Sunac chairman Sun Hongbin is facing some tough times
In today’s roundup of regional news headlines, Sunac’s shares tumble as the developer says it will miss the deadline for reporting annual results, COVID-19 troubles send Hong Kong home prices to their lowest level in over a year, and Singapore-listed Frasers Property enters a deal to invest in China land plots.
Sunac Shares Plunge as Developer Misses Reporting Deadline
Cash-strapped Sunac China Holdings’ shares tumbled by almost a fifth after the Chinese developer said it would delay publishing its 2021 results and suspend share trading.
The Beijing-based homebuilder said it won’t be able to meet the 31 March deadline because the auditing work on its finances has yet to be completed, and it will also postpone a board meeting scheduled for that date. Read more>>
Hong Kong Home Prices Dropped to 13-Month Low in February
Hong Kong private home prices dropped at a faster pace in February to reach their lowest since January 2021, official data showed on Tuesday, as the Asian financial hub was hit by a new wave of COVID-19 infections.
Prices declined 2.08 percent last month, according to the data, the biggest drop since November 2018, following a revised fall of 0.89 percent in January. Read more>>
Frasers Property Inks JV Agreement for China Projects
Frasers Property subsidiary Suzhou Sing Heng Le Enterprise Development has inked a strategic alliance agreement with its joint venture partner and its related entity to potentially invest in certain land plots in China.
Under the agreement, Suzhou Sing Heng Le will be funding RMB 1.8 billion ($280 million) to cover the costs of the proposed investment, the developer said in a Monday bourse filing. Read more>>
R&F Said Set to Start Work on $562M Melbourne Project
The developers behind an A$750 million ($562 million) development in inner Melbourne have signalled that work will begin on the second stage of the project later this year.
One of Maribyrnong’s most significant projects, R&F Estate’s Kinnears Ropeworks Precinct was first approved for a mixed-use development in 2016. Read more>>
OUE Lippo Healthcare’s Prince Bay Hospital Secures $51M Loan
Le Kang Assets Shenzhen, an associated company of SGX-listed OUE Lippo Healthcare, has entered into a loan agreement with Bank of China for the grant of a RMB 330 million ($51.8 million) loan.
The loan will be used for the construction and renovation of Prince Bay Hospital in Shenzhen. Read more>>
China Evergrande to Start Accepting Electric Car Orders
China Evergrande New Energy Vehicle Group said it will start accepting orders for its inaugural electric car, the Hengchi 5 sport utility vehicle, “imminently” and open sales centres in 15 major cities across China.
Liu Yongzhuo, president of the EV arm of the world’s most indebted property developer, made the comment at an online meeting attended by nearly 200 global parts suppliers on Sunday, according to the firm’s official WeChat account. The social media post didn’t say exactly when the firm would start taking orders. Read more>>
Godrej Properties to Develop 33 Acre Project in Bengaluru
Real estate developer Godrej Properties has entered into an agreement to develop a 33 acre (13.35 hectare) land parcel in the residential micro-market of Bannerghatta Road in South Bengaluru.
The agreement is for an outright purchase with 5 percent area share to the landowners. Read more>>
Harbin Ends Resale Restrictions to Thaw Housing Market
Harbin, in China’s northeastern Heilongjiang province, last week became the latest city to remove restrictions on the resale of houses, hinting at a trend that could lift the mainland’s $1.7 trillion housing market out of a slump.
The city’s home prices dropped for a seventh consecutive month in February, despite a flurry of easing measures taken by the local government since last October. The price of new homes in Harbin dropped by about 4 percent year-on-year in February, while those of lived-in homes fell 3.4 percent compared with last year. Read more>>
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