Ares Expanding in APAC With Crescent Point Buy and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, US private equity firm Ares Management agrees to acquire Singapore’s Crescent Point Capital, and Aussie builder Lendlease eyes deep job cuts in its international operations. Also making the list are China developer bonds signalling distress and the liquidation of Singapore’s Laguna National Golf and Country Club.

Ares to Acquire Singapore Private Equity Firm Crescent Point Capital

US-based Ares Management has agreed to fully acquire Singapore-headquartered private equity firm Crescent Point Capital for an undisclosed amount, according to a statement on Tuesday.

“We believe that CPC is an excellent platform that will further enhance our footprint and capabilities in the region,” said Ares CEO and president Michael Arougheti. Read more>>

Lendlease to Cut About 10% of Global Workforce

Australian developer Lendlease will cut about 740 jobs globally, or roughly 10 percent of its workforce, according to an internal memo on Tuesday seen by Reuters.

The bulk of the cuts will be in its international operations, according to the memo. Lendlease has 7,800 employees across Australia, Europe, the US and Asia, according to its website. Read more>>

China Builder Bonds at Cusp of Distress After Wanda Shock

Mounting signs of financial stress at Chinese developers are again roiling the nation’s dollar-bond market and adding to concerns about the health of the world’s second-largest economy.

Shui On Land became the market’s latest worry on Tuesday, with its notes plunging by record amounts of more than 10 cents as the firm seeks to identify bondholders — a step that sometimes foreshadows payment delays. State-backed peer Sino-Ocean Group halted trading in a local note that matures in two weeks, flagging “significant” uncertainty in repaying that bond. Read more>>

Singapore’s Laguna National Club Owes Creditors $53M, Dwarfing Assets

Hundreds of noteholders and other creditors are owed S$69.7 million ($52.6 million) by Singapore’s Laguna National Golf and Country Club, which is currently in liquidation.

The club has only S$699,433.05 in estimated realisable assets, or 1 percent of its debts, the Business Times has learned. On Tuesday, a creditors’ meeting was held to provide an update on the liquidation process and to appoint a committee of inspection to represent the interests of creditors. Read more>>

Ivanhoe Cambridge Raises $228M With First Sustainability Bond

As part of its sustainable finance programme, Canada’s Ivanhoe Cambridge has issued its first sustainability bond in the amount of C$300 million ($227.9 million).

Ivanhoe Cambridge is the first real estate investor to issue a senior unsecured sustainability bond in Canada. The issue carries a coupon rate of 4.994 percent and matures on 2 June 2028. Read more>>

Rice Robotics Raises $7M for Hong Kong Plant, Japan Expansion

Rice Robotics, a Hong Kong-based startup, has secured $7 million in pre-Series A funding, a portion of which has been allocated to establish a production plant in Hong Kong.

By utilising this investment, the company aims to bolster its manufacturing and supply chain capabilities and position itself for expansion into the Japanese market. Read more>>

China Property Recovery Is Short-Lived as Industry Contracts

China’s property industry contracted again in the second quarter after a short-lived expansion in the previous three months, adding to the economy’s challenges.

The real estate sector declined 1.2 percent in the April-June period compared with a year ago, according to a breakdown of GDP data released by the National Bureau of Statistics on Tuesday. The drop reverses the first expansion in the sector since 2021 recorded in the first quarter. Read more>>

Fitch Ratings Says Risk to Vietnam From Real Estate Has Eased

The risk that Vietnam’s government may be burdened by debt in the property sector has eased, according to Fitch Ratings, even as the company warned that uncertainty persists.

“With interest rates having fallen back, the associated stress has peaked and worst-case scenarios that might have seen contingent liabilities migrate to the sovereign balance sheet appear much less likely,” Fitch analysts said Tuesday. Read more>>

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