Country Garden missed an RMB bond payment for the first time (Image: Country Garden Weibo)
Country Garden leads Mingtiandi’s headline roundup today after missing an RMB bond payment for the first time. Also making the list, China Vanke talks to banks about a debt swap to avoid default and Hong Kong’s apartment glut favours continued low home prices after last month’s big tax cut.
Country Garden Misses Coupon Payment on RMB Bond for First Time
Country Garden Holdings missed a coupon payment on an RMB bond for the first time, according to people familiar with the matter, adding to the woes of the Chinese developer that is now facing a lawsuit seeking its liquidation offshore.
The builder’s main onshore unit hasn’t paid a RMB 96 million ($13 million) coupon that came due on Tuesday for a 4.8 percent RMB bond maturing in 2026, said the people, who asked not to be identified, citing disclosure rules. There is a 30 trading-day grace period for the payment before any default could be called, the people added. Read more>>
China Vanke in Debt Swap Talks With Banks to Stave Off Default
China Vanke is in talks with banks on a debt swap that would help the cash-strapped developer stave off its first-ever bond default, according to people familiar with the matter.
Vanke’s major creditor banks are considering a plan to swap bond holdings worth tens of billions of RMB in principal into secured debt, the people said, asking not to be identified discussing a private matter. The swap would help China’s second-largest real estate company avoid a public default while giving banks collateral to protect against any potential losses. Read more>>
Hong Kong’s Apartment Glut Set to Keep Prices Down After Tax Cut
Hong Kong’s home sales have roared back to life since the government scrapped extra property taxes last month. A supply glut means a rebound in prices is likely to take much longer.
While property transactions have jumped sharply in the past two weeks, there is little evidence that values are rising, according to property agents and analysts. The abundance of apartments for sale, together with high borrowing costs and a weak economy, is expected to stunt price growth in the coming months. Read more>>
Singapore’s Unsold Private Housing Stock Rising Ahead of New Launches
Singapore’s inventory of unsold new private homes rose 20 percent over the last two years and is expected to continue growing in 2024 as more projects come to market.
This could signal bad news for some residential projects that are approaching a critical sales deadline this year or the next — to clear almost all unsold units or stump up a hefty stamp duty payment running into the tens of millions of dollars. Read more>>
CapitaLand Secures European Central Bank as Anchor Tenant in Frankfurt
CapitaLand Integrated Commercial Trust and CapitaLand Investment have secured the European Central Bank as an anchor tenant for their jointly owned office building in Frankfurt.
CLI and the manager of the trust, CapitaLand Integrated Commercial Trust Management, announced on Tuesday the 10-year tenancy from the ECB at the Gallileo, a 38-storey Grade A office building located in Frankfurt banking district. Read more>>
KKR to Invest $400M in Philippine Telecom Tower Business
Private equity firm KKR & Co will invest $400 million in telecoms tower operations and expansion in the Philippines, the United States Department of Commerce said on Wednesday, among a slew of deals in a $1 billion investment announced in a landmark trade mission.
KKR will develop and acquire roughly 2,000 telecoms towers to support digital connectivity across the Philippines, the commerce department said following a two-day trade and investment mission led by US Commerce Secretary Gina Raimondo. Read more>>
Global Funds Cautious on Adding Japan Bank Stocks Before BOJ
Global investors including Nomura Asset Management and JP Morgan Asset Management are cautious about adding more Japanese bank stocks to their portfolios, even as their profitability is seen improving on a widely expected rate hike by the nation’s central bank as early as next week.
Nomura Asset has been taking some profit on its Japanese bank holdings. While it’s still overweighting the sector, portfolio manager Yoshihiro Miyazaki says too many people are now chasing lenders on expectation of higher rates. JP Morgan Asset portfolio manager Michiko Sakai has reduced holdings of banks, as expectations for the BOJ’s move away from sub-zero rates have already been priced in by the market. Read more>>
Surbana Jurong Unveils Global Headquarters in Jurong Innovation District
Urban design and engineering consultancy Surbana Jurong on Wednesday opened its new global headquarters, SJ Campus.
Located within CleanTech Park in Singapore’s Jurong Innovation District, the campus has a built-up area of 1,200,000 square feet (111,483 square metres) and can accommodate 4,000 employees and the wider community. Read more>>
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