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Evergrande Hainan Resort Towers Repurposed and More Asia Real Estate Headlines 

2022/11/08 by Christopher Caillavet Leave a Comment

ocean flower island

Evergrande’s Ocean Flower Island project in Hainan province won’t go to waste

In today’s roundup of regional news headlines, officials who seized an Evergrande resort in Hainan province aim to reposition the buildings for residential and commercial purposes, while in Singapore the volume of condo resale transactions resumes its decline after a brief recovery.

Officials Turn Seized Evergrande Resort Towers to Rental, Commercial Use

Almost 40 residential buildings of China Evergrande Group’s mega resort project on Hainan island seized by the local government will be completed for rental housing, serviced apartments and commercial activities.

Last December, the government of Danzhou city ordered demolition of 39 towers in the Ocean Flower Island development, containing roughly 3,900 of the project’s 65,000 homes, because of environmental and construction violations. Read more>>

Singapore Condo Resale Volume Slid 11.6% in October

The number of condominium resale transactions in Singapore slid 11.6 percent in October after seeing a slight recovery in September, according to flash figures from SRX and 99.co on Tuesday.

Although overall resale prices continued to rise for the 27th straight month in October, the price growth slowed to 0.3 percent in October, the lowest growth recorded since June 2021. Read more>>

Alibaba’s International Arm Spends Millions to Expand Into South Korea

Alibaba’s international e-commerce business AliExpress is spending the equivalent of $7 million to reach consumers in South Korea, the unit told CNBC.

AliExpress said it launched three-to-five-day shipping to South Korea last year, allowing residents to buy some products, especially in fashion, from Taobao, Alibaba’s main e-commerce site in China. Read more>>

Korean NPS’ Growth Hindered by Government Intervention, Insider Says

South Korea’s state pension fund, the country’s main retirement plan, is in need of major reform centred on cutting off excessive government intervention, an insider said Monday.

Jeong Woo-yong, a member of the National Pension Service’s fiduciary liability committee, said the fund’s key decision-making bodies consist of “too many” government officials and lack economic experts. This hinders the fund’s growth, as it increases the fund’s vulnerability to being abused in different government projects with a lack of experts, leading to lacklustre profitability, Jeong said. Read more>>

Mapletree Will Not Redeem S$700M in Perpetual Securities at First Call

Mapletree Treasury Services said Monday that it will not be redeeming S$700 million ($499 million) in 3.95 percent subordinated perpetual securities on their first call date, 12 November 2022.

The perpetual securities were issued in May 2017 and have no fixed final redemption date. Mapletree Treasury, a subsidiary of Mapletree Investments, has the option to redeem the securities on the first call date on 12 November or on any distribution payment date thereafter. Read more>>

Investor Who Helped Expose Luckin Coffee Fraud Bets on Chain’s Comeback

A hedge fund manager who secretly wrote a scathing report in 2020 that accused Luckin Coffee of accounting fraud is now backing the Chinese chain, calling it “a miracle in China’s business history”.

Snow Lake Capital, a Beijing-based hedge fund founded and run by Sean Ma, has bought a minority stake in Luckin and is betting that the formerly NASDAQ-listed company’s valuation will surge, the investor said in an interview with the Wall Street Journal on Monday. Read more>>

Warburg-Backed Vietnam Developer Restructures Amid Nation’s Credit Crunch

Vietnam’s second-largest listed developer is restructuring its business as developers struggle to access capital sources and potential homebuyers face tightening credit, the Tuoi Tre newspaper reported.

Warburg Pincus-backed No Va Land Investment Group will focus on its core real estate business, reduce operational costs, cut staff and adjust construction plans in line with the current market situation, the newspaper reported, citing No Va Land chairman Bui Xuan Huy. He said the company expects the State Bank to develop a plan to assist potential homebuyers, investors and real estate developers, Tuoi Tre reported. Read more>>

Thailand Scraps Plan to Let Foreigners Buy Land

Thailand is walking back a policy that would have allowed limited land ownership by wealthy foreigners, a government official said Tuesday, after a public backlash against the plan.

Critics had argued that the investment sum was too small and that the policy could drive up property prices, crowding out local ownership. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

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Filed Under: crelist Tagged With: Alibaba Group, China Evergrande Group, Luckin Coffee, Mapletree Investments, NPS

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