WeWork creditors are battling over the remains of a company once valued at over $40 bil
Creditors of defaulting shared office provider WeWork are now fighting over control of the company as it enters restructuring, with that story leading Mingtiandi’s headline roundup today. Also making the cut is a “final adjournment” of China Evergrande’s liquidation hearing and the continuing slide in Hong Kong home prices.
WeWork Creditors Fight for Control of Restructured Company
Creditors of defaulting shared office provider WeWork are locked in discussions over who will take the keys to the struggling co-working firm as the end of a debt grace period approaches, according to people with knowledge of the matter.
WeWork’s top backers including SoftBank and bondholders including King Street Capital Management are each seeking to take control of the company via a new restructuring after pouring money into the firm, said the people, who asked not to be identified because the discussions are private. BlackRock and Brigade Capital Management are also part of the negotiations, separate people familiar with the matter said. Read more>>
Evergrande Liquidation Hearing Delayed in ‘The Last Adjournment’
China Evergrande, the world’s most indebted developer, got a final chance to get what could be the nation’s biggest ever restructuring back on track, as a Hong Kong court adjourned a winding-up hearing.
Judge Linda Chan in Hong Kong’s High Court adjourned the proceedings to 4 December, the latest in a series of delays since they began last year. “This is really the last adjournment,” Chan said. Evergrande must have a concrete restructuring proposal by the next hearing, otherwise the court is “very likely” to issue a winding-up order, she said. Read more>>
Hong Kong September Home Prices Drop 1.7% to Near 6.5-Year Low
Hong Kong private home prices dropped 1.7 percent in September to the lowest since April 2017, official data showed on Friday, as rising interest rates and a bleak economic outlook weighed on homebuyer sentiment.
The September drop in home prices in the financial hub, one of the most expensive markets in the world, followed a revised 1.8 percent fall in August, according to data. Read more>>
PwC Walks Away From Auditing China’s Landsea Green Management
Chinese property management firm Landsea Green Management announced Friday that PricewaterhouseCoopers has resigned as auditor of the Hong Kong-listed company, which has since engaged Baker Tilly to sign off on its books.
PwC, which formerly audited the books for China Evergrande, Ronshine China and other defaulting developers, was reported last year to have decided to exit its business certifying the accounts of companies in the mainland’s heavily indebted real estate sector. Read more>>
Starhill Global REIT Reports 0.4% Rise in Q1 NPI to $27.3M
Starhill Global REIT reported net property income of S$37.4 million ($27.3 million) for the first quarter ended 30 September 2023, up 0.4 percent from S$37.2 million a year earlier.
This was due mainly to higher contributions from Starhill’s properties in Singapore and from the Myer Centre Adelaide mall in Australia, the trust’s manager said in a business update on Friday. Read more>>
J&T Express Hong Kong IPO Makes Founder a Billionaire
Another billionaire has been minted thanks to the online shopping boom that’s expanding from China to Southeast Asia.
J&T Global Express debuted Friday in Hong Kong after completing the city’s second-biggest initial public offering of 2023, leaving its founder Li “Jet” Jie with a $1.5 billion net worth, according to the Bloomberg Billionaires Index. Shares closed at the listing price of HK$12 after swinging between slight gains and losses during the session. Read more>>
Invesco Taking Profit on Weak Yen Plays and Buying China
A top-performing Asia stock picker is pocketing gains in Japanese exporters on bets the yen’s tumble is nearing an end, and is instead buying Chinese shares that have become cheap.
The Invesco Pacific Fund UK, which has outperformed 91 percent of its peers in the past year, has cut positions in exporters like Honda Motor over that period, according to fund manager Tony Roberts. “I wouldn’t expect the yen to weaken much further from here,” he said. Read more>>
CapitaLand Ascendas REIT’s Portfolio Occupancy Rises to 94.5% in Q3
CapitaLand Ascendas REIT’s manager on Friday reported a slight increase in portfolio occupancy for the third quarter, as it also continued to register positive portfolio rental reversions.
Portfolio occupancy as of 30 September 2023 rose to 94.5 percent from 94.4 percent three months earlier, the manager said in a business update filed with the Singapore Exchange. No details on revenue or distributions were provided in the third-quarter update. Read more>>
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