The China Resources Building in Hong Kong (Image: Arup)
A real estate unit of China Resources plans to raise up to $1 billion in a Hong Kong IPO, with that story leading our roundup of real estate headlines from around the region. Also in the news, the family behind Country Garden provides the developer with an interest-free loan of $300 million and Shanghai authorities raise $2.7 billion in the city’s latest batch of land sales.
China Resources’ Property Arm Aims for $1B Hong Kong IPO
China Resources Longdation, a property arm of state-owned conglomerate China Resources, plans to raise between $500 million and $1 billion in a Hong Kong REIT IPO, according to three sources with direct knowledge of the matter.
Formerly known as China Resources Property, the company has appointed China International Capital Corporation, Citigroup and JPMorgan to work on the REIT listing, the sources added. Read more>>
Dalian Wanda Group’s Planned $452M ABS Deal Scrapped
Dalian Wanda Commercial Management Group’s planned issuance of an asset-backed security has been terminated, occurring as a unit of the Chinese property firm faces a key deadline for going public.
An update regarding the proposed RMB 3.3 billion ($452 million) offering was posted Thursday on the corporate bond information platform on Shanghai Stock Exchange. No reason was given regarding termination of the offering, an application for which was accepted on 30 March. That same day, a separate RMB 3.5 billion ABS application was accepted, and that plan is in the feedback stage pending approval, according to the platform. Read more>>
Country Garden’s Founding Family Lends Company $300M
The founding family of Country Garden Holdings recently provided the developer with an interest-free loan of $300 million, local media reported, a sign of its commitment to the ailing Chinese property giant.
The loan from co-founder Yeung Kwok Keung’s family was reported by The Paper on Friday 13 October, citing unidentified people. Country Garden didn’t comment. Read more>>
Shanghai Raises $2.7B in Latest Land Auction
Shanghai authorities have raised RMB 19.7 billion ($2.7 billion) from auctioning the land-use rights for seven plots in the city at an average premium of 6.7 percent.
A residential plot in the downtown Changning district drew the most interest at the auction, attracting bids from eight property developers. It went for a 10 percent premium. A plot in central Jingan district sold for RMB 81,200 per square metre, the top end of the floor price, representing a 9.7 percent premium. Read more>>
Sino-Ocean Seeks to Defer Interest Payment on $411M Onshore Bond
The liquidity stress in China’s property sector is showing no signs of easing, with many developers working on restructuring their debt while seeking to extend bond repayments even as defaults continue to mount.
Struggling mainland developer Sino-Ocean Group Holding said it plans to seek creditors’ approval to extend interest payment on an onshore bond due 19 October, but said it would service the interest on an offshore bond due 26 October. Read more>>
Hong Kong Tycoon Sells $25M Sydney Bolthole
Hong Kong telco tycoon Canning Fok and his wife, Eliza, are a hot tip to have sold their Vaucluse home after an 18-month sales campaign that began at more than A$40 million ($25.3 million).
The couple had given the three-level contemporary residence to Highland Property’s supremo Bill Malouf, who maintained the bullish asking price from early last year. Read more>>
Ping An Real Estate is China Property’s New Hot Potato
China’s property sector is struggling to halt its unprecedented decline. The biggest developers have gone into default. What will happen to private equity that had enthusiastically bought into real estate during the euphoric years then, investors are asking.
The fate of Ping An Real Estate, the wholly owned subsidiary of insurance giant Ping An Insurance Group, is igniting a lively debate. The PE firm’s RMB 2 billion ($274 million) bond, due next January, went through a roller coaster ride in recent months, hitting a yield of 30 percent in late August. Read more>>
Novaland Fined by Vietnam Securities Commission
Novaland was fined a total of VND 150 million ($6,100) for not disclosing information on many important documents on time.
On 11 October, the State Securities Commission issued a decision to sanction administrative violations in the field of securities and stock market against Novaland, due to violation of information disclosure obligations. Read more>>
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