The owner of the North Face may be seeking shelter from the Hong Kong market
Hong Kong’s supply of bad news continues to grow even faster than its empty office space, as a major apparel supplier announced this week that it will shift its operations to Shanghai and Singapore.
Also in today’s headlines, Singapore’s collective sales market appears to be reawakening as a riverside project hits the market and a Blackstone-controlled REIT is ready to raise some fresh cash in India.
Timberland, North Face Owner VF Corp Abandons Hong Kong for SH, SG
The American owner of several major lifestyle labels including Timberland and The North Face will relocate its regional brand office from Hong Kong to Shanghai and its sourcing hub to Singapore, with about 900 workers facing uncertainty from the move.
Denver-based VF Corporation – which also owns popular labels such as Vans footwear and Dickies apparel – said on Tuesday it would relocate the centre of its brand operations to Shanghai. Read more>>
High Street Plaza Near SG River Launched for Collective Sale at S$239M
Mixed-use tower High Street Plaza was put on the market on Wednesday for collective sale via public tender.
The reserve price for the 999-year leasehold building is S$239 million, appointed marketing agent ERA Realty Network said in a press statement. Read more>>
Embassy REIT Board Approves Raising Up to $355M via NCDs
Embassy Office Parks REIT on Tuesday said its board approved raising up to Rs 2,600 crore through issuance of non-convertible debentures (NCDs) on a private place basis to fund its acquisition of commercial asset Embassy TechVillage in Bengaluru.
The debenture committee of the board of directors of the Embassy Office Parks Management Services has approved the issuance of 26,000 listed, rated, secured, redeemable, transferable, rupee denominated NCDs of face value of Rs 10 lakh per debenture, aggregating up to Rs 2,600 crore by Embassy REIT on a private placement basis, it said in a regulatory filing. Read more>>
Goldin’s Pan Sutong Loses Face Together with Building
In just five years, Hong Kong property tycoon Pan Sutong has gone from ranking among Asia’s wealthiest people to having his company’s flagship skyscraper seized by creditors chasing more than US$1 billion (S$1.3 billion) of debt.
It is a swift fall from grace for Mr Pan, 57, who was Asia’s fourth-richest man in 2015 with a net worth of US$27 billion, according to the Bloomberg Billionaires Index. But after shares of his Goldin Financial Holdings plunged and with most of his properties locked up as collateral for loans, he has fallen off the list of the world’s 500 wealthiest people. Read more>>
Beijing Slams Canberra for Blocking CSCEC Buyout of Aussie Firm
State-owned China State Construction Engineering Corporation has dropped its bid for the Australian builder of the tallest residential tower in Sydney, Probuild, after indications that Australian Treasurer Josh Frydenberg would block the deal on national security grounds.
This did not escape Beijing’s attention, and on Tuesday China’s Ministry of Foreign Affairs cautioned Canberra not to “politicise” business deals and jeopardise long-standing commercial relationships, as well as agreed-upon free trade between the two countries. Read more>>
Hong Kong’s Retail Landlords ‘Make Noise’ With Pop-ups
Commercial landlords in Hong Kong are allotting more space and leases for pop-up events in an effort to diversify their tenant mix and to keep foot traffic going at a time of much reduced retail spending in the city.
Qi Feng Capital, which owns the “Ginza style” V-Point building in Causeway Bay, for instance, is planning an event that will bring together eight to 10 streetwear brands and collectors next month, after the success of a similar event in November last year. Read more>>
GIC World’s Most Active State-Owned Investor in 2020: Report
Singapore sovereign wealth fund GIC emerged as the world’s most active state-owned investor last year amid the coronavirus pandemic, while Temasek clinched the top technology investor spot.
This is according to a report by Global SWF, a financial firm that tracks the activity of state-owned investors. Read more>>
Investors Have a New Default Worry in China’s Debt Market
Investor confidence in China Fortune Land Development Co is tumbling as concerns grow about its debt repayment abilities just as Beijing steps up efforts to cut risk in the real estate sector.
The mid-sized developer’s US dollar bonds fell to record lows earlier on Tuesday, with some rebounding but a note due 2024 still down at 53.5 US cents on the dollar at 3pm Hong Kong time, Bloomberg-compiled prices show. The bond was quoted at around 86 US cents at the end of last year. Read more>>
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