Swire’s Pacific Place took on hit in valuation this year
Damage from the coronavirus pandemic continued to show up in the earnings of Asia’s top developers today as Hong Kong-listed Swire Properties reported a 90 percent drop in profit during the first six months of 2020.
Also in the headlines, CK Asset appears to be moving ahead with a bailout of Goldin Financial and a New York Times report tracks the Hong Kong real estate holdings of some of the mainland’s top ranking political families.
Swire Properties Reports 90% Drop in Profit for 2020 1H
One of Hong Kong’s largest commercial developers saw 90 percent of its earnings disappear this year as profit attributable to shareholders in Swire Properties fell to HK$955 million ($123.2 million) in the period from January through June.
The landlord behind Quarry Bay’s Taikoo Place complex and the HKRI Taikoo Hui development on Shanghai’s West Nanjing Road took in HK$6.55 billion in revenue during the first six months of the year, down from HK$7.51 billion over the same period in 2019. Most of the drop in profit was attributable to changes in the value of the Hong Kong-listed firm’s investment properties. Read more>>
Goldin Bailed Out of HK$3.4B Loan as CK Rumours Fly
Defaulting Hong Kong-listed developer Goldin Financial is reported to have received a bridge loan that will give it a reprieve until mid-September on a HK$3.4 billion overdue debt, according to a report this week by Debtwire.
Goldin chairman Pan Sutong is said to be telling creditors that the new financing has been arranged by Li Ka-shing’s CK Asset Holdings after one of the property group’s directors joined Goldin’s board last month. Read more>>
Hong Kong Luxury Homes Tied to Families of China’s Elite
Li Qianxin, the elder daughter of the Chinese Communist Party’s No. 3 leader, has quietly crafted a life in Hong Kong that traverses the city’s financial elite and the secretive world of Chinese politics.
For years, she has mingled with senior executives of state companies through Hong Kong and mainland professional clubs known for grooming the sons and daughters of officials. Ms. Li, 38, also has deep financial roots in the city, having bought a $15 million, four-story townhouse perched high above a beach. Her partner owns a now-retired racehorse and spent hundreds of millions on a stake in the storied Peninsula Hotel that he later sold. Read more>>
India’s Embassy Group Said in Shed Talks With Indospace, ESR
Leading realty firm Embassy Group is in talks with Indospace and ESR to monetise its warehousing and industrial parks business at an enterprise value of ₹1,700-2,000 crore, according to sources.
Bengaluru-based Embassy Group, which in 2015 formed a joint venture with private equity firm Warburg Pincus to buid industrial parks, is looking to monetise completed and under-construction assets of the JV. Read more>>
Yanlord Land Profit Falls 59% in 2020 1H
Chinese property developer Yanlord Land Group posted a 59 per cent drop in net profit to 492.9 million yuan (S$97.5 million) for its half year ended June 30, 2020, from 1.19 billion yuan a year ago.
This was mainly due to a change in the composition of its product mix, the company said in a regulatory filing late on Wednesday night. Read more>>
Ascott Turns Apartments into Work Suites Amid Pandemic
CapitaLand’s wholly owned lodging business unit, The Ascott Limited, has come up with new business opportunities to counter the impact of the Covid-19 pandemic.
They include the launch of a “work in residence” initiative at some properties worldwide to transform selected apartments into work suites, the company announced on Thursday (Aug 13). Read more>>
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