Country Garden may be in line for more government support
China’s white list of property developers worthy of support leads Mingtiandi’s headline roundup today, with Country Garden and CIFI holdings said to make the cut. Also in the news, Japan’s Nomura is building a $ 1 billion to participate on the private lending deals and a Singapore bungalow sells for nearly $20 million.
China Puts Country Garden on List for Govt Support
Country Garden Holdings and Sino-Ocean Group Holding have been included on China’s draft list of 50 developers eligible for a range of financing support, according to people familiar with the matter, signalling a pivot by Beijing to help some of the nation’s most distressed builders.
CIFI Holdings Group, another builder that has missed debt payments, was also included on the so-called white list, the people said, asking not to be identified because the matter is private. Regulators are set to finalise the roster and distribute it to banks and other financial institutions within days, the people said, adding that some details could change. Read more>>
Nomura Building a $1B Strategy for Private Credit
Nomura Holdings is developing a global strategy to compete in the $1.6 trillion world of private credit, people with knowledge of the matter said.
The Japanese bank is looking to put down $1 billion from its own balance sheet over the next 18 months to participate on private lending deals, rivalling firms such as Blackstone Inc. and Ares Management Corp., said the people, who aren’t authorised to speak publicly. Read more>>
Singapore Bungalow Sells to Private Investor for $19.8M
A Good Class Bungalow (GCB) on Singapore’s Third Avenue belonging to Hin Leong founder Lim Oon Kuin, better known as OK Lim, has been sold for just below S$26.5 million ($19.8 million).
The buyer of the two-storey freehold property in the Bukit Timah area is said to be a Singapore family and the deal was done below the indicative guide price of S$30 million in a tender launched in September. Read more>>
Mainland Developer Sunac Gets Loan from Huarong as Support Ramps Up
Sunac China Holdings secured funding for one of its property units from a government-backed asset manager, in a further sign of support for the beleaguered real estate sector in China.
Shanghai Haolong agreed to a three-year loan of up to RMB 3.5 billion ($489.2 million) for a homebuilder half-owned by a Sunac subsidiary, according to an exchange filing on Tuesday. Haolong is partially backed by China Huarong Asset Management, one of China’s biggest bad-debt managers. Read more>>
Hong Kong Court Didn’t Dismiss Ping An Objection to Aoyuan’s Offshore Restructuring
The court in Hong Kong that was hearing developer China Aoyuan Group’s debt restructuring plan at the end of last month did not dismiss the objection raised by China Ping An Insurance Overseas Holdings, according to the unit of Chinese insurance giant Ping An Insurance Group.
The court did not dismiss Ping An Insurance Overseas’ claim but decided to continue the review at the admission hearing scheduled on 8 January, given that time was not enough after hearing the claim and basis, Ping An Insurance Overseas told Yicai yesterday, adding that it will accept suggestions from its legal advisor to exercise legal rights of a creditor. Read more>>
Savills Says Rents for Singapore Private Homes to Decline 5% Next Year
The private residential leasing volume has dropped by 9.8 percent y-o-y in 3Q2023, Savills Research reported based on statistics from URA.
A total of 23,145 leasing transactions for private homes were transacted in 3Q2023, which is lower than 25,657 transactions in 3Q2022. Read more>>
China’s Shenzhen Relaxes Policy Restrictions to Spur Property Demand
China’s Shenzhen rolled out two new homebuying measures in the same day as authorities seek to arrest a slump in the property market.
The technology hub in southern China connecting Hong Kong will lower the down-payment ratio for second homes to 40 percent from as much as 80 percent effective Thursday, the state-run Xinhua News Agency reported, citing a notice from the local branch of China’s central bank. Read more>>
Brookfield, CPP Investments Could Sell George St, Pitt St Office Towers
The owners of two neighbouring Sydney skyscrapers are weighing up their options with Canada’s Brookfield and listed company Dexus to potentially sell office assets in the heart of the city worth more than A$1.1 billion ($721 million).
The Canadian group has sought advice on a potential sale of its half stake in 388 George St in the Sydney CBD, with the A$1 billion tower likely to attract local and offshore bids as the revamped building is full. Read more>>
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