Oxley boss Ching Chiat Kwong has decided to slim down his Australian holdings
In today’s roundup of regional news headlines, Singaporean developer Oxley parts ways with some of its Australian land holdings, property services giant CBRE rebrands its investment management arm, and HSBC’s group CEO predicts capital market fallout from China Evergrande’s debt woes but no direct impact on the bank.
Oxley Offloads Sydney Site for $71M, Boosts Cash Flow
Singapore-based Oxley Holdings has divested 173-177 Walker Street in Sydney for S$96.3 million ($71.4 million), above the book value of S$60 million as of 30 June 2020.
Oxley expects the transaction to contribute positively to its cash flow, as there is no outstanding bank loan secured by the asset, the property developer said in a bourse filing on Tuesday. Read more>>
CBRE GI Renamed as CBRE Investment Management
CBRE Global Investors has changed its name to CBRE Investment Management.
“CBRE Investment Management replaces the CBRE Global Investors brand and all sub-brands globally, including CBRE Caledon Capital Management, its private infrastructure business; CBRE Clarion Securities, its listed real assets business; and CBRE Global Investment Partners, its private indirect real estate business,” the company said in a press release. Read more>>
HSBC CEO Sees Market Impact from Evergrande Debt Woes
HSBC Holdings expects the debt problems involving embattled developer China Evergrande Group to have an impact on capital markets but does not see any direct impact on the bank, its group CEO said.
“I’d be naive to think that the turmoil in the market doesn’t have the potential to have second-order and third-order impact,” Noel Quinn said at a Bank of America conference on Wednesday, according to a webcast on HSBC’s website. Read more>>
SHKP, Wheelock Rush to Build Small Flats Amid Market Surge
Hong Kong’s biggest developers are joining the rush to build small flats to woo young buyers as prices in the world’s most expensive housing market approach an all-time high. The move is being criticised by a senior advisor to Beijing for its profit motive.
Sun Hung Kai Properties plans to build 5,400 units in Sai Kung, with the smallest measuring 8.2 square metres (88 square feet), according to a filing with the Buildings Department. Read more>>
China Oceanwide Tries to Save US Deals as Evergrande Sways
As the financial world warily watches the fate of cash-strapped China Evergrande Group, another big Chinese property developer is facing a ticking clock too, tied to projects in Manhattan, Los Angeles and Hawaii.
China Oceanwide Holdings’ Hong Kong-based development subsidiary has been warning in regulatory filings this year that if it can’t complete plans to bolster its finances, such as restructuring debts and selling part of its portfolio, it might not be able to continue to “operate as a going concern”. Read more>>
Frasers Property Issues S$200M Sustainability Notes at 3%
Frasers Property AHL, a subsidiary of Frasers Property’s Australia unit, has issued S$200 million ($148.3 million) worth of sustainability notes due in October 2028.
Priced on 16 September at a coupon rate of 3 percent, the Series 001 notes were issued Thursday under Frasers Property AHL’s multicurrency debt issuance programme established in February 2020. Read more>>
Wee Family Puts Portfolio of Singapore Houses Up for Sale
Sitting between Haig Road and Tanjong Katong Road is a quiet street, Thiam Siew Avenue, with just 25 houses. Many of them are pre-war, single-storey, semi-detached houses and bungalows sitting on land area of 9,000-10,000 square feet (836-929 square metres) each.
They are the legacy of property magnate and hotelier Wee Thiam Siew, who passed away in 1972. The Wee family is ready to sell the land parcels along the avenue and has appointed Galven Tan, deputy managing director of investment sales and capital markets at Savills Singapore, as the exclusive marketing agent. 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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