Country Garden Shares Suspended in Hong Kong and More Asia Real Estate Headlines

Country Garden leads Mingtiandi’s headline roundup today as trading in the distressed builder’s Hong Kong-listed shares is suspended after it failed to report its 2023 results on time. Also making the list, Korean e-commerce giant Coupang aims to invest over $2 billion to add logistics hubs in its home country and Hong Kong mall operator Lifestyle is looking for $1 billion to refinance a Kai Tak mega-project.

Shares in Distressed Developer Country Garden Suspended in Hong Kong

Trading in Country Garden was suspended in Hong Kong on Tuesday, just days after the debt-ridden developer postponed the release of its 2023 results.

The firm is among a number of China’s largest developers battered by a crisis in the country’s property sector and struggling under a mountain of debt, fuelling concerns about the stability of the world’s second-largest economy. Read more>>

Korea’s Coupang to Invest $2B to Expand ‘Rocket Delivery’

E-commerce company Coupang Corp announced an investment of $2.23 billion over the next three years to expand its “rocket delivery” service across South Korea.

The plan involves setting up more than eight fulfilment centres to serve as logistical hubs for swift delivery, Yonhap News Agency reported. Read more>>

Hong Kong Mall Operator Lifestyle Seeks Up to $1B Loan 

Hong Kong mall operator Lifestyle International Holdings is in talks with banks to refinance a loan that backs a landmark retail project at a mega development covering the city’s former airport, according to people familiar with the matter.

The syndicated loan, if signed, would be in the HK$7 billion to HK$8 billion ($895 million to $1 billion) range, the people said, asking not to be identified discussing private information. Details are still under discussion and subject to change. The loan it would refinance is a HK$6.95 billion, two-year syndicated facility signed in June 2022 for Lifestyle’s project in Kai Tak, an area set against Victoria Harbour where other developments include a sports park. Read more>>

Hong Kong New Home Sales Hit 11-Year High After Property Curbs Removed 

Hong Kong’s new home transactions hit an 11-year high in March, an encouraging sign for the beaten-down property market after the government lifted cooling measures.

There were 4,170 sales in the period, more than 14 times the figures from the prior month, according to a report from the Hong Kong Economic Journal. Read more>>

GCB Site Housing Two Bungalows in Caldecott Hill for Sale at $46M

A Good Class Bungalow site with two freehold bungalows in Singapore’s Caldecott Hill is on the market at a guide price of S$62.8 million ($46.4 million).

The District 11 property was purchased in the 1960s by Chan Kok Kwan, a prominent diamond merchant who moved in high-society circles. It has housed three generations of the Chan family. Read more>>

Singapore City Square Mall’s $37M Revamp to Add 26,000 Sq Ft of GFA

City Square Mall, located at the junction of Serangoon and Kitchener Road, will add 26,000 square feet (2,415 square metres) of gross floor area after it completes a S$50 million ($36.9 million) asset enhancement initiative in 2025.

The 11-storey mall is owned and managed by Singapore-listed City Developments Ltd, which is positioning the property as a family- and community-centric space. Some of the mall’s areas formerly dedicated to mechanical and electrical equipment will be freed for more sports and communal facilities. Read more>>

Singapore Bank Exposure to US Commercial Real Estate Seen as Small

Local banks’ exposure to US property, including its ailing commercial real estate sector, is small as a share of the banking sector’s total loan portfolio and does not present systemic concerns, market observers said.

The Monetary Authority of Singapore monitors the country’s banking system exposure for financial stability purposes, they said, adding that the regulator’s mission will see it continuing to monitor developments in the US for potential contagion effects on Singapore. Read more>>

HDB Rents Rose 10% in 2023, Stabilising From 35% Surge in 2022

Rents for Singapore public housing units stabilised in 2023 after spiking 35 percent in 2022, Parliament heard on Tuesday.

In 2021, the average year-on-year increase in open market rents for Housing and Development Board three-room, four-room and five-room apartments was 5 percent. This increased to 35 percent in 2022 but dropped to 10 percent in 2023, said Indranee Rajah, second minister for national development. Read more>>

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