Ronshine chairman and CEO Ou Zonghong is staring at over $2 billion in unpaid offshore bonds
In today’s roundup of regional real estate headlines, a Fuzhou-based builder has defaulted on its latest set of offshore bonds and Dalian Wanda digs in for a fight after a court froze shares in the group’s property management unit. Also in the news, one of Hong Kong’s top builders looks to ramp up retail development in mainland China, and Henderson Land has consolidated a Kowloon site.
Mainland Developer Ronshine Defaults on $316M Offshore Bond
Ronshine China Holdings has defaulted on yet another set of offshore notes with the Fuzhou-based builder announcing that it missed payment on the $316 million in notes to the Singapore stock exchange late on Friday.
With interest bringing this latest default close to $329 million in value, the developer has now defaulted on more than $2 billion in offshore bonds in the last year. In a statement, the developer said it will continue to work with creditors toward a comprehensive solution. Read more>>
Wanda Vows Legal Battle as Chinese Court Freezes $270M in Shares
Dalian Wanda Group, China’s largest commercial developer, said Thursday that it’s fighting a legal battle over the freezing of RMB 1.9 billion ($270 million) worth of shares it owns in a subsidiary amid a bumpy path to an initial public offering in Hong Kong.
On Monday, a Shanghai court ordered the shares in the group’s property management arm, Dalian Wanda Commercial Management Group, frozen until 4 June 2026. The court did not provide reasons. Read more>>
Hongkong Land Plans 10 China Retail Developments in 5 Years
Hongkong Land said it plans to open 10 retail developments in the next five years in seven cities across China, bringing its total number of commercial projects in the country to 17.
The cities will be Chongqing, Chengdu, Wuhan, Shanghai, Nanjing, Hangzhou and Suzhou, the company said Thursday, adding that the new developments will add 280,000 square metres (3 million square feet) of retail floor space to its China portfolio. Read more>>
Henderson Completes To Kwa Wan Acquisitions With $140M Compulsory Sale
Henderson Land Development on Thursday won the bid for an old building in To Kwa Wan via a compulsory sale with a reserve price of HK$1.07 billion ($140 million).
The developer acquired the old building at 72-76 Lok Shan Road and 72-76B To Kwa Wan Road without any competition. Occupying 10,300 square feet (957 square metres), the building represents the final site approved for compulsory sale within the overall redevelopment project. Read more>>
M&G Real Estate Forges Ahead With $1.8B in APAC Deals Amid Uncertainty
With its imposing fortress-like facade and main entrance, the Surbana Jurong campus looks like the headquarters of a Marvel superhero. It gives little hint of the soaring glass atrium and indoor gardens within.
The new global headquarters of the state-owned consultancy was designed by Safdie Surbana Jurong, a collaboration between Safdie Architects (immortalised by the designs of Marina Bay Sands and Jewel at Changi) and Surbana Jurong. Surbana Jurong Capital, the investment arm of Surbana Jurong, developed the campus with 100 percent forward funding by London-based M&G Real Estate. Read more>>
BlackRock Says Investors Must Rethink China Allocation Amid Slowdown
Investors must reassess their allocations to China amid rising geopolitical tensions with the US and a slowing economy, according to BlackRock vice chairman Philipp Hildebrand.
China’s growth could slow to just 3 percent by the end of the decade, partly due to demographic changes, Hildebrand told Bloomberg TV on Thursday. Its shifting relationship with the US is also forcing investors to price in additional risks that could lower allocations. Read more>>
CK Asset Advances Unconditional Date for Civitas Takeover Bid
CK Asset Holdings said Friday that it has brought forward the unconditional date for its takeover bid for Civitas Social Housing to 23 June from 21 July.
The Hong Kong-based developer said it wants to conclude the offer process to give Civitas shareholders an exit opportunity within a shorter timetable, while also allowing the continued development of Civitias’s property portfolio. Read more>>
Quarz Requests EGM to Remove Sabana REIT’s Manager in Favour of Internalisation
Activist investor Quarz Capital has requisitioned an extraordinary general meeting to remove the manager of Sabana Industrial REIT in favour of an internal manager.
In a letter dated 7 June seen by the Business Times, Quarz requested for the board of Sabana REIT to convene an EGM to discuss making the changes. Read more>>
Homebuyers Heave Sigh of Relief as India’s Central Bank Leaves Rates Unchanged
With the Reserve Bank of India keeping the repo rate unchanged, home loan borrowers will have a reason to cheer that they will not have to pay more. The real estate industry is also upbeat about the market opening up, and new buyers, inhibited by persistent rate hikes, may finally think of buying homes.
This is the second time that the RBI has not hiked rates. The central bank first paused the rate hike cycle at its April monetary policy committee meet. Read more>>
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