China Aoyuan chairman Guo Zi Wen (Getty Images)
Mainland developer China Aoyuan has filed for Chapter 15 bankruptcy protection in New York, with that story leading Mingtiandi’s roundup of headlines from around the region. Also in the news, a Singapore residential redevelopment site sells for below its guide price and a seized Hong Kong flat goes on the market at a discount.
China Aoyuan Seeks Chapter 15 Bankruptcy Protection
China Aoyuan Group sought Chapter 15 bankruptcy protection in New York on Wednesday, court papers show.
Chapter 15 bankruptcy protects the Chinese developer’s US assets while restructuring arrangements are worked out elsewhere. International debt-restructuring deals sometimes require a Chapter 15 filing in the course of finalising a transaction. Read more>>
Residential Site on Singapore’s Sophia Road Sells for Below Guide Price
A residential redevelopment site at 132 Sophia Road in Singapore’s Mount Sophia area was sold for S$33.59 million ($25.25 million) to boutique developer and investor Sin Thai Hin Development, following a tender exercise that closed on 29 November.
This translated to a land rate of S$1,172 per square foot per plot ratio inclusive of a nominal land betterment charge, exclusive marketing agent Knight Frank said Thursday. Read more>>
Hong Kong Flat Seized From ‘Junket King’s’ Ex-Lover on Sale at Discount
A luxury flat in Mid-Levels, seized from the former lover of incarcerated Macau “junket king” Alvin Chau, has been put up for sale at a significant discount to its peak price as creditors seek to extract their dues.
Agents said the asking price of HK$90 million ($11.5 million) for the Mid-Levels property, which was seized from Mandy Lieu by her creditors, is a third lower than what it could fetch in a bull market. Read more>>
Shenzhen’s China South City Faces More Tests After Debt Relief
China South City Holdings, a developer partly owned by the city of Shenzhen, won a reprieve after creditors agreed to extend a dollar bond maturity and lower its coupon, avoiding a default as it soon faces more payment tests ahead.
Holders of the 9 percent note due July 2024 — with $235 million of principal outstanding — agreed to push back its maturity date to August 2027 and halve the interest to 4.5 percent, according to a filing with the Hong Kong stock exchange on Wednesday. Read more>>
China’s Big Developers Crank Up Asset Sales to Raise Funds
China’s large developers are speeding up the pace of asset disposals — selling office buildings, hotels, development projects and even shares in companies — to raise much-needed funds.
Key developers were involved in 24 asset transactions last month, including nine related-party deals, raising RMB 20.1 billion ($2.8 billion), a more than 60 percent increase from November, according to data from China Real Estate Information. Read more>>
Investor Appetite for Retail Real Estate Heating Up Again
Big investment firms that have shunned retail real estate for years are giving the sector a fresh look, the latest sign that this long-beleaguered property type is on the mend.
Institutional buyers are snapping up grocery stores, pharmacies and other recession-resilient stores. Retail’s strong performance in recent years has also increased the sector’s appeal as remote work depresses demand for office buildings. Read more>>
PAG Lends $63M for Construction of 10 Mumbai Towers
A Kalpataru group company has raised INR 5.25 billion ($63 million) debt facilities from PAG, a global alternative investment firm, for a term of 3.5 years to complete the construction of its 10 residential towers in Mumbai suburb, said people aware of the development.
Asia Pragati Strategic Investment Fund, managed by PAG, provided the debt facilities in two tranches in the form of non-controvertible debentures. The funds were raised at an internal rate of return of 18.75 percent, the people said. Read more>>
Swire Shanghai Mall on the Naughty List for Collecting Shoppers’ Personal Data
The HKRI Taikoo Hui Mall in Shanghai’s Jing’an district has been ordered to make amends for illegally gathering personal information from customers for its parking fee charging service.
Following a crackdown by local authorities on excessive gathering of consumers’ personal information, the mall was found to be failing to post “clean codes” for billing parking fees. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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