In today’s roundup of regional news headlines, mainland developer Zhongliang wins a repayment extension from holders of some of its offshore bonds, a GIC-backed venture completes the disposal of a San Francisco hotel, and the Singapore government puts three residential sites up for sale.
Holders of Zhongliang Holdings’ $629.8 million in bonds agreed to exchange the bonds for freshly issued senior notes, extending the developer’s payment obligations by a year in the process.
The new offering comprises $201.4 million in 8.75 percent senior notes due 2023 and $428.4 million in 9.75 percent senior notes that will mature the same year. Read more>>
Summit Hotel Properties announced on 12 May that it has completed the previously announced disposition of the 169-room Hilton Garden Inn San Francisco Airport North for a gross sales price of $75 million, or $444,000 per key, through its joint venture with GIC.
The transaction represents a 1 percent capitalisation rate based on the hotel’s net operating income after a 4 percent FF&E reserve for the 12 months ended 31 March 2022. The joint venture will also forgo a comprehensive renovation that was scheduled for late 2022 estimated at $7.1 million, or $42,000 per key, as a result of the sale. Read more>>
Singapore’s Urban Redevelopment Authority on Tuesday flagged the sale of three residential sites that can collectively generate roughly 1,265 residential units.
The 13,444.3 square metre (144,713 square foot) Lentor Central site and the 10,819 square metre Parcel B of the Lentor Hills Road property are both on offer to the public, with bidding set to close on 13 September. Meanwhile, the 21,866.7 square metre Lentor Gardens is available only for application. Read more>>
Home sales, land purchases and housing prices continue to set new lows in China as looser policy measures have yet to yield a material boost for the struggling property market.
In the first four months, property sales sank 29.5 percent to RMB 3.78 trillion ($556.42 billion) from a year earlier, the National Bureau of Statistics said Monday, compared with a 22.7 percent decline over the first three months. The latest setback was mainly due to a 32.2 percent slide in the residential market, the bureau said. Read more>>
Amid a dearth of launches, developers sold 653 new private residential units, excluding executive condominiums (ECs), in Singapore this April.
This is largely unchanged from the 654 sold in the previous month, according to data released by the Urban Redevelopment Authority on Tuesday. Compared with a year ago, last month’s new sales excluding ECs sank by 48.6 percent from the 1,270 transacted in April 2021, when there had been four property launches. Read more>>
China Vanke is now marketing units for occupancy at its luxury residential project at 100 East 53rd Street in Midtown Manhattan, with former co-developer RFR no longer involved with the project, according to local media reports.
Now known as Selene, home sales at the 63-storey tower had previously stalled but may now be on the upswing after reported price cuts of 40 percent or more. The mainland development giant had first invested in the project then known as 610 Lexington in 2014, with China’s ICBC bank having moved to foreclose on the property last year, citing a loan default. Read more>>
Substantial shareholders of property player Hwa Hong Corporation have made a voluntary conditional cash offer of S$0.37 ($0.27) per share to take the company private.
The offeror, Sanjuro United, is the bid vehicle of a consortium formed by shareholders of the company that collectively hold about 20 percent of its shares. It comprises Ely Investments, which is wholly owned by former group managing director Ong Choo Eng and his family, and Ergonomix, which is wholly owned by Dymon Asia Private Equity (South-east Asia) Fund II. Other members of the consortium include Roswell Assets and Crystalic Star Global. Read more>>
Chinese multinational technology and entertainment conglomerate Tencent Holdings obtained a permit to recommence on 16 May the construction works at its over 500,000 square metre (5.4 million square foot) artificial intelligence supercomputing centre and industrial base in Shanghai.
Under COVID-19 prevention measures, more than 60 construction workers received the green light to continue the project, which is tipped to become the largest data centre park in China. Read more>>