Sunac chairman Sun Hongbin says he’s never even been to Shaoxing
In today’s roundup of regional news headlines, Sunac’s shares soar after the Chinese developer denies reports that it requested help from a city government, shares of Evergrande NEV plunge after the electric-car unit issues a liquidity warning, and JLL says Singapore’s Grade A CBD office rents rose for a second straight quarter.
Sunac Shares Jump After Denying Shaoxing Distress Call
Sunac China Holdings’ shares and bonds surged after the Chinese developer denied submitting a request for policy support from a city government and said business was normal.
The Beijing-based builder said a letter written by a local executive for verbal communication with officials in eastern Shaoxing city last week was only a draft that was “accidentally” sent to a chat group outside the company. It wasn’t submitted to the government, Sunac said in a statement. The group’s operations are healthy, it added. Read more>>
Evergrande EV Unit Plunges, Taking Losses Past $84B
China Evergrande Group’s electric-car unit plunged in Hong Kong trading after it warned of a “serious shortage of funds”, taking its losses in market value from an April peak past $84 billion.
Shares of China Evergrande New Energy Vehicle (NEV) Group closed down 9.4 percent, extending this year’s decline to 93.3 percent. At its peak in April, the company was valued at $86.7 billion — higher than Ford Motor Co — despite not yet having a car on the market. Read more>>
Singapore CBD Office Rents to Climb 25% by 2025
Grade A office rents in Singapore’s central business district rose by 1.5 percent in the third quarter from the prior period to S$10.05 ($7.40) per square foot. This followed 1.2 percent growth in the second quarter that ended five straight quarters of rental declines, according to a market report by JLL.
Rental growth in the third quarter was broad-based across all four CBD submarkets tracked by the consultancy. Read more>>
Hong Kong Second-Hand Home Prices Retreated in August
Hong Kong’s lived-in home prices retreated for the first time this year in August from an all-time high, after a slump in the local equity market weakened buying sentiment.
Prices fell 0.15 percent to 397.1 last month, according to an index published by the Rating and Valuation Department. The department revised the reading for July to 397.7 from the earlier-reported 396.3. The previous record of 396.9 was set in May 2019. Read more>>
Singapore Construction Firm Wound Up With at Least $52M Debt
Several hundred creditors are owed at least S$70 million ($51.6 million) by beleaguered building firm Greatearth Construction, which together with Greatearth Corporation was wound up on Monday afternoon because they were unable to continue doing business due to their liabilities.
This S$70 million debt figure does not include anticipated liabilities from the construction projects that could not be completed by Greatearth, which include two public projects, as well as five build-to-order housing projects comprising a total of 2,982 units, the Straits Times understands. Read more>>
Kaisa Group Family Purchased $1.1M in Shares
Kaisa Group chairman and executive director Kwok Ying-shing and his family made on-market purchases of a total of 4.14 million shares of the developer at HK$1.98 apiece on average, totalling HK$8.2 million ($1.1 million).
Kwok also chairs Sing Tao News Corporation, which is The Standard’s mother company. The chairman and his family’s latest increase in their respective shareholding demonstrates their continued support and confidence in the prospects of Kaisa and its subsidiaries, according to an exchange filing. Read more>>
PropertyGuru to Bet on Fintech, SE Asia as It Gears Up for SPAC
As PropertyGuru gears up to go public through a merger with a special purpose acquisition company (SPAC), its growth story will rest on leveraging opportunities in Southeast Asia and its nascent — but expanding — fintech and data business segment.
In July, it was announced that PropertyGuru would trade on the New York Stock Exchange via a partnership with blank-cheque company Bridgetown 2 Holdings, backed by billionaire Peter Thiel and Hong Kong tycoon Richard Li, to create a combined entity with an enterprise value of around $1.35 billion and an equity value of about $1.78 billion. The deal is expected to close in the fourth quarter of 2021 or the first quarter of 2022, subject to the necessary approvals. 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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