News of the impact of Hong Kong’s economic slump on even its biggest players leads today’s headline roundup as the city’s biggest developer reveals that some of its hotels are now only half-occupied while its shopping centres suffer a lack of shoppers.
India has its own damage report too as a lender backed by the Abu Dhabi Investment Council and Clearwater Capital Partners misses an interest payment. Over in Bangkok there’s more good news for the country’s richest man as a company controlled by billionaire Charoen Sirivadhanabhakdi plans a $1.6 billion property IPO, and in India a local developer is launching a green logistics venture with a wind turbine park for Vestas.
All these stories and more are ready for you.
Sun Hung Kai Properties, the largest developer by value in the world’s least affordable housing market, said its hotel and shopping centre businesses have been hit hard by the protests that are shaking Hong Kong to its core and deterring visitors.
Occupancy rates at the company’s hotels have plunged on average by 30 to 40 per cent, with some hotels finding themselves just half full, said Raymond Kwok, chairman and managing director of the company. Read more>>
Altico Capital India Ltd., a non-banking finance company backed by a set of marquee global investors, has defaulted on interest payment to Dubai-based Mashreqbank PSC.
An interest payment of Rs 19.97 crore was due on Sept. 12, according to a regulatory filing with the BSE. This payment is now in default. The principal amount for the external commercial borrowing on which Altico Capital has defaulted stands at Rs 340 crore, the filing said. Read more>>
Thai billionaire Charoen Sirivadhanabhakdi’s hospitality and retail arm, Asset World Corporation (AWC), aims to raise up to 48 billion baht ($1.6 billion) next month in the biggest listing of an individual company in Thailand.
AWC, which announced its initial public offering (IPO) plan in June, said on Wednesday it would sell about 7 billion shares, plus potentially a further billion in a so-called overallotment option, at 6 baht per share between Sept. 25 and Oct. 3. Read more>>
Hiranandani Group plans to invest around ₹2,000 crore ($281 million) in its warehousing vertical “GreenBase” over the next year to scale up the business, said top company executives.
The Mumbai-based group may eventually list the income generating assets through an investment trust, the executives said. Hiranandani said on Thursday that it will build a wind turbine park and warehousing facility for wind turbine maker Vestas India at Oragadam, Chennai. Read More>>
City Developments Limited (CDL) said its final cash offer to acquire all the remaining shares in its London-listed subsidiary Millennium & Copthorne Hotels (M&C) has been declared unconditional in all respects.
The delisting of M&C shares from the London Stock Exchange (LSE) is expected to be effective on Oct 11, the mainboard-listed property developer said early on Friday morning. Read more>>
A good class bungalow (GCB) at 80 Belmont Road, owned by The Stratech Group’s Chew family, will be relaunched for auction next week with a lower guide price of $39 million, marketing agent Knight Frank Singapore said yesterday.
The auction will be held next Wednesday at the Amara Singapore hotel. The new guide price works out to $1,444 per sq ft (psf), based on 27,000 sq ft in land area. Read more>>