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Bank of America’s survey pinpointed China real estate as a global risk (Getty Images)
In today’s roundup of regional news headlines, a survey reveals investor fears that China’s property woes could trigger a systemic credit event, and South Korea’s flag carrier plans to sell Hawaii hotel assets. Also making the cut are a fund manager’s Singapore office opening and a measure to boost housing demand in a popular Beijing district.
China Real Estate Likeliest Source of Systemic Credit Event: BofA Survey
Investors believe Chinese real estate is the likeliest source of a global systemic credit event and are at their most pessimistic on China growth prospects in over a year, Bank of America’s September fund manager survey shows.
A third of respondents in the survey cited Chinese real estate as the biggest credit event risk, overtaking US and EU commercial real estate at 32 percent. Read more>>
Korean Air Parent to Sell Waikiki Resort Hotel Assets for $108M
South Korea’s Hanjin KAL Corp will sell the assets owned by its Hawaii-based subsidiary Waikiki Resort Hotel to US company AHI-CLG LLC for KRW 146.6 billion ($108.4 million) on 15 September, the holding firm of Korean Air Lines Co said Friday.
Hanjin KAL will divest all real estate and related assets of Waikiki Resort Hotel, excluding cash and cash equivalents worth $121 million, the owner of the Korean flag carrier said in a disclosure. Read more>>
AIMCo Opens First Asia Office in Singapore, Remains Leery of China
Alberta Investment Management Corp has opened its first Asian office, but the Edmonton-based fund manager says it will steer well clear of China to focus instead on markets with less geopolitical risk.
Tuesday’s official opening of AIMCo’s Singapore office marked the first foray into Asia Pacific for what is one of Canada’s largest institutional investors, with $158 billion in assets under management as of 2022. Read more>>
Beijing Scraps Limits on Listing Prices of Pre-Owned Homes in Haidian District
Authorities in Beijing have scrapped a rule that limited the listing of prices of pre-owned homes in Haidian district, a move intended to boost demand and prop up the country’s slumping property market.
In Haidian, a district known for its good schools and access to quality education, 29 properties are now publicly advertising their listing prices for pre-owned homes, as reported by local news outlets. Read more>>
Government Throws China’s Housing Market a Bone
The deep malaise in China’s critical housing sector has finally pushed Beijing to make some forceful moves. The real estate market may get a meaningful boost in late 2023 — but it will remain in a state of structural decline over the long run.
In the past couple of weeks, China has unveiled a smorgasbord of measures to support the flagging property market. It isn’t yet rolling out a large-scale 2015- or 2009-style stimulus, or the kitchen sink, but the range and breadth has been notable — especially in contrast with the muted policy response over the summer as the economy ground to a near-halt. Read more>>
EC World REIT at Risk of Immediate Loan Repayment Demands
The manager of EC World REIT announced that the China-focused trust has failed to top up the offshore interest reserve within the requisite five business days of its release.
If the Singapore-listed REIT does not remedy the breach and top up that reserve within 10 business days, an event of default pursuant to the offshore facilities would arise and also trigger a cross-default under the existing onshore facilities of EC World REIT and its subsidiaries. Read more>>
China Firms Will Drive Hong Kong Office Market Rebound, Gaw Says
An influx of Chinese firms seeking to list in Hong Kong will drive a recovery in the city’s office space market over the next two to four years, according to the head of Gaw Capital Partners.
Chinese investment banks and securities firms eyeing business from stock listings will replace multinational companies that are reducing their footprint, said Goodwin Gaw, chairman of the Hong Kong-based private equity firm that has about $36 billion in assets under management. Read more>>
Former China Life Chairman Given Death Penalty With Reprieve
Wang Bin, former Party chief and chairman of China Life Insurance, was sentenced to the death penalty with a two-year reprieve on Tuesday due to taking bribes of RMB 325 million $44.5 million) and concealing overseas deposits of RMB 56.4 million.
After the reprieve, Wang’s death sentence will be commuted to life imprisonment. During his life imprisonment, he shall not be eligible for parole or sentence reduction, according to the verdict issued by the Jinan Intermediate People’s Court in Shandong province. Read more>>
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