The Embassy Suites By Hilton Palm Desert is among EHT’s ill-fated assets
Singapore’s Eagle Hospitality Trust leads the day’s headlines again, as a US court ruling promises to bring closure, if not cash, to investors in the defaulted hotel REIT.
Also in debt news today, China Evergrande is trying to finish the year on a positive note as the firm’s chairman promises to deliver nearly 40,000 homes this year, and the property management division of fellow mainland developer Shimao Group has sworn off sneaky deals after being forced to abort a connected transaction in the face of regulator inquiries and investor anxiety.
Court Approves Eagle Hospitality Trust Bankruptcy, Unit-Holders Likely Wiped Out
A US bankruptcy court has confirmed the Chapter 11 plan to liquidate entities of troubled Eagle Hospitality Trust (EHT), following a confirmation hearing held on Dec 20, 2021.
DBS Trustee said it does not expect unit-holders will receive any distributions on account of liquidating trust interests at this time. Under the plan, the stapled securityholders will only be entitled to a distribution only if there is value available at EH-Reit and only if holders of claims against EH-Reit have been paid in full. Read more>>
Evergrande Vows to Deliver 39,000 Homes This Month
Xu Jiayin, the founder and chairman of heavily indebted developer China Evergrande Group, is trying to rally his employees and deliver more homes as the year comes to a close.
At a weekly meeting with company executives on Sunday, the 63-year-old billionaire said all employees will be required to not “lie flat” – a buzzword in China that means giving up or doing nothing – and pledge to a quickened pace of home construction and sales, so that the developer could repay all its debt. Read more>>
Shimao Services Swears Off Connected Transactions After Shares Pummeled
Shimao Services Holdings Ltd. said it won’t carry out any asset disposals with its property developer parent after a transaction earlier this month raised what JPMorgan Chase & Co. called a “corporate governance red flag.”
Shimao Services said in a statement to Hong Kong’s stock exchange late Friday that it “received a large number of feedbacks from independent shareholders” about Shanghai Shimao’s Dec 13 announcement regarding a connected transaction. Read more>>
China Announces New Restrictions on Overseas IPO
China will impose new restrictions on offshore listings by firms in sectors that are off-limits to foreign investment, a move that could plug a loophole long used by the country’s technology industry to raise capital overseas.
Chinese firms in industries banned from foreign investment will need to seek a waiver from a negative list before proceeding for share sales, the National Development and Reform Commission and the Ministry of Commerce said in a statement on Monday. Read more>>
People’s Bank of China Reassures on Support of Real Estate Market
China’s central bank has vowed to promote healthy development of the country’s real estate market, saying it will safeguard the legal rights of home buyers and better satisfy their reasonable living needs.
The statement from the People’s Bank of China (PBOC), made following its fourth-quarter monetary policy committee meeting on Saturday, is the latest sign that Chinese regulators are marginally easing curbs on the property sector to prevent a hard-landing. Read more>>
Li Ka-Shing’s CK Asset Sells Aircraft Leasing Business for $4.3B
CK Asset Holdings said on Friday that it will sell its aircraft leasing business for $4.3 billion to realise a “satisfactory gain” while enhancing its strategic focus during the Covid-19 pandemic.
Hong Kong tycoon Li Ka-shing’s flagship company will pocket a gain of $170 million by selling Accipiter Finance and Manchester Aviation Finance to Maverick Aviation Holdings, CK Asset said in a stock exchange filing. Read more>>
Singapore’s YCH Breaks Ground on $200M Hanoi Logistics Hub JV
Singapore logistics giant YCH Group announced on Friday (Dec 24) that it has broken ground for a US$200 million multimodal logistics hub in Hanoi with its joint venture partner, Vietnamese conglomerate T&T Group, on Thursday.
Dubbed the Vietnam Superport, the hub is the largest logistics infrastructure project spearheaded by a Singaporean company in Vietnam, with a planned area of more than 83 hectares. In its press statement, YCH stated that the facility, which will have a cargo capacity of about 850,000 20-foot equivalent units (TEUs), is scheduled to go live in 2024. Read more>>
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