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China Trust Lender Admits $37.5B Shortfall and More Asia Real Estate Headlines

November 25, 2023
in Technology
China Trust Lender Admits $37.5B Shortfall and More Asia Real Estate Headlines
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Zhongrong

Zhongzhi’s Zhongrong unit has been a major lender to development projects (Getty Images)

A mainland trust lender which lent to many of China’s developer’s has joined the country’s insolvency wave and that $37.5 billion shortfall leads today’s set of real estate headlines from around Asia. Also in the news, Hong Kong’s New World is buying back bonds to reduce its debt and a bungalow which once belonged to one of India’s biggest movie stars is set to make way for luxury homes.

Chinese Shadow Bank Admits $37.5B Shortfall After ‘Management Ran Wild’

One of China’s biggest financial conglomerates with links to the country’s ailing property market has admitted a shortfall of nearly £30 billion ($37.5 billion) as it warned investors that it is “severely insolvent”.

Zhongzhi, an asset and wealth management company in China’s shadow banking sector, said its total assets amounted to RMB 200 billion ($28 billion) against obligations of up to RMB 460 billion, in a letter to shareholders issued on Wednesday. Read more>>

New World Development Offers to Buy Back $600M of Bonds

New World Development offered to buy back as much as $600 million of its outstanding dollar-denominated debt through a public tender to manage its debt load, days after receiving HK$21.8 billion ($2.8 billion) from an asset sale to its controlling family.

The Hong Kong developer offered to repurchase part of five bonds maturing between 2027 and 2031 and two perpetual securities with a combined outstanding face amount of $4.14 billion, according to a stock exchange filing on Thursday. The offer prices exclude accrued interest on the bonds. Read more>>

Godrej to Launch $60M Residential Project at Raj Kapoor Mumbai Bungalow

Godrej Properties, has announced plans to launch a residential project worth INR 5 billion ($60 million) at the site of the iconic Raj Kapoor bungalow in Mumbai.

The bungalow, which was once the residence of legendary Bollywood actor Raj Kapoor, holds a special place in the hearts of many Indians. The decision to transform this historic site into a residential project has been met with a mix of nostalgia and anticipation. Read more>>

China Races to End Property Panic, Fill $446B Funding Gap

Chinese leaders are making their most forceful push yet to end the nation’s property crisis, ramping up pressure on banks to plug an estimated $446 billion shortfall in funding needed to stabilise the industry and deliver millions of unfinished apartments.

Policymakers are finalising a draft list of 50 developers eligible for financial support that includes Country Garden Holdings and Sino-Ocean Group and indicated a pivot by Beijing to help some of the most distressed builders. Meanwhile, the country’s top lawmaking body said banks should increase funding for developers to reduce the risk of additional defaults and make certain that housing projects get completed. Read more>>

Warburg Pincus, Partners Offload $90M in India Finance Firm Shares

Global private equity firm Warburg Pincus and two promoter group entities divested shares of Home First Finance worth INR 7.5 billion ($90 million) via open market on Thursday, for the second time in six months, according to bulk deals data.

Warburg Pincus, via its subsidiary Orange Clove Investments BV, divested 2,883,819 shares, representing a 3.3 percent stake in the affordable housing financing company, for approximately INR 2.51 billion. Read more>>

Chow Tai Fook Executive Denies Rumours of New World Family Rift

A top executive of jewellery retailer Chow Tai Fook and a member of Hong Kong’s affluent Cheng clan that controls the property developer New World Development denied rumours of a family rift over succession plans.

At a press conference on Thursday to announce Chow Tai Fook’s interim results, vice-chairman Conroy Cheng Chi-heng categorically denied rumours of family discord or property disputes. Conroy Cheng is also the nephew of Henry Cheng Kar-shun, the patriarch and chairman of Chow Tai Fook and New World Development. Read more>>

Vietnam to Extend Anti-Graft Drive as Real Estate Fraud Hits 3% of GDP

Vietnam’s top leader vowed to extend “for the long-term” an anti-corruption campaign that has had a chilling effect on the economy, after police revealed financial scandals in the real estate sector worth more than 3 percent of gross domestic product.

The campaign against graft has been under way since 2016, but gained momentum last year after authorities in the Communist-ruled country cracked down on several high-profile frauds and corruption cases involving top corporate executives and high-ranking state officials. Read more>>

Phoenix Mills, Shriram Bullish on Kolkata Real Estate

India‘s two top real estate companies, The Phoenix Mills and Shriram Properties are bullish about real estate scenario in the city. Speaking at the Bengal Global Business Summit (BGBS), CEO, Shriram Properties, M Murali, highlighted the city’s substantial housing demand, estimating the need for over 1 million new homes given Kolkata’s population of 8.7 million.

Addressing a session on urban development and real estate, Murali emphasised the economic contribution of six key states, including Bengal, constituting 52 percent of India’s GDP. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : MingTiandi – https://www.mingtiandi.com/real-estate/crelist/roundup-china-trust-lender-admits-37-5b-shortfall/

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