In today’s roundup of regional news headlines, China’s second-largest developer, Vanke, reports a relatively modest profit drop as red-chip China Resources Land posts healthier numbers. In other mainland builder news, Sunac narrows its six-month loss while Country Garden faces a vote on extension of an onshore bond.
China Vanke, the country’s second-largest developer by sales, reported lower profit in the first half, underscoring how even developers with partial state support aren’t immune to an unprecedented housing slump.
Net income declined 19 percent year-on-year to RMB 9.9 billion ($1.4 billion) in the six months ended June 30, the Shenzhen-based company said in an exchange filing Wednesday. That compares with largely flat growth for 2022. Vanke won’t issue a dividend payout. Read more>>
China Resources Land said first-half profit attributable to the owners of the company jumped 29.6 percent year-on-year to RMB 13.7 billion ($1.9 billion).
Contracted property sales totalled RMB 170.2 billion in the six-month period, up 40.6 year-on-year, the red-chip developer said in a filing with the Hong Kong stock exchange. Read more>>
Sunac China Holdings reported a loss attributable to the owners of the company of RMB 15.4 billion ($2.1 billion), an improvement of RMB 3.4 billion compared with the same period last year.
Revenue rose 20.5 percent year-on-year to RMB 58.5 billion, the Tianjin-based builder said in a filing with the Hong Kong stock exchange. Read more>>
Country Garden faced a critical test of investor confidence on Thursday, with creditors set to vote on the embattled Chinese developer’s proposal to extend the maturity for an onshore private bond.
The vote, which was expected to conclude by 10pm Hong Kong time, is a key hurdle Country Garden will have to overcome as it strives to avoid default amid a spiralling financial crisis. Read more>>
The Singapore government has raised land betterment charge rates for commercial and hotel uses but cut the rates for non-landed residential use, for the next half year.
Developers pay an LBC for the right to enhance the use of some sites or to build bigger projects on them. There are no changes in LBC rates for landed residential and industrial uses, as well as for place of worship/civic and community institution use. Read more>>
An arm of India’s biggest lender, HDFC Bank, is seeking to raise as much as $2 billion for a real estate private credit fund as demand for new homes surges in the world’s most populous country.
HDFC Capital Advisors is looking to raise $1 billion, with an option to expand the fund by an additional $1 billion, according to people familiar with the matter. The investor base will consist largely of international institutional investors, the people said, asking not to be identified discussing private information. Read more>>
After the Hindenburg report, another avalanche of allegations has hit Indian business magnate Gautam Adani.
Adani Group’s publicly traded stocks reportedly saw the movement of millions of dollars via “opaque” Mauritius funds that “obscured” the involvement of alleged partners of the Adani family, according to a new report by the Organised Crime and Corruption Reporting Project. Read more>>
A 118-storey skyscraper in central Kuala Lumpur is set to open its doors at the end of this year.
Permodalan Nasional Bhd, the owner of Merdeka 118, is moving in to take up 17 floors of the 678.9 metre (2,227 foot) tower, said Aziz Tengku Mahmud, CEO of project developer PNB Merdeka Ventures. Read more>>