Wang Jianlin has reason to cheer this week (Getty Images)
In today’s roundup of regional news headlines, Dalian Wanda thaws out some frozen shares, and China’s central bank says it’s keeping measures in place to support the real estate market through the end of next year. Also in the news, a Singapore shopping centre is back on the market and Korea grapples with a surge in bad loans.
Wanda Shares Released by Mainland Courts
Chinese conglomerate Wanda Group’s commercial property management unit is getting one step closer to its much-anticipated initial public offering in Hong Kong that is key to its parent’s borrowing costs after around RMB 5.1 billion ($707.9 million) worth of shares were unfrozen.
Courts in Guangdong and Shandong provinces yesterday stopped restricting trading of two lots of shares of Zhuhai Wanda Commercial Management Group that had been locked up for three years, corporate information provider Qichacha shows, citing the National Enterprise Credit Information Publicity System. Read more>>
PBOC Extends Policies for Financial Support of Real Estate Market
China’s central bank on Monday extended its policies to support the real estate market to the end of 2024.
The aim is to increase financial support to ensure home delivery, the People’s Bank of China said. For newly issued ancillary financing that becomes non-performing, relevant institutions and personnel are exempt from liability if they have exercised due diligence, it added. Read more>>
Katong Shopping Centre Relaunches Collective Sale at Unchanged S$638M
Katong Shopping Centre has been relaunched for collective sale at the same reserve price of S$638 million ($475.7 million) after its recent en bloc bid closed in May without a sale.
This makes it the fourth en bloc attempt for the owners of the freehold shopping centre on Singapore’s Mountbatten Road. The development was first put up for sale in 2016 and 2017 at S$630 million. Read more>>
South Korea Asks Banks to Prepare $4B to Support Credit Union: Sources
South Korea’s financial services regulator has asked major commercial banks to prepare $4 billion in financing to support a credit cooperative hit by customer withdrawals, two banking sources familiar with the matter said Monday.
An official at the Financial Services Commission said it could not confirm the amount or other details, but it had asked the banks for cooperation in preparing liquidity through repurchase-agreement facilities to aid MG Community Credit Cooperatives. Read more>>
Korean Brokerage Houses Struggling to Manage Bad Debt
South Korea’s securities firms are struggling to control rising bad debts amid growing financial unrest prompted largely by the real estate downturn.
According to data from the Financial Supervisory Service, a group of 48 brokerage houses here assumed non-performing loans worth slightly over KRW 3 trillion ($2.3 billion) as of the end of March. This is a rise of around 13.7 percent in three months. Read more>>
Commercial Podium in Singapore’s Changi on the Market for S$18M
Tedge Retail, a collection of four adjoining freehold commercial units along Singapore’s Changi Road, is up for sale through an expression of interest exercise with an indicative price of S$18 million ($13.4 million).
Tedge Retail is the ground-floor commercial podium at Tedge, a five-storey freehold mixed-use development that also includes 42 residential units. The commercial podium had previously been put up for sale at the same price in July 2020. Read more>>
Hong Kong’s Easing of Mortgage Rules Boosts Home Visitors but Not Deals
Hong Kong’s move to raise the maximum mortgages available to some homebuyers, its first relaxation in curbs on home purchases adopted in 2009, boosted shopping interest over the weekend but did little for transaction volumes, property agents said.
One of the world’s most expensive property markets, the Asian financial hub raised its cap on the loan-to-value ratio on Friday to 60 to 70 percent from 50 percent for properties worth up to HK$30 million ($3.8 million). Read more>>
Mainlanders Fuel Surge in Hong Kong Property Viewings
Centaline Property Agency said appointments for home viewings at the La Montagne project in Wong Chuk Hang by mainlanders surged, hitting 30, and that it expected the number to surpass 100 in the next one to two weeks.
The agency expects the border reopening to help boost sales of luxury homes priced at HK$10 million ($1.3 million) or above to 1,500 in the primary market this month. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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