Read more>>
China Home Sales Stabilised in December
China’s residential property sales in December were flat on-year, avoiding a downturn seen much of 2024 and reflecting signs of market stabilization after the government’s stimulus blitz.
The value of new-home sales from the 100 biggest real estate companies for the month remained unchanged from a year earlier at RMB 451.4 billion ($61.8 billion), compared to a 6.9 percent on-year drop in November, according to preliminary data from China Real Estate Information Corp. Sales gained 24.2 percent from a month earlier. Read more>>
Mainland Shareholders Battle to Wrest Back Control of SGX-List Dasin Retail Trust
THE trustee-manager of Dasin Retail Trust has received a requisition notice from a group of dissenting unitholders, as they sought to not only internalise Dasin’s trustee-manager function, but also to replace its current adviser, FTI Consulting (Singapore).
Specifically, they have called for another extraordinary general meeting (EGM) to remove the current trustee-manager and replace it with the intended internal trustee-manager Banda Capital, which was established by the requisitioners through an independent trustee on Jan 5, 2024. Read more>>
Sunac China Said Nearing Debt Restructuring Deal
Property developer Sunac China has so far received sufficient support from holders of seven of its 10 bonds to cut its onshore bond debt by more than half through a restructuring, a source with direct knowledge of the matter said on Monday.
The company needs approval from holders of all of its 10 onshore bonds worth RMB 15.4 billion ($2.11 billion) to implement the debt restructuring. Read more>>
Singapore Ramps Up Industrial Land Supply for 2025 1H
THE Ministry of Trade and Industry (MTI) is launching a total of 14.07 hectares of industrial land across 10 sites through the Industrial Government Land Sales programme for the first half of 2025.
On Monday (Dec 30), MTI said that the government will continue to release sufficient land through the programme to ensure an adequate supply of industrial space in Singapore. Read more>>
Tycoons Forced to Sell Billions in Hong Kong Property as Market Slides
Hong Kong elites lost billions in property deals in 2024, as wealthy individuals facing liquidity challenges in a high-interest rate environment and soft economy offloaded their assets at fire-sale prices.
Notable sellers included Chen Zhuolin, the chairman of distressed mainland Chinese developer Agile Group, who lost $16 million in November. The 62-year-old tycoon sold nine flats in Hamburg Villa on Eastbourne Road in Kowloon Tong, which were valued at a combined HK$213 million ($27.3 million). The units were sold at discounts of between 53 and 63 percent, less than half the original investment six years ago. Read more>>
Debt Problems Set to Linger into 2025 for China’s Distressed Developers
The new year is likely to offer little respite for troubled Chinese property developers amid lingering concerns about debt maturity, with market leaders like China Vanke and Country Garden Holdings facing repayment and restructuring deadlines.
More than RMB 700 billion ($5.1 billion) of property bonds are due for repayment in 2025, versus 770 billion yuan that matured in 2024, according to China Academy Index. Read more>>
Analysts See Positive 2025 Outlook for S-REITs
Singapore-listed real estate investment trusts endured quite a roller-coaster year in 2024.
What began as an optimistic year for the Reit sector, fuelled by hopes of interest rate cuts, shifted to one of uncertainty, due to concerns about a potential slowdown in rate cuts under the incoming Donald Trump administration in the US. 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.
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