In today’s roundup of regional news headlines, Shanghai-backed Greenland Holding suffers a further downgrade to its credit rating, accounting bigfoot PwC plans to retire as auditor of Hong Kong-listed property manager Dowell Service, and China’s Seazen readies a rare offshore bond issue among mainland developers.
S&P Global Ratings on Monday downgraded its long-term issuer credit rating on Greenland Holding Group to CC from B- on its belief that the state-owned developer has limited accessible cash to support its significant upcoming offshore maturities due in the next 12 months, totalling $2.4 billion by the rating agency’s estimate.
The downgrade with a negative outlook comes after the developer on 27 May sought an extension on a set of US dollar notes due on 25 June. Read more>>
Big Four accounting firm PricewaterhouseCoopers is retiring as auditor of Hong Kong-listed property management services provider Dowell Service Group upon the completion on 28 June of its current term of service, according to a 27 May filing.
Dowell Service’s board has proposed the appointment of the Hong Kong unit of BDO International to be the company’s new auditor. Read more>>
Seazen Group is planning to issue a US dollar bond, a term sheet showed, becoming one of the few Chinese property developers this year to test investor appetite for a sector in the throes of a debt crisis.
There has been little corporate bond activity from Chinese real estate developers after much of the industry became gripped by a liquidity squeeze last year. Read more>>
Singapore’s Sultan Plaza will be relaunched for collective sale on Tuesday via public tender with an unchanged reserve price of S$360 million ($263.3 million), exclusive marketing agent Teakhwa Real Estate said Monday.
The 45-year-old retail and office property was first put up for collective sale with a reserve price of S$380 million in 2019. It was later relaunched in December 2021 via public tender, which closed on 3 March. Read more>>
China’s first public REITs based on residential properties will be launched soon, as regulators step up efforts to channel fresh capital into the struggling real estate sector and aid a virus-hit economy.
Stock exchanges in Shanghai and Shenzhen each accepted an application for residential REITs backed by rental incomes from affordable housing, exchange filings show. Read more>>
The Urban Renewal Authority will set aside more than HK$15 billion ($1.91 billion) for its first project in Kowloon City that is to span the next 10 years, managing director Wai Chi-sing said.
Wai’s indication came in the wake of the URA announcing on Friday the commencement of statutory planning procedures for the Nga Tsin Wai Road/Carpenter Road Development Scheme in the Lung Shing area of Kowloon City. Read more>>
Shanghai said it will reduce rent, property tax and urban land use tax for qualified enterprises as part of its action plan to expedite recovery from the COVID-19 pandemic.
The city also vows to promote the reconstruction of ageing neighbourhoods and support expansion of corporate bond issuances to support investment. Wu Qing, the city’s deputy mayor, disclosed the 50-point plan at a press conference on Sunday. Read more>>
Hong Kong homebuyers held back from buying at two new developments in the city on Saturday, as rising mortgage rates and higher unemployment continue to dampen consumer sentiment.
Only 18 out of 328 homes, or 5.5 percent of the total, offered at Manor Hill in Lohas Park, Tseung Kwan O and Prince Central in Prince Edward were sold on Saturday as of 3.10pm local time, according to agents. Read more>>