Ling Ke, the chairman of China’s Gemdale Properties resigned on Tuesday.
The chairman of China’s Gemdale Properties resigned on Tuesday after 25 years leading the company and a resulting meltdown in the company’s stocks and bonds leads today’s collection of real estate headlines from around the region. Country Garden also makes the list as time grows short to avoid its first bond default, and Sumitomo Realty & Development is embarking on a $3.3 billion redevelopment project in downtown Mumbai.
Gemdale Chairman Resignation Triggers Stock Slide
Stocks and bonds for China’s Gemdale Properties and Investment plunged on Tuesday after its chairman resigned after 25 years running the company. The slide in Gemdale’s securities made the state-run developer the latest major property company in China to be caught up in the country’s real estate crisis.
Ling Ke, 64, resigned due to health reasons, Shanghai-listed Gemdale announced Monday evening, adding that he would be replaced by company president Huang Juncan. Read more>>
Country Garden Enters Final Hours to Avoid First Bond Default
The clock is ticking for Country Garden Holdings to avert its first-ever public dollar bond default, as some creditors said they still hadn’t gotten an interest payment just hours before a deadline.
Two holders of Country Garden’s dollar bond due 2025 said they had yet to receive the interest as of 12pm Hong Kong time on Tuesday. They requested anonymity as they’re not authorised to speak publicly. Read more>>
Courier J&T Global Seeks to Raise $501M in Hong Kong IPO
Courier services provider J&T Global Express is seeking to raise HK$3.92 billion ($501 million) through an initial public offering in Hong Kong, the city’s second-largest so far this year.
The company is taking orders until 19 October for 326.6 million shares, which are being sold at HK$12 each, according to a statement on Monday. Pricing is expected on 19 October, with listing slated for 27 October. Read more>>
Former Goldman Traders Launch $250M China Distressed Debt Fund
Two former Goldman Sachs traders in Hong Kong are raising money to lend to financially strapped borrowers, including the growing number of down-on-their-luck Chinese property tycoons.
Raymond Chan, most recently co-head of Oaktree Capital Management’s Asia distressed debt business, will be chief investment officer at Blue Mountain Bridge Capital’s new fund. He started at the firm, created by his former Goldman colleague Jenny Sun, this year. The two plan to raise $250 million from family offices and wealthy individuals, with as much as half of that expected to close by the end of December. Read more>>
Japan’s Sumitomo Realty to Pump $3.3B Into India Development
Sumitomo Realty & Development is embarking on a JPY 500 billion ($3.34 billion) redevelopment project in downtown Mumbai, Nikkei has learned, as Japanese developers flock to fast-growing emerging economies with healthy office markets.
The Japanese developer plans to build offices, a hotel and commercial facilities on a roughly 80,000 square metre (861,113 square foot) former factory site. This will be among the largest real estate projects in India to be handled by a foreign company on its own. Read more>>
Evergrande Wind-Up Hearing Opens Bumpy Path to Liquidation
A hearing for China Evergrande Group in a Hong Kong insolvency court later in October will lay bare the once-unthinkable possibility of liquidating the developer’s assets.
A wind-up order from Judge Linda Chan after the 30 October hearing would wreak havoc on the struggling company that is trying to finalise a restructuring plan to pay back creditors. Read more>>
Country Garden Founder Makes Public Appearance as Crisis Deepens
The co-founder of Country Garden Holdings has inspected a construction site in Guangdong, as the sector’s embattled companies and their billionaire bosses strive to show their dedication to delivering housing and clearing debts amid what is seen as heightened government scrutiny.
Yeung Kwok-keung, known in mainland China as Yang Guoqiang, urged workers to ensure construction quality as he visited a residential and commercial complex on Nanping Road in Guangdong’s Shunde city on Wednesday, the developer said in a statement on its WeChat account on Friday. Read more>>
Hiranandani Group to invest $240M in Mumbai Residential Project
Realty firm Hiranandani Group will invest INR 20 billion ($240 million) to develop the first phase of its luxury housing project comprising 330 units at Powai in Mumbai and has already sold 150 units for INR 11 billion within its launch week.
In a statement on Monday, Hiranandani Group said it has launched a new housing project, Empress Hill, at Hiranandani Garden township in Powai. The company will develop a total of 500,000 square feet (46,452 square metres) in phases. Read more>>
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