Shimao chairman Xu Rongmao has had to find someone new to sign off on his books (Getty Images)
In today’s roundup of regional news headlines, auditors at some of China’s heavyweight property firms call it quits with annual reports still in limbo, Yuanta Securities’ Korean headquarters in the Seoul CBD changes hands, and Embassy Office Parks REIT plans to co-develop hotels with Hilton in India.
PwC, Grant Thornton Quit as Auditors for R&F, Kaisa and Shimao
Three of China’s biggest property developers have lost their audit firms after COVID-19 quarantines disrupted accounting work, in a collective setback for investors who will have to wait several months longer to get a glimpse of the financial results of some of the country’s biggest debtors.
PricewaterhouseCoopers resigned as the auditor of Guangzhou R&F Properties on 28 April and ceased acting for Shimao Services Holdings a day later, according to separate filings last Friday to the Hong Kong stock exchange. Grant Thornton resigned from Kaisa Group Holdings on 29 April, the Shenzhen-based developer said separately. Read more>>
NH-Amundi Sells Yuanta’s Seoul Office to Capstone for $242B
South Korea’s NH-Amundi Asset Management said Monday that last month it completed selling Yuanta Securities’ Korean headquarters to Capstone Asset Management for KRW 306 billion ($241.5 billion).
The selling price per square metre reached KRW 10.94 million and is understood as the second-highest price per unit in Seoul’s central business district so far. Last year, SK Group’s head office sold for KRW 11.81 million per square metre, according to market insiders. Read more>>
Embassy Office Parks REIT, Hilton to Develop Hotels in Bengaluru
Embassy Office Parks REIT and global hospitality company Hilton have entered into a partnership to develop hotel projects totalling over 500 keys in Bengaluru with an investment of INR 850 crore ($111 million).
The upcoming dual-branded hotel will include a Hilton Hotels & Resorts and a Hilton Garden Inn and will rise in Embassy Tech Village, owned by Embassy REIT, in Bengaluru’s Outer Ring Road. Read more>>
Buyers Snap Up 51 Units at Henderson Project in Kowloon
Henderson Land Development sold 51 units out of 138 on offer at The Quinn Square Mile residential project in Tai Kok Tsui on Sunday, according to the developer, as price-sensitive buyers snapped up small-sized flats amid a pickup in new project launches from developers over the past week.
Most of the units sold by 6pm were one-bedroom flats and studios, according to property agents, with the majority of buyers being end-users younger than 30 years old. Agents expected about 60 percent of all available units to be sold by the end of the day, the second of the three-day Labour Day weekend. Read more>>
Embassy Group Hires SAS Infra to Build 3 India Commercial Projects
Embassy Group has partnered with SAS Infra to develop three Grade A office assets encompassing 14 million square feet (1.3 million square metres) in Hyderabad’s financial district.
Embassy’s decision to re-enter Hyderabad marks growing confidence in its real estate landscape, buoyed by record hiring, major expansion plans by global firms and heightened physical occupancy levels. Read more>>
Slower Gains for China’s New Home Prices in April
China’s April new home prices grew at a slightly slower pace compared with March gains, a private survey showed on Sunday, with policy-easing moves by local governments yet to significantly revive buying sentiment.
New home prices in 100 cities rose 0.02 percent from a month earlier, easing from the 0.03 percent gain in March, according to survey data from China Index Academy, one of the country’s largest independent real estate research firms. Read more>>
Hong Kong Market on the Upswing as COVID Wanes
Hong Kong’s property market has regained its momentum with both primary and secondary markets performing well over the past few days amid the waning fifth COVID wave in the city.
All 388 homes at Grand Mayfair I in Yuen Long on offer in the first round of sales sold out last Friday, and the remaining 327 units will be put on the market tomorrow, the developers said, adding that the homes were over 12 times oversubscribed after attracting more than 4,300 checks. Read more>>
Casino Operator MGM China Says Earnings Fell 46% in Q1
Macau casino operator MGM China Holdings saw its first-quarter adjusted earnings before interest, taxation, depreciation and amortisation fall 45.8 percent year-on-year to HK$45.7 million ($5.8 million), the firm said Monday in a filing with the Hong Kong stock exchange.
The result was down 48.6 percent from the fourth quarter of 2021 for the firm that runs the MGM Macau casino resort and the MGM Cotai complex. MGM China’s results were released in tandem with the earnings of the parent MGM Resorts International. Read more>>
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