Country Garden plans to sell a London residential project worth up to $572 million
Country Garden leads Mingtiandi’s headline roundup today with a plan to sell a London residential project worth up to $572 million. Also making the list, a key group of China Evergrande creditors is said to be backing a petition to liquidate the developer and Suntec REIT eyes divestment of more strata office units.
Country Garden Considering Sale of $572M London Project
Country Garden is considering the sale of its Ailsa Wharf residential development in London, according to a local report.
The troubled Chinese builder has invited agents to pitch for the sale of the project, also known as Calico Wharf, in East London’s Poplar district, React News reported. It is the company’s only development in the UK. Read more>>
China Evergrande Offshore Bondholder Group to Join Liquidation Petition
A key offshore bondholder group of China Evergrande plans to join a petition to liquidate the developer at a hearing in a Hong Kong court on Monday, two sources with direct knowledge said.
The bondholder group owns more than $2 billion in offshore notes guaranteed by Evergrande, and its support of a winding-up petition against the world’s most indebted developer could increase the chances of an immediate liquidation order from the court, lawyers in the industry said. Read more>>
Suntec REIT Eyes Another $74M in Strata Divestments in 2024
Suntec REIT is eyeing further divestments of Suntec strata office units in fiscal 2024, building on earlier divestments last year, as the trust’s manager aims to reduce gearing.
Chong Kee Hiong, chief executive of the manager, said at an earnings briefing on Wednesday that the manager is guiding for S$100 million ($74 million) in Suntec strata sales in the current financial year. Read more>>
OUE C-REIT to Rebrand to OUE REIT From 29 January
The manager of OUE Commercial REIT announced Wednesday that the Singapore-listed trust will be rebranding to OUE REIT from 29 January.
The change is part of 10th anniversary celebrations and better reflects OUE REIT’s focus on the hospitality, office and retail sectors, the manager said. The security and counter name will be updated to OUE REIT, while the trading code stays the same. Read more>>
Indonesian Builder Inks $1.3B Debt Restructuring Deal
Troubled Indonesian state builder PT Wijaya Karya signed a debt restructuring agreement valued at IDR 20.58 trillion ($1.3 billion).
The construction company entered the agreement with 11 financial institutions, according to company statements. The deal covers 87.1 percent of the debt being restructured as of 23 January, it said. Read more>>
EC World REIT Explains Lapses Leading to Illegal Mortgages
The manager of EC World REIT said its property manager in China bypassed internal processes to lend seals and documents to the sponsor, Forchn Holdings, for illegal mortgage applications.
This was in response to Singapore Exchange Securities Trading’s queries on the processes that led to three mortgages for loans of RMB 268.6 million ($38 million) taken by Forchn without the REIT manager’s consent. Read more>>
China Beefs Up Support for Developer Funding by Easing Loan Uses
Chinese regulators boosted support for struggling developers by widening the use of some commercial loans, its latest effort to stem a property slowdown and revive market confidence amid a stock market rout.
The People’s Bank of China and the National Financial Regulatory Administration will allow bank loans pledged by developers’ commercial properties to be used to repay other loans and bonds, according to a joint notice late Wednesday. The regulators will permit this easing until the end of the year. Read more>>
ESR-Logos REIT Bags Master Lease at 35% Higher Rental
ESR-Logos REIT has signed a master lease with PharmaGend Global Medical Services. The rental is an increase of more than 35 percent, as compared with the lease.
The lease represented about 1 percent of the REIT’s portfolio rental income at the end of September 2023, the REIT’s manager said Thursday. 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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