In today’s roundup of regional news headlines, Chinese developer Sunac raises cash from the sale of shares and a chunk of its property management arm, Singapore’s private home sales rebound after two months of declines, and Korean conglomerate SK Group invests in a Vietnamese retail platform.
Sunac China Raises $953M in Share Sale Combo
Sunac China Holdings raised $953 million through the sale of new shares, as well as a stake in its property management unit, making it the latest Chinese developer to seek funds amid an industry-wide liquidity crunch.
Sunac sold 335 million shares in a top-up placement that raised about $653 million, according to terms of the deal obtained by Bloomberg News. Read more>>
Yango Group Said Striking Deal to Extend Dollar Bond Maturities
Chinese developer Yango Group has reached agreements with investors to extend the maturities on two offshore dollar bonds by one year, in its latest move to ease repayment pressures and avoid defaults.
The agreements, first reported by local media outlet Cailianshe and confirmed by a source with knowledge of the matter, also waive cross-default clauses for the company’s US dollar bonds. Read more>>
Singapore New Private Home Sales Rise 9% in October
Sales of new private homes bounced back in October, after two months of consecutive declines, despite tightened COVID-19 measures still in place.
A total of 909 units moved last month, up 9 percent from 834 units in September, though still fewer than the 1,216 units in August, Urban Redevelopment Authority data showed on Monday. Read more>>
China Property Slump Deepens as Home Prices Fall for Second Month
China’s home slump deepened in October as declines in prices, sales and property investments widened, adding pressure on authorities to stabilise the market.
New-home prices in 70 cities slid 0.25 percent last month from September, when they fell for the first time in six years, National Bureau of Statistics figures showed on Monday. Residential sales dropped 24 percent from a year earlier, the most since last year, striking a blow for developers during what is traditionally a busy season, Bloomberg calculations based on official data showed. Read more>>
New Projects to Push More Office Space Into Central Singapore
The redevelopment of ageing office properties in the central business district may not necessarily lead to shrinkage of office space in the district in the mid to long term, contrary to what some market observers expect.
This is reflected in details from the provisional permissions granted by the Urban Redevelopment Authority in the third quarter for the redevelopments of AXA Tower in Shenton Way and the PIL Building along Cecil Street. Read more>>
Anarock Plans $134M Fundraise to Buy Proptech Firms
Real estate services firm Anarock is planning to raise as much as INR 1,000 crore ($134 million) from private equity funds for potential acquisitions of proptech companies, two people aware of the development said.
Anarock, founded by former JLL India head Anuj Puri, offers residential, retail and commercial broking, investment banking, hospitality, land services, industrial and logistics, investment management, strategic advisory and valuations, project management and society-management services. Read more>>
SK Group to Invest $340M in Vietnam Retail Platform The CrownX
South Korea’s conglomerate SK Group said on 11 November that it had agreed to invest $340 million in The CrownX, a retail platform of Masan Group, Vietnam’s top F&B and retail company.
Through the investment, SK aims to strengthen a strategic partnership with Masan for cooperation in Vietnam’s retail, logistics and fintech sectors, which are expected to rapidly grow. Read more>>
Hangzhou Latest Mainland City to Promise Affordable Rental Homes
China’s eastern city of Hangzhou, known for its high cost of living, has pledged to allocate at least 10 percent of new residential land for affordable rental housing each year, joining Guangzhou and Shenzhen to meet rising demand as their populations grow.
China has stepped up efforts to address housing issues faced by young people particularly amid soaring home prices in large cities, under President Xi Jinping’s banner of “common prosperity”. Read more>>
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