Country Garden is flexing on its mainland competitors this week
In today’s roundup of regional news headlines, Country Garden seeks to calm market jitters with a bond buyback, US developer Greystar reveals its builder for a Melbourne apartment complex, and a Singapore coffee shop changes hands for an eye-popping amount.
Country Garden Offers to Buy Back $683M Bond
Country Garden Holdings, China’s largest property developer by sales, has offered to repurchase a $683 million bond just over a month ahead of maturity, in a move seen to dispel speculation about its financial health.
Country Garden has offered to purchase for cash all of the bond carrying 4.75 percent of interest and due on 25 July at par, or 100 cents on the dollar, and accrued semi-annual interest, the Shenzhen-based company said in a filing to Hong Kong’s bourse on Wednesday. Read more>>
Greystar Picks Icon for A$500M Build-to-Rent Project in South Melbourne
As rental vacancies reach critical lows across Australia, real estate giant Greystar has unveiled the builder for its A$500 million ($349 million) build-to-rent project in South Melbourne, as the Victorian capital emerges as the epicentre of the new industry.
Working with construction firm Icon, the American company plans to build 700 residential apartments across three towers as part of plans to revitalise the Fishermans Bend precinct. Read more>>
Tampines Coffee Shop Reportedly Sells for Record S$41.68M
A coffee shop in Singapore’s Tampines area has sold for a record S$41.68 million ($30 million), according to a report by 8world on Wednesday.
The buyer reportedly lodged a caveat with the Singapore Land Authority in April for the coffee shop at Block 201 Tampines Street 21, and the transaction is expected to be completed by July, 8world said. Read more>>
China Home Prices Drop for Ninth Month as Demand Stays Weak
China’s home prices fell for a ninth month in May, signalling that demand remains weak despite increased government support for the slumping property market.
New home prices in 70 cities, excluding state-subsidised housing, dropped 0.17 percent last month from April, when they slid 0.3 percent, National Bureau of Statistics figures showed Thursday. Read more>>
STB and CapitaLand Activate Joint Promotions
The Singapore Tourism Board and CapitaLand Investment entered into a multi-faceted three-year partnership earlier this month.
The tie-up will deliver new retail concepts and drive global awareness of Singapore and CapitaLand malls as must-visit lifestyle destinations, said the partners, which will jointly curate some 20 events and experiences during the three years. Read more>>
Singapore Hospitality Trusts Seen as Ripe for More Take-Private Deals
Deals to take private Singapore’s REITs are expected to gain momentum as the companies reel under rising interest rates and fierce competition to buy assets, bankers and analysts say.
The trend in the sector, which is worth $7 billion, was underscored by a proposal this week by Frasers Property, part of Thai tycoon Charoen Sirivadhanabhakdi’s TCC Group. Frasers Property wants to take private its Frasers Hospitality Trust in a deal that values the target at $1.35 billion. Read more>>
Shanghai’s Reopening Comes Too Late for Stressed Developers
China’s stop-start reopening may be too little, too late to save some cash-strapped property developers.
Among 32 builders that have defaulted since the start of last year or are currently facing debt-repayment pressure, at least 13 have derived more than a third of their sales from the Yangtze River Delta area anchored by Shanghai, according to Bloomberg calculations based on company data. Read more>>
Satellite Images Show China Infrastructure Boom in the Making
China saw an uptick in new construction sites in May, according to satellite data, suggesting that infrastructure investment is poised to accelerate from its sluggish pace.
The area of new construction sites in China’s three largest urban areas — around the cities of Beijing, Shanghai and Guangzhou — increased by 110 percent in May from the same month in 2021, according to Four Squares Technology, which analyses satellite images. But that increase was from a low base: the area around Guangzhou saw zero areas of new construction in May 2021. Read more>>
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