Sunac wants to extend the repayment periods for some bonds by up to four and a half years
In today’s roundup of regional news headlines, mainland developer Sunac reportedly looks to extend the maturity of more onshore bonds, China Vanke secures a line of credit from a state-backed lender, and a good class bungalow site in Singapore goes up for sale.
Sunac Plans to Extend Maturity of $2B in Onshore Bonds: Sources
Sunac China Holdings plans to classify onshore bonds worth RMB 14.6 billion ($2.07 billion) into two groups and extend the repayment periods by up to four and a half years, two sources with knowledge of the matter said.
The mainland developer earlier this year extended repayment for a RMB 4 billion bond. It is now proposing to further extend the repayment of RMB 3.4 billion, the unpaid amount of this tranche, by three years and nine months to September 2026, the sources said. Read more>>
Chinese Lender BoCom to Provide Vanke With $14B Credit Line
China’s Bank of Communications, known as BoCom, said Wednesday that it would provide a RMB 100 billion ($14 billion) credit line to developer Vanke in the latest sign of support for the embattled property sector.
Chinese authorities have announced a flurry of fiscal measures recently to ease pressure on debt-laden developers and reverse a severe housing slump. Vanke is the country’s second-largest developer by sales. Read more>>
Holland Rise Site Up for Sale Again With S$106M Asking Price
A site in Singapore’s Holland Rise good class bungalow area has been put up for sale with an indicative price of S$106 million ($76.6 million), marketing agent Knight Frank said Wednesday.
The same site was put up for sale in January 2021 for S$68 million, pointing to a 55 percent jump in asking price in under two years. Read more>>
Fosun Appoints Deutsche Bank to Sell Stake in Peak Re: Sources
China’s Fosun International has appointed Deutsche Bank to advise on a potential sale of its stake in Hong Kong-based reinsurance company Peak Re, four people with knowledge of the matter told Reuters.
The sale comes as the tourism-to-financials conglomerate is battling with high debts. Ratings agency Moody’s downgraded the company’s credit rating to B2 last month and revised its outlook to “negative” from “ratings under review”. Read more>>
PropNex Gains From ERA Agent Exodus in Singapore
Of more than 700 property agents who left APAC Realty’s ERA in 2022, at least 640 joined rival real estate company according to a Straits Times report citing data from Huttons Asia. In comparison, 209 agents moved from PropNex to ERA.
Most real estate agents switch agencies during Council for Estate Agencies’ (CEA) yearly real estate salesperson registration renewal exercise, which takes place from Oct 1 to Nov 30. Read more>>
Korean Provincial Government Raided in Development Scandal Probe
Prosecutors raided South Korea’s Gyeonggi provincial government Tuesday as part of their widening investigation into a high-profile real estate development scandal allegedly connected to the main opposition party leader.
The Seoul Central Prosecutors Office sent a team of investigators to seize email records of Jeong Jin-sang, a vice chief of staff to Democratic Party of Korea Chairman Lee Jae-myung. Read more>>
Vicinity Centres Boss Fast-Tracked Exit Amid Conduct Allegations
Australian business leader Grant Kelley has denied allegations of inappropriate conduct, which shopping centre giant Vicinity Centres says fast-tracked his departure from the company.
Kelley stepped down from the top job after the company’s annual general meeting last Wednesday, amid claims of inappropriate conduct from a senior member of Vicinity’s management team. Read more>>
China’s COVID Policy Will Hinder Property Recovery: Goldman Sachs
China’s zero-tolerance approach to combating COVID infections will curb the benefits expected from recent measures to support a struggling property market, according to Goldman Sachs.
“Because of the zero-COVID policy, all the ongoing property easing might not be transmitted into the property sector recovery,” Hui Shan, chief China economist at Goldman Sachs, said in a Wednesday interview with Bloomberg TV. Read more>>
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