Singapore Frasers Sinks to $54M Loss and More Asia Real Estate Headlines

Frasers CEO Panote Sirivadhanabhakdi

Singapore-listed Frasers Property leads today’s roundup of real estate headlines, as the multinational developer suffered from a change in market values. Also in the news, China’s Country Garden is aiming for a tentative debt restructuring plan by year end and Korea’s Mirae hopes to set up a tender to liquidate the remaining assets of Hong Kong’s Goldin Financial Holdings.

Frasers Property Sinks into the Red With $54M Loss 

Frasers Property (FPL) has sunk into the red with a S$74 million ($54 million) loss for the 2HFY2023 ended 30 September. The loss was mainly attributed by non-cash, unrealised net fair value losses of S$441.8 million on the group’s properties in the UK, Australia and the European Union (EU). The fair value losses were mainly due to higher capitalisation rates amid a higher interest rate environment.

In contrast, FPL’s earnings for the corresponding period the year before stood at S$741.8 million on fair value gains of S$902.3 million. Read more>>

Country Garden Scrambling for Offshore Debt Restructuring

China’s embattled Country Garden is aiming to pull together a tentative plan to restructure its offshore debt by the end of this year, two sources with direct knowledge of the matter said.

The nation’s biggest private developer, which missed a coupon payment in October triggering default terms, then aims to start formal negotiations with offshore bondholders by February or March next year. Read more>>

Mirae Seeks Liquidation of Goldin Assets in Hong Kong

Mirae Asset Securities, South Korea’s largest brokerage house, plans a public tender of assets held by debt-laden Goldin Financial Holdings to recover the investment in an office building in Hong Kong used as the headquarters of the property developer.

Creditors of Goldin Financial Global Center including Mirae Asset have recently signed a due diligence agreement to sell assets of Goldin Financial Holdings such as wineries through a public tender next year, said investment banking industry sources in Seoul on Thursday. Read more>>

Country Garden Sees Biggest Sales Drop in Years

Country Garden Holdings posted its biggest sales drop in at least six years as customers’ concerns about its ability to complete projects threaten to exacerbate a cash crunch at the defaulted Chinese developer.

Contracted sales for October plunged 81.1 percent from the same period a year earlier, topping an 80.7 percent drop in September, its corporate filings show. Sales edged up 2.2 percent from the prior month. Read more>>

China’s Property Risks ‘Manageable’, PBOC Governor Says

China’s property sector risks are under control, central bank Governor Pan Gongsheng said, amid heightened concern over the financial health of another major developer in the troubled industry.

“We’re closely watching financial risks in certain sectors,” Pan said in an interview with state broadcaster China Central Television published on Friday. “Overall, financial risks of the property sector are manageable.” Read more>>

CapitaLand Secures $155M Loan for India Data Centre

CapitaLand India Trust has secured a five-year construction loan of INR 13 billion ($155 million) from JP Morgan India to finance phase 1 development of its data centre in Navi Mumbai.

Securing this onshore loan in India reflects CLINT’s disciplined capital management through a diversification of its funding sources. Read more>>

CtrlS Plans 10 MW Data Centre in Uttarakhand, India

CtrlS is to build a data centre in Uttarakhand in northeast India. Local press reports that the company this week signed a memorandum of understanding with the Uttarakhand government to set up an Edge data centre in the state.

The proposed greenfield facility will reportedly be built over the next eight to ten years and will have a capacity of 10 megawatt. Read more>>

ARA US Hospitality Trust Reports 9MFY2023 NPI of $35.2M

ARA US Hospitality Trust has reported total revenue of $134.6 million for the 9MFY2023 ended 30 September, 3.6 percent higher y-o-y.

Gross operating profit (GOP) rose by 8.6 percent y-o-y to $48.7 million while GOP margin increased by 1.7 percentage points y-o-y to 36.2 percent. Read more>>

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