Suzhou and Shanghai followed Guangzhou in easing home-buying restrictions to boost property sales
China’s commercial capital leads today’s collection of real estate headlines with officials in the mainland’s most valuable real estate market rolling back policy restrictions on home sales to boost the market. Also making the list are updates from a pair of Keppel-managed REITS, including Keppel Pacific Oak US REIT delaying its results release after a slide in portfolio value.
Shanghai, Suzhou Join Major Chinese Cities Easing Property Restrictions
Two of China’s most expensive property markets, Suzhou and Shanghai, followed Guangzhou in easing home-buying restrictions in an effort to boost property sales as persistent weakness in confidence delays a recovery in the crisis-hit property sector.
The eastern city of Suzhou completely relaxed home buying restrictions for new and resale home markets, according to state media The Paper on Tuesday. Previously, residents in Suzhou were only allowed to buy up to three apartments with less than 120 square metres (1,291 square feet). Read more>>
Keppel Pacific Oak US REIT Portfolio Valuation Falls 6.8%; Delays H2 Results
Keppel Pacific Oak US REIT’s portfolio valuation as at 31 December 2023, fell 6.8 percent to $1.3 billion, from $1.4 billion previously, based on the latest independent valuation.
This comes as the REIT’s manager announced that its financial results for the second half and full year ended 31 December 2023, will be released at a later date. Its results were originally set to be released on 31 January. Read more>>
Keppel Infrastructure Trust Posts 123% Rise in H2 DPU on Special Distribution
Keppel Infrastructure Trust posted a 123 percent year-on-year jump in distribution per unit to S$0.0426 ($0.03) for the half-year period ended December.
This included S$0.0233 of special distributions paid out in November, on the back of the crystallisation of S$131.2 million in capital optimisation at Ixom, the trust’s manager said Wednesday. Read more>>
Temasek to Issue $105M Five-Year Offshore RMB Bond
A unit of Singapore state investment firm Temasek Holdings is set to issue a RMB 750 million ($105 million) guaranteed offshore bond at 3.2 percent interest with a maturity date in 2029, according to a filing with the Singapore Exchange.
The bond, which is guaranteed by Temasek and will be rated Aaa by Moody’s, is to be issued under Temasek Financial I’s $25 billion guaranteed global medium-term note programme, according to the statement filed late Tuesday. Read more>>
UOB Seeks $92M From Indonesian Developer Over Inflated Home Loans
Singapore’s UOB is seeking $92 million from Indonesian developer Lippo Marina Collection over losses incurred from disbursing $182 million in inflated home loans.
The Appellate Division of the High Court had in October 2022 overturned an earlier decision, finding LMC liable for using unlawful means in a conspiracy with real estate agents to sell properties to be financed by UOB. Read more>>
Vietnam’s Novaland Pockets $48M Profit From Sale of Subsidiary
Vietnamese developer Novaland sold its Thanh Nhon Real Estate subsidiary in the fourth quarter of 2023, recording a profit of nearly VND 1.1 trillion ($48 million). With that, the group’s profit was more than VND 1.6 trillion, or 13 times higher than in the year-earlier quarter.
Novaland announced its consolidated financial report for the fourth quarter of 2023 with net revenue of nearly VND 2 trillion, down 38 percent year-on-year. Read more>>
Sabana REIT’s Trustee Hits Back at Suggestions of ‘Wrongdoing or Delay’
The trustee of Sabana Industrial REIT said it rejects activist investors’ suggestions that it has committed wrongdoing or caused any delay in the REIT’s internalisation.
In a statement filed to the bourse on Tuesday night, HSBC Institutional Trust Services said it has been focused on executing the unitholders’ mandate by ensuring that its implementation is “orderly, well-considered and advised, in the best interest of all unitholders”. Read more>>
Aims APAC REIT’s 9-Month DPU Down 4.1% on Enlarged Unit Base
Aims APAC REIT on Wednesday posted a 4.1 percent year-on-year drop in distribution per unit to S$0.0699 ($0.05) for the nine months ended 31 December 2023.
The decline was due to an enlarged unit base resulting from an equity fundraising in July 2023 to strengthen the balance sheet and support asset enhancement initiatives and future growth opportunities, the trust’s manager said. Read more>>
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