China’s Wanda Renegotiating $4B in Pre-IPO Funding and More Asia Real Estate Headlines

Wanda boss Wang Jianlin has seen happier days (Getty Images)

China’s Dalian Wanda Group saw its application for a Hong Kong IPO lapse for a fourth time last week, and the company’s attempt to renegotiate $4 billion in pre-IPO financing leads our headline roundup today. Also in the news, China Evergrande has again halted trading in its shares on the HKEX following reports that the developer’s chairman was being detained. Also making the list, a prime residential site hits the market in Singapore and Hong Kong second-hand home prices continue to slide.

Wanda Renegotiating $4B Financing with Investors After IPO Application Lapses Again

Dalian Wanda Group Co. has started negotiations on a proposal that would allow the conglomerate to avoid repaying about 30 billion yuan ($4.1 billion) to investors in its shopping mall business if the unit fails to complete its initial public offering this year, according to people familiar with the matter.

Wanda is considering offering compensation to pre-IPO investors of Zhuhai Wanda Commercial Management Group Co. as an alternative to immediate repayment, the people said, potentially easing the risk of a liquidity crunch that spooked markets earlier this year. The Chinese conglomerate recently told investors that an IPO of the mall unit will likely take place next year, the people added. Read more>>

Evergrande Shares Halted After Cops Grab Chairman Xu Jiayin

Shares in crisis-hit Chinese property giant Evergrande have been suspended in Hong Kong amid reports its chairman has been placed under police surveillance.

It follows reports earlier this week that other current and former executives had also been detained. Thursday’s market statement did not give a reason for the trading halt. Read more>>

Residential Site in Singapore’s District 9 for Sale at $69M Guide Price

A freehold residential site spanning 17,974 square feet (1,670 square metres) in District 9 is up for sale by public tender at the guide price of S$95 million ($69 million).

On Thursday, exclusive marketing agent Savills Singapore said this works out to S$2,839 per square foot per plot ratio. This is after factoring in a 7 percent bonus gross floor area and a land betterment charge of about S$57.8 million. Read more>>

Hong Kong’s Lived-In Home Prices Decline for Fourth Straight Month

Hong Kong’s lived-in home prices declined for the fourth straight month in August, government data showed and analysts expect the easing trend to continue for the rest of the year given the elevated interest-rate environment and high inventory levels.

Prices fell 1.4 percent month-on-month in August, according to an index compiled by the Rating and Valuation Department. The widely watched gauge slipped to 339.2 from 344.0 in July. Read more>> 

Hong Kong Finance Chief Hints at End to Home Sales Restrictions

The government gave its strongest hint yet that it could soon ease Hong Kong’s property cooling measures with Financial Secretary Paul Chan saying Wednesday that the conditions which prompted authorities to impose such moves more than a decade ago no longer prevailed.

Meeting the press after a 10-day trade trip to Europe, Chan was asked whether authorities would relax cooling measures for the property market amid falling house prices. Read more>>

Vietnam’s Novaland Says Making Efforts to Restructure Debts

Developer Novaland has said it is making efforts to restructure its debts and negotiate arrangements to strike a balance between the interests of bondholders and other creditors. It said after nearly a year of economic hardships the real estate market is showing signs of recovery.

Nevertheless, the tightening of lending policies and lingering market uncertainty remain significant hurdles, impacting the liquidity of companies, including its own, which has yet to stabilise as anticipated, it said. Read more>>

Singapore’s GIC Among Bidders for Stake in Vietnamese Grocery Chain

Singapore’s sovereign wealth fund GIC is among investors vying to buy up to a 20 percent stake in grocer Bach Hoa Xanh from Vietnam’s retail giant Mobile World Investment, in a deal that could value the grocery chain at up to $1.7 billion, two sources said.

GIC declined to comment. Other bidders include companies from Thailand, the sources added, declining to be named as the matter is private. The identity of the potential buyers has not been reported previously. Read more>>

Shares in CIFI Drop After Mainland Developer Swings to Loss

Shares in Chinese developer CIFI Holdings slid on Wednesday as the company resumed trading after reporting that it had swung to a first-half net loss.

CIFI’s net loss for the period ended June was RMB 8.97 billion ($1.23 billion) compared with a RMB 730.8 million profit a year earlier, the developer said late Tuesday. It attributed the result to higher write-downs on properties and increased finance costs. Read more>>

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