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Evergrande Car Unit Slides 69% as Trading Resumes and More Asia Real Estate Headlines

July 28, 2023
in Technology
Evergrande Car Unit Slides 69% as Trading Resumes and More Asia Real Estate Headlines
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evergrande electric vehicle

Evergrande’s electric vehicle dreams have become nightmares

Evergrande may have flunked out of the electric vehicle competition, but it was stuck this week with a $2.8 billion tuition bill, per a story that leads today’s roundup of real estate news from around the region. Also in the headlines, Singapore’s Keppel Corp reports a profit jump following the sale of its offshore unit and Hong Kong home prices continue to slide.

Evergrande Auto Subsidiary Loses $2.8B in Value as Trading Resumes

China Evergrande New Energy Vehicle Group Ltd. plunged as trading resumed in its shares for the first time since April 2022, wiping $2.8 billion off the company’s market value in Hong Kong. The China Evergrande Group unit was down 62 percent as of 11:20 a.m. local time, having fallen as much as 69 percent when trading started, leaving it with a market value of about $1.7 billion.

Evergrande NEV released results Wednesday evening that showed a net loss of 84 billion yuan ($11.7 billion) for 2021 and 2022 combined. The company also warned of its ability to continue as a going concern. Total liabilities in its 2022 earnings statement amounted to about 184 billion yuan. Read more>>

Keppel Corp Profit Jumps Seven-Fold on Sale of Offshore and Marine Unit

Singapore’s Keppel Corp on Thursday reported a more than seven-fold jump in its first-half profit boosted by a one-off gain from the sale of its offshore and marine (O&M) unit and strong performance from the infrastructure business.

Keppel sold its offshore and marine business in February for S$4.50 billion ($3.40 billion) to Sembcorp Marine, recognising a gain of S$3.3 billion, as it aims to transform into an asset manager overseeing $150 billion by 2030 and focus on green energy. Read more>>

Hong Kong Home Prices Slid Again in June

Hong Kong’s lived-in home prices declined for the second month in June, with the city’s property market reeling from waning confidence and mortgage financing pain as banks raised borrowing costs to the highest level in 15 years.

Prices dropped 0.54 percent on average in June from a month earlier, after weakening 0.93 percent in May, according to an index compiled by the Rating and Valuation Department on Thursday. As a result, prices retreated just under 1 percent in the second quarter, versus a 5.25 percent jump in the first three months this year. Read more>>

Kotak Data Centre Fund Invests $73M in India’s Sify

India’s Sify has raised more than $70 million for new data centers. The funding was announced during the company’s quarterly earnings results this week.

Sify and Sify Infinit Spaces Limited (“SIS”), a wholly owned subsidiary of Sify which operates its data centers, have entered into an agreement with Kotak Data Center Fund (KDCF), under which KDCF will invest up to Rs 6 billion (approximately $73 million) in the form of compulsory convertible debentures of SIS. Read more>>

Digital Core REIT Distributions Fall 6.8%

Digital Core REIT’s distribution per unit sank 6.8 percent to US$0.0192 for its first half-year ended June, from US$0.0206 the year before, as a result of lower rental income.

Two of its tenants filed for bankruptcy, which caused them to fall behind on rent payments. One of these customers has since vacated the data centre it was occupying in Toronto, Canada, and has been replaced by other tenants, the REIT manager said on Thursday (Jul 27) in a bourse filing. Read more>>

AIMS APAC REIT Boosts Distributions by 5.1%

AIMS APAC REIT’s distributable income to unitholders rose 5.1 percent from a year earlier to $17.2m in the first quarter of its financial year, due to higher gross revenue and net property income (NPI).

In its latest financial statement, the REIT reported that its NPI increased by 4.2 percent to $32.3 million whilst its gross revenue improved by 4.5 percent YoY to $43.2 million. The REIT attributed the increase in its revenue and NPI to “higher rental income from Singapore properties, partially offset by higher financing costs.” Read more>>

Far East Hospitality Trust Distributions Rise 25%

Far East Hospitality Trust’s distribution per stapled security for the first half ended June rose 24.7 percent to S$0.0192, from S$0.0154 the year before.

This came as distribution to stapled securityholders grew 25.6 percent year on year to S$38.4 million on the back of higher net property income (NPI), and the distribution of other gains from the trust’s recent divestment of Central Square, said its manager on Friday (Jul 28). Read more>>

CDL Hospitality Trust Reports 23% Increase in Distributions

CDL Hospitality Trusts (CDLHT) posted a 23 percent rise in distribution per stapled security of S$0.0251 for the first half ended June, from S$0.0204 in the year-ago corresponding period. The rise came as gross revenue and net property income grew amid recovery in international travel, leading to improvements in CDLHT’s portfolio markets, its managers said on Friday (Jul 28).

Revenue was up 20.9 percent to S$119.2 million for the half-year period, from S$98.6 million in the year-ago period. Meanwhile, net property income grew 23.3 percent on the year to S$62.9 million from S$51 million. Read more>>

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

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Copyright for syndicated content belongs to the linked Source : MingTiandi – https://www.mingtiandi.com/real-estate/crelist/evergrande-auto-unit-loses-2-8b-in-value-as-trading-resumes/

Tags: EvergrandeSlidestechnology
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