Vanke-Linked Wealth Products Miss Payment Deadline and More Asia Real Estate Headlines

A Chinese online financing company fails to pay investors linked to China Vanke, with that story leading Mingtiandi’s headline roundup today. Also making the news, PwC names a new China head and Vanke’s stock gains as the developer receives $783 million.

Vanke-Linked Wealth Products Miss Payment Deadline

A Chinese online financing company has failed to pay investors who bought equity-backed products partially underpinned by projects linked to China Vanke, according to people familiar with the matter.

Shenzhen-based Penging, which is partially owned by Vanke, used revenue from real estate projects related to the developer as underlying assets for products it then sold to some Vanke staff, the people said, requesting not to be named because the matter is private. Investors failed to receive payments starting a few months ago, the people added. Read more>>

PwC Names New China Head Amid Regulatory Scrutiny

PricewaterhouseCoopers has named in-house executive Daniel Li as its new China head, a move that comes as it faces investigations by financial regulators in mainland China and Hong Kong.

PwC said in a statement to Reuters on Wednesday that Shanghai-based Li assumed the role of chairman of PwC China and Asia Pacific with effect from Monday, taking over from Raymund Chao, who retired on 30 June. Read more>>

Vanke Stock Gains as Developer Bags $783.7M Loan

Shares in China Vanke advanced Wednesday after the troubled Chinese developer said it had received RMB 5.7 billion ($783.7 million) from the Bank of Communications.

The loan is at least Vanke’s eighth in two months, as the builder struggles to stay afloat amid a prolonged downturn in the real estate market. Read more>>

Times China’s Wind-Up Hearing Delayed Amid Debt Talks

A Hong Kong court adjourned the first winding-up hearing of Times China Holdings to 31 July to give the petitioner more time to consider the defaulted builder’s debt proposal, according to a judge.

The liquidation petition was filed by Hang Seng Bank in connection with financial obligations of $173.2 million and HK$731.4 million ($93.6 million), respectively, Times China said in April. Read more>>

Hong Kong Court Adjourns Wind-Up Trial of HNA Group for Six Weeks

HNA Group (International), an investment arm of Chinese conglomerate HNA Group, on Wednesday was granted a reprieve against two winding-up petitions in Hong Kong after a judge adjourned the hearing for six weeks.

Justice Hui Ka-ho pushed the court hearing to 14 August, giving the Hong Kong-based company time to clean up its house and negotiate with creditors. It was the first time a case was brought against HNA Group (International) after it defaulted on a $200 million bond in 2021. Read more>>

Three Chinese Developers Forced to Delist in June

Chinese real estate companies Shanghai Shimao, Jiangsu Zhongnan Construction Group and Dima Holdings started the delisting process last month for failing to meet the basic criteria of keeping their stock price above RMB 1 ($0.13) for 20 successive trading days. Last year, eight developers were kicked off bourses for the same reason.

The three developers tried to keep their share price above the red line by buying back shares and releasing good news to cheer up investors, but they failed. The main reason for their delisting is insufficient investment value, analysts said. Read more>>

Thomson View Condo Back on Market at Unchanged $678M Reserve Price

Thomson View Condominium in Singapore has been put up for collective sale again at an unchanged reserve price of S$918 million ($678 million).

The relaunch of the tender for the 99-year leasehold development comes after a previous tender closed on 18 April with no deal signed. Read more>>

China’s Secondary Property Sales Surge After Policy Incentives

China’s secondary housing market showed signs of recovery as sales in major cities jumped to a 14-month high after supportive policy measures. But the primary market remains weak amid buyer caution about indebted developers’ ability to deliver homes.

June transactions of pre-owned homes in 14 tracked Chinese cities rose 11.2 percent from May and 27.9 percent from a year earlier to 119,470 units, the highest since May 2023, according to a report on Wednesday from Zhuge Real Estate Data Research Centre. Read more>>