Guangzhou R&F boss Li Sze-lim needs more time to get his facts together
In today’s roundup of regional news headlines, the Hong Kong stock exchange lets developer Guangzhou R&F delay the release of its 2021 results until August, China’s international infrastructure bank mulls opening its first overseas office, and debt-stricken Evergrande rallies creditors to oppose a winding-up petition.
Guangzhou R&F to Delay Results Until August
Mainland developer Guangzhou R&F Properties said this week that it has received permission from the Hong Kong stock exchange to extend the deadline for issuing its annual report to 19 August of this year.
The developer, which has been pushing investors to extend repayment of its offshore bonds, says it will now hold its annual general meeting in September. Read more>>
China’s COVID Isolation Spurs AIIB to Open Overseas Office
The China-backed Asian Infrastructure Investment Bank is set to open its first office outside of Beijing, as the multilateral lender grapples with China’s strict COVID-related curbs on overseas travel.
Abu Dhabi is among the preferred locations for the interim office, which could open as early as this summer, according to people briefed about the matter. Besides allowing employees based there to travel more easily, the office could also help AIIB expand its global presence, they said. Read more>>
Evergrande Canvassing Creditors to Fight Winding-Up Petition
China Evergrande Group is reaching out to its offshore creditors for their support to fight a lawsuit in a Hong Kong court aimed at liquidating the embattled property developer, according to a person with direct knowledge of the matter.
Evergrande, which is deemed to be in default on its nearly $23 billion in offshore debt and is working on a debt restructuring plan, aims to submit the backing of creditors as part of the evidence to the court ahead of the first hearing on the winding-up petition on 31 August, the person said. Read more>>
Evergrande Electric Vehicle Unit to Start Taking Pre-Orders
China Evergrande New Energy Vehicle Group said Tuesday that it would start taking pre-orders for its first model, a key milestone for the unit of the embattled property developer.
The start of pre-orders for the sport-utility vehicle comes after Evergrande chairman Xu Jiayin vowed within 10 years to shift the group’s primary business from real estate to the automobile venture, which has itself struggled for capital. Read more>>
9,999-Year Singapore Residential Site on Market for $46.7M
A 9,999-year leasehold site at Tanjong Katong will be put up for sale by real estate agency Huttons Asia for an indicative price of S$65.5 million ($46.7 million).
According to a media release by Huttons Asia, the site houses an existing four-storey walk-up development stretching from 56 to 62H Tanjong Katong Road and has been put up for collective sale. Read more>>
Oxley to Focus Investments in Developed Countries
Singapore’s Oxley Holdings said in a business update Monday that it intends to focus its development activities in developed countries such as the United Kingdom and Ireland, as it deems them to be “relatively more politically stable and transparent”.
In its update, the developer noted that it has S$305 million ($217.4 million) in unbilled contract value in the overseas market that will be recognised as revenue upon projects obtaining their temporary occupation permits. Read more>>
Hwa Hong Directors Plan Strategic Review in Expectation of Offer Lapse
Shareholding directors of Hwa Hong Corporation “are increasingly of the view that maximising shareholder value would be best achieved outside the timeline and constraints imposed by the general offer” made by Sanjuro United at S$0.40 ($0.29) per Hwa Hong share, the company said Monday.
The statement comes ahead of the offer’s closing deadline on 6 July. At the market close on Monday, the offeror and its concert parties held some 195 million shares amounting to a 29.9 percent stake in Hwa Hong. Read more>>
Dongguan Further Relaxes Homebuying Restrictions
Dongguan in Guangdong province has eased homebuying policies for the third time this year, narrowing the areas that will have restrictions on buying properties.
Earlier this year, the city joined several others in loosening its policies on the real estate sector, including allowing families with two or three children to buy an additional residential property. Read more>>
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