A winding-up hearing for China Evergrande has been pushed back again, this time to the end of January, with that story leading Mingtiandi’s roundup of real estate headlines today. Also making the list, OCBC files a money-laundering claim in Singapore’s High Court, seeking to recoup at least $14 million and a Sentosa home, and China’s Logan Group says it needs more to time to work out a restructuring plan with creditors.
Evergrande Wins Reprieve as Hong Kong Winding-Up Hearing Adjourned Again
China Evergrande won breathing room to strike a restructuring agreement with creditors after a Hong Kong court again pushed back a decision on whether the world’s most indebted developer should be wound up.
The proceedings have been adjourned to 29 January, Judge Linda Chan said in the city’s High Court. The delay had been unexpected after the judge, at a hearing in late October, said the 4 December ruling would likely be the last opportunity for the builder to strike a deal with the creditors. Read more>>
OCBC Seeks Cash, Sentosa Villa From Accused Money-Launderer
OCBC has filed a claim in Singapore’s High Court, seeking at least S$19.7 million ($14.7 million) from money-laundering accused Su Baolin, as well as possession of his mortgaged Sentosa Cove villa.
The bank filed a mortgagee’s claim against the Cambodian national on 25 October, according to court documents seen by the Business Times. The claim is scheduled for a hearing in chambers on Friday. Read more>>
China’s Logan Group Tries to Postpone Liquidation Hearing
Developer Logan Group is seeking to adjourn a liquidation hearing at the Hong Kong High Court scheduled for Monday on the grounds it has not yet agreed a debt restructuring plan with overseas creditors, Chinese state media The Paper reported on Saturday.
The Shenzhen-based company said last year that it would suspend interest payments and restructure its offshore debt including $3.7 billion in dollar bonds due to liquidity pressure. Read more>>
Homebuyers Snap Up Flats at Sun Hung Kai’s Yoho West
Sun Hung Kai Properties’ biggest weekend home sale in nearly a year and a half saw strong demand for about 350 units on offer at the developer’s latest residential project in Tin Shui Wai.
As of 6.20pm on Saturday, 228 flats at Yoho West — a joint project of Hong Kong’s largest developer by market cap and MTR Corp — had been sold, representing 65 percent of the total units on offer that were made available to buyers on the first day of sales, according to agents. Read more>>
Manulife US REIT Units Fall Over 40% on Debt Restructuring Plans
Units in Manulife US REIT closed nearly 43 percent lower last Thursday after the trust’s manager unveiled a long-awaited debt structuring plan to reduce gearing.
DBS Group Research analysts Rachel Tan and Derek Tan have turned cautious after hearing MUST’s plan to resolve its debt, particularly the “hefty price” of the interest on the sponsor’s loan. Read more>>
Sino-Ocean Said to Be in Talks With Cinda for Financial Support
Chinese state-backed developer Sino-Ocean Group is in talks with bad-debt manager China Cinda Asset Management over financial support, according to people familiar with the matter.
The two sides began discussions over further assistance in October, building on their existing collaboration on a number of property projects, said the people, who asked not to be identified discussing private matters. Read more>>
Mainland Developer White List ‘Only for Reference’: Report
A so-called white list of 50 embattled developers drawn up by China’s regulators may have only been drawn up for reference purposes and it’s almost impossible that any of the firms will be granted loans without collateral, the Economic Observer said.
Several sources also said the banks haven’t received any documents related to the white list, according to the report by the mainland newspaper. Read more>>
China’s Central Bank Holds Fire on Use of Policy Lending Tool
The People’s Bank of China avoided injecting low-cost funds into policy-oriented banks in November, despite expectations that the central bank may start to provide more financing for housing and infrastructure projects to support the economy.
The outstanding amount of the PBOC’s Pledged Supplemental Lending programme to policy banks was unchanged at the end of November from the previous month, according to the central bank’s statement published Friday. Read more>>
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