Chow Tai Fook and FEC want to raise prices for units at Queen’s Wharf Tower (Image: Far East Consortium)
Hong Kong’s Chow Tai Fook Enterprises and Far East Consortium cancel hundreds of sales contracts at their Queen’s Wharf Tower in Brisbane, with that story leading today’s headline roundup. Also in the news, UBS halts certain loans to the Cheng family’s New World Development and Singapore’s URA awards two land tenders.
Chow Tai Fook, FEC Cancel Sales of Aussie Condos
The Hong Kong partners in troubled Star Entertainment’s new Brisbane casino precinct say cost blowouts on a luxury residential tower have forced the cancellations of hundreds of apartment sale contracts.
The joint venture partners on Tuesday said they were unable to undertake the development of Queen’s Wharf Tower under the “current cost or time constraints”, forcing the cancellation of sale contracts on apartments. Read more>>
UBS Halts Margin Loans on Some New World Securities
UBS halted accepting some bonds and shares of New World Development as collateral for margin loans, joining other global lenders in suspending such financing for rich clients, according to people familiar with the matter.
The wealth arm of the Swiss bank cut back the lending in recent weeks, one of the people said, asking not to be identified discussing private information. The private banking arms of Citigroup and HSBC also stopped lending on New World securities some months back, the people said. Read more>>
GuocoLand, Santarli, Apex Win Singapore Land Tenders
Singapore’s Urban Redevelopment Authority announced Tuesday that it has awarded a pair of residential sites from tenders concluded earlier this month.
A consortium led by Santarli Realty and Apex Asia Development was awarded a plot at Dairy Farm Walk in Bukit Panjang after entering the top bid of S$504.5 million ($368.1 million) for the project. A consortium of Hong Leong Group units Intrepid Investments and GuocoLand in league with CSC Land Group, a division of state-backed Chinese engineering giant CSCEC, won a site on Tengah Garden Avenue with a bid of S$675 million. Read more>>
Sunac China Wins Support for Domestic Bond Restructuring
Sunac China on Tuesday emerged as the first embattled mainland developer to successfully cut down on its onshore debt, after it said holders of all 10 bonds had accepted its restructuring proposal.
The landmark deal enables Sunac, once one of China’s largest builders, to deleverage its RMB 15.4 billion ($2.11 billion) outstanding onshore debt by more than half. Reuters reported last week that Sunac had won support from nine of the 10 bondholders. Read more>>
Blackstone Favours Korea’s Hotels, Warehouses
The global real estate market is poised for a recovery, led by industrial warehouses, residential facilities and data centres benefiting from declining interest rates and supply shortages, said Kathleen McCarthy, global co-head of Blackstone Real Estate.
In South Korea, the global investment firm is optimistic about hotels and logistics facilities, which remain undersupplied amid rising travel demand and the rapid growth of online shopping. Read more>>
Mapletree Logistics Trust Distributions Dip in Final Months of 2024
The distribution per unit for Mapletree Logistics Trust fell 11.1 percent year-on-year in the December-ended quarter to S$0.02003.
Revenue fell 0.9 percent year-on-year to S$182.4 million ($134.6 million). The result was mainly due to lower revenue contribution from China, the absence of contribution from divested properties, and depreciation of various regional currencies against the Singapore dollar, the REIT’s manager said Tuesday. Read more>>
Fitch Downgrades China Vanke on Weaker Sales, Cash Flow
Fitch Ratings downgraded some of developer China Vanke’s bonds deeper into junk territory, adding to the list of challenges that the embattled company faces, with $4.9 billion in debt maturing this year.
On Monday, the global ratings firm downgraded Vanke’s long-term foreign and local-currency issuer default ratings to B- from B+. It also lowered the long-term IDR of Vanke Real Estate (Hong Kong), a wholly owned subsidiary, to CCC+ from B, among other adjustments. Fitch has now cut the firm’s creditworthiness five times since July 2023. Read more>>
R&F Bosses See San Jose Project Head to Foreclosure Auction
A real estate auction to foreclose a delinquent $264 million loan for two housing towers in the Silicon Valley city of San Jose has been scheduled for as soon as early February, public records show.
The delinquent loan is related to construction financing for the buildings, formerly known as Silvery Towers, which are owned by an affiliate of Z&L Properties, a real estate firm controlled by Guangzhou R&F founder Zhang Li. 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.
Leave a Reply