A Wanda Mall in Nanchang
Wang Jianlin’s Dalian Wanda Group leads today’s roundup of real estate news from around the region, as the mall developer struggles to get creditors to agree to a delay in its Hong Kong IPO. Also in the headlines, a pair of adjoining Singapore luxury plots sell for $23 million and the Lion City moves a step closer to redevelopment of a waterfront commercial project.
Zhuhai Wanda Commercial Said Seeking to Delay Hong Kong IPO
Zhuhai Wanda Commercial Management Group, the commercial property management unit of Chinese real estate giant Dalian Wanda Group, is reportedly trying to delay its initial public offering in Hong Kong.
Zhuhai Wanda Commercial is negotiating with its 22 pre-IPO investors to postpone the listing to as late as 2026, The Paper reported yesterday, citing a source. The proposal has not been well accepted because of the long delay and concerns about future uncertainties, it added. Read more>>
Singapore Luxury Residential Sites Sold for $23M
Two adjoining freehold plots at 43 and 45 Gentle Road have been sold for S$30.89 million ($23.13 million) to boutique developer Pinnacle Assets, slightly over the properties’ guide price of S$30 million.
With a combined area of 1,479.3 square metres (15,923 square feet), the sale of the two sites translates to a land rate of S$1,940 per square foot, marketing agent Knight Frank Singapore said on Monday. Read more>>
Mapletree Gets Nod to Build Interim Ferry Terminal
Singapore’s Mapletree has received permission from the authorities to build an interim ferry and cruise terminal in HarbourFront, paving the way for the potential redevelopment of HarbourFront Centre, which currently houses a ferry and cruise terminal.
The Urban Redevelopment Authority on 11 September issued written permission to HarbourFront Four, a subsidiary of Mapletree, to build a two-storey interim ferry and cruise terminal. Read more>>
China’s Property Lifeline Exposes Banks to Big Losses
China’s escalating push to have its finance behemoths backstop struggling property firms is adding to a maelstrom of woes for the $57 trillion banking sector.
Already stung by soaring bad loans and record low net interest margins, lenders such as Industrial and Commercial Bank of China may soon be asked for the first time to provide unsecured loans to developers, many of whom are in default or teetering on the brink of collapsing. Read more>>
The Hong Kong Judge Who Puts Fear Into China’s Deadbeat Builders
In Courtroom No. 29, a grey, musty cubbyhole of a space wedged into the heart of Hong Kong’s tony banking district, Judge Linda Chan presides over China’s great financial reckoning.
One after the other, the high-powered attorneys and executives of distressed real-estate developers — the behemoths that had once powered the economic boom that made China the envy of the world — come before her to plead for their financial lives: China Evergrande Group, Sunac China Holdings, Jiayuan International Group, Kaisa Group Holdings. Read more>>
Singapore Household Debt Drops to Lowest in a Decade
Singaporeans have reduced their debt levels as high interest rates discouraged them from taking new loans and healthy income growth helped them pay off their obligations, the central bank said in a report released Monday.
Aggregate household debt fell for the eighth consecutive quarter to 1.2 times personal disposable income in the third quarter of 2023, the lowest level in over a decade, the Monetary Authority of Singapore said in its Financial Stability Review for this year. Read more>>
China Bank-Backed Dollar Bond Sales Plunge Amid Default Jitters
Cash-strapped Chinese borrowers are losing another funding avenue, as default jitters rock a market that relies on quasi-guarantees from banks for repayment.
Sales of China dollar notes carrying a so-called standby letter of credit, effectively a lender’s pledge to repay if the issuer can’t, slumped 90 percent to $1.04 billion so far this year from the previous year, according to Bloomberg-compiled data. This outpaced a 52 percent drop in China dollar bond sales to $52.2 billion for the same period, the data showed. Read more>>
IOI Properties Stumbles After Q1 Net Profit Declines
IOI Properties Group’s share price fell 6.4 percent to an intra-morning low of MYR 1.62 ($0.35) on Monday, despite analysts expressing their optimism on its earnings outlook.
The counter then pared some losses to close at MYR 1.65, down 4.6 percent, as 18.38 million shares changed hands. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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