Wanda Talks Loan Relief With ICBC, Other Creditors and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Chinese conglomerate Dalian Wanda reportedly discusses loan repayment extensions as IPO hopes fade, and Chengdu-based Sichuan Languang Development receives a delisting notice. Also in the news are declining losses at WeWork and a potential India infrastructure investment by Gaw Capital Partners.

Wanda in Talks With Banks on Loan Relief as Challenges Mount

Dalian Wanda Group is in talks with major Chinese banks on a loan relief plan that may allow it to extend principal repayments for some onshore borrowings as the conglomerate faces a liquidity challenge, according to people familiar with the matter.

Under the plan, the property giant’s headquarters is seeking to refinance all onshore loans due this year without having to repay the principal, said the people, asking not to be identified discussing private matters. ICBC is among the creditors Wanda has talked with since early May, the people said. Read more>>

China Property Crisis Sees New Casualty With Languang Delisting

A distressed Chinese developer is likely to delist from the Shanghai Stock Exchange, sending a fresh reminder that the nation’s weaker builders are still struggling to survive.

Sichuan Languang Development, a private builder of residential buildings and offices in the southwest city of Chengdu, said in a filing that it received a notice from the exchange. The company has triggered a delisting situation after breaching listing rules for closing below one RMB per share for 20 consecutive sessions. Read more>>

WeWork Reports 11% Q1 Revenue Spike, Improving Net Losses

WeWork saw stronger earnings in the first quarter of 2023, but it’s still seeing $299 million in net losses.

The co-working giant posted an 11 percent increase in revenue year-on-year, according to an earnings report released Tuesday, amounting to about $849 million with net losses down and fundraising efforts yielding about $1 billion. Read more>>

Gaw Capital in Advanced Talks to Buy Majority Stake in India’s Atria

Hong Kong’s Gaw Capital Partners is in talks with India’s Atria Power Corp to acquire a majority stake in the Bengaluru-based firm for an estimated equity value of $250 million, two people familiar with the development said.

Gaw Capital has submitted a non-binding offer, the people said, requesting anonymity, adding that Avendus Capital is managing the sale. Read more>>

ByteDance Scales Back China Property Activity With Bricks-and-Mortar Divestment

ByteDance, the tech unicorn behind video app TikTok and its Chinese sibling Douyin, has disposed of its bricks-and-mortar real estate agency, taking a step back from China’s property industry amid continued weakness in the country’s housing market.

Fujian Haofang Youxing Information Technology Co — a ByteDance subsidiary that operates roughly 200 offline brokerages in Fuzhou, the capital of southeastern Fujian province — has been sold for an undisclosed amount to Fuqing Wumai Corporate Management, a unit of major Chinese real estate services provider Maitian, according to a change of the company’s registry in late April tracked by business data provider Qichacha. Read more>>

Despite Low Yields and High Taxes, Singapore Properties Still a Draw for Foreigners

Singapore welcomes foreign investment. When foreign electronics, finance, chemicals, consumer goods, pharmaceutical and technology firms grow their operations there, jobs are created. Opportunities also open for knowledge transfer, as well as for local businesses to be suppliers and service providers.

However, an area where foreign investment brings questionable benefits is foreigners buying properties. Read more>>

Actis Launches Japanese Platform Targeting 1.1GW of Wind, Solar

London-based sustainable infrastructure investor Actis on Tuesday announced the launch of its Japan-focused renewables platform Nozomi Energy, which aims to create 1.1 gigawatts of onshore wind and solar generation by 2027.

The $500 million platform is an investment of Actis’s latest $6 billion energy infrastructure fund. Read more>>

SM Prime’s Planned $1B REIT Listing to Boost Philippine Market

SM Prime Holdings, a major developer of malls and offices in the Philippines, plans to launch the listing of its first REIT later this year.

The company is looking to raise up to $1 billion, in what will be one of the country’s largest-ever initial public offerings. Read more>>

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