Macau’s king of gaming just bought a Singapore retail site
The king of the Hong Kong casinos is branching out in Singapore malls as Shun Tak real estate buys a plot on Orchard Road, plus China City Construction, which was recently seen as a default risk has paid off an offshore bond after the company changed hands. Plus Evergrande Real Estate is now a “Group” and much more, if you will only read on.
Stanley Ho Buys Orchard Road Site for $105M
Hong Kong gaming tycoon Stanley Ho has bought a prime land site off Singapore’s famed Orchard Road shopping belt, in the first transaction of a redevelopment site for a hotel in this location in more than a decade.
Shun Tak Real Estate (Singapore) Pte, a subsidiary of Hong-Kong-listed Shun Tak Holdings Ltd., bought the plot for S$145 million ($105 million), according to a statement from Jones Lang LaSalle Inc., which brokered the deal through a public tender. Read More>>
Troubled Builder China City Construction to Redeem RMB 2.5B Bond
China City Construction Holding Group Co. will redeem its 2.5 billion yuan ($382 million) offshore yuan bond before maturity on June 20 after a change of control clause was triggered. The construction company, which recently changed its controlling shareholder, will buy back the notes at 101 yuan for every 100 yuan of principal on June 20, the company’s spokesman Yuan Qing said during a phone interview Friday.
The funds will be partially from onshore and partially from offshore operations, Yuan said in another phone interview on Monday. Its 2.5 billion yuan notes maturing 2017 jumped 1.3 yuan to 96.1 yuan, the biggest gain since May 9. Read More>>
Occupancy Falls at Converted HK Industrial Buildings
Developers who spent a fortune in converting their old industrial buildings into offices have been unable to draw in tenants in the highly competitive market, with some projects encountering high vacancy rates of 62 per cent.
Only a third, or 83 out of the 226 applications have actually been utilised for commercial redevelopment purposes after the Hong Kong government discontinued the six-year long industrial revitalisation scheme in March, according to international property consultant JLL. Read More>>
Fitch Affirms Swire Properties A Rating
Fitch Ratings has affirmed Hong Kong-based Swire Properties Limited’s (Swire Properties) Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook. Fitch has also affirmed Swire Properties’ foreign-currency senior unsecured rating, and the ratings on the medium-term note programme and issues from Swire Properties MTN Financing Limited at ‘A’.
The affirmation reflects the delivery of stable rental income from its mature investment property portfolio, which provides strong gross rental income coverage ratios. Read More>>
Evergrande Upgrades Name as Developer Diversifies
Evergrande Real Estate Group Limited, China’s property developer listed in Hong Kong, proposed to change its name to “China Evergrande Group” in an announcement released last night. The change is attributable to the company’s expanding scope of business.
Although the company’s core business remains property development, the board of directors thinks that the new name “will better reflect the diversified business strategy and corporate identity of the company,” since it has been in recent years diversifying its business. Evergrande has marched into markets such as finance, internet, health, culture, and tourism. Read More>>
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