PwC Said to Weigh Deep Cuts to China Audit Staff and More Asia Real Estate Headlines

PwC leads Mingtiandi’s headline roundup today, as the Big Four accounting firm considers slashing up to half its financial services auditing staff in China. Also making the news, Lippo Malls Indonesia Retail Trust suffers a ratings downgrade and Elite UK REIT makes a deal for some fresh financing.

PwC Said to Weigh Cutting China Audit Staff

PricewaterhouseCoopers is considering slashing up to half its financial services auditing staff in China, two people with knowledge of the matter said, as a regulatory investigation and an exodus of clients darken business prospects.

The move follows Chinese regulators’ scrutiny of PwC this year for its role as the auditor of troubled property giant China Evergrande, an episode that triggered the exit of some clients. Read more>>

Fitch Downgrades Lippo Malls REIT on Distressed Debt Exchange

Fitch Ratings has downgraded the long-term issuer default rating of Lippo Malls Indonesia Retail Trust to C from CCC.

The seesaw in ratings comes after the agency upgraded Singapore-listed LMIRT’s rating back to CCC in June after downgrading it to C in May. Read more>>

Elite UK REIT Lands $175M in Credit

Elite UK REIT has entered into a facilities agreement for term and revolving facilities of up to £135 million ($175 million) over a term of 39 months.

This was done through the Singapore-listed REIT’s wholly owned subsidiary Elite Gemstones Properties, the trust’s manager said Tuesday. Read more>>

Japan Likely Spent Extra $13.5B to Prop Up Yen on Friday

Japan likely stepped into the currency market for a second straight day on Friday as it continued its battle to prop up the yen and keep speculators on the back foot.

Tokyo’s latest market entry was likely around JPY 2.14 trillion ($13.5 billion), a comparison of Bank of Japan current account data and money broker forecasts shows. The Friday move is seen following a larger JPY 3.5 trillion suspected intervention on Thursday, using the same calculation method. Read more>>

Goldman Sachs Japan Celebrates Move to Toranomon Hills Office in Tokyo

Goldman Sachs in June completed the final phase of a three-stage move to a new office space in Toranomon Hills, a business complex close to the Imperial Palace and government district in central Tokyo. The move coincides with the 50th anniversary of the bank’s presence in Japan.

The new office features collaboration hubs that facilitate discussions, as well as dedicated spaces for focused work, learning and informal gatherings — each with technology solutions and furniture tailored to their purpose, the firm said. Read more>>

Japan’s Aeon to Open Hue Mall as First Central Vietnam Location

Japanese retailer Aeon is set to launch a mall in Thua Thien Hue province, its first in central Vietnam and seventh in the country, on 16 September.

A delegation of the project’s contractors made the statement to Phan Quy Phuong, vice chairman of Thua Thien Hue province, while Phuong conducted an on-site visit to check the project’s progress on Monday. Read more>>

China Tries to Hit More Birds With One Stone in Property Rescue Push

After Beijing ordered Chinese cities to buy newly completed apartments and turn them into affordable housing, the first steps they took were to unveil plans to broaden eligibility for subsidies and fix other economic headaches in the process.

Chinese leaders issued the directive in May, aiming to alleviate a protracted property crisis, which has led to bloated inventories of unsold apartments that have crippled developers’ cash flows and weighed heavily on home prices, consumer confidence and economic activity. Read more>>

Lendlease Global REIT Remains Focused on Singapore Market

Lendlease Global Commercial REIT’s expansion focus has been largely on the Singapore market in recent years, though the SGX-listed trust is still on the lookout for opportunities in overseas markets, its manager told the Business Times.

Since its initial public offering on the mainboard in October 2019, the REIT has acquired Jem — a mixed-use development in Jurong East — a 10 percent stake in Parkway Parade shopping mall and a multifunctional event space at Grange Road. Read more>>