Shimao boss Hui Wing Mao has some big bonds on his mind
In today’s roundup of regional news headlines, Chinese developer Shimao Group stares at $2.5 billion in bond payments coming due in 2022, Hong Kong property agency Full Mark temporarily shuts down as COVID-19 rages, and London-based Pi Labs cinches $90 million for its proptech fund.
Shimao Group Faces $2.5B in Bond Payments This Year
Chinese developer Shimao Group faces a hefty $2.5 billion in bond obligations coming due this year just as delayed repayments on trust products fuel concern about its capacity to navigate a credit crunch.
The figure includes $2.2 billion in maturities and nearly $300 million in interest on the securities including local and offshore notes. The bulk of the obligations mature through the third quarter. Read more>>
Hong Kong Property Agency Closes Down Amid COVID Outbreak
With the coronavirus pandemic raging on in Hong Kong, businesses are adapting to the situation by cutting operating hours and asking staff to work from home.
While restaurants have been disproportionately affected by the city’s most stringent social distancing measures since the pandemic began two years ago, property brokerages have not been spared either, with local agency Full Mark temporarily shutting. Read more>>
Pi Labs Wraps Up $90M Proptech Fund
With over $60 billion worth of venture capital, private equity, M&A and IPO funding flowing into the proptech sector last year, London-based proptech venture capital firm Pi Labs has secured $90 million for its oversubscribed fund.
The VC company will identify and invest in the next generation of proptech startups that have developed proprietary technology to enhance any stage of the real estate value chain. Read more>>
Singapore Business Park Asset Set to Trade for $22.6M
Swiber Holdings said Tuesday that it has entered into a non-binding memorandum of understanding with an independent third-party purchaser to sell its headquarters at 12 International Business Park for S$30.8 million ($22.6 million).
In its bourse filing, the offshore and marine group — now under judicial management — said its wholly owned subsidiary Swiber Corporate has entered into the MOU to sell the five-storey leasehold business park development in Jurong East. Read more>>
Allianz Real Estate Sees Global Logistics Portfolio Increase 32%
Real estate investment manager Allianz Real Estate has seen its global logistics portfolio grow to €11.6 billion ($17.19 billion) in assets under management at the end of 2021, up 32 percent year-on-year.
The firm’s logistics exposure comprises €8.6 billion in equity investment, an increase of 39 percent, and €3 billion in financing, up 15 percent. Regionally, the firm’s portfolio split is €5.8 billion in Europe, €3.3 billion in the US and €2.5 billion in Asia Pacific. Read more>>
Singapore Land Sales See Firm Prices, Keen Developer Interest
Singapore’s latest Government Land Sales tenders for two 99-year leasehold housing sites have drawn keen interest, reflecting developers’ hunger for land in the suburbs after strong sales last year.
It also reflects their confidence that the segment will continue to post healthy demand from first-time homebuyers and HDB upgraders. Read more>>
China’s Easing Policies Set Up Property Recovery Says UBS
China’s property sector may recover slightly from the downturn due to easing policies while debt pressure remains, UBS’s chief China economist said Monday.
In early February, China’s central bank announced that bank loans to fund low-cost rental projects would no longer be subject to regulatory curbs, which required banks to trim their loan exposure to the property sector to a certain level. Read more>>
Asian Investors Expected to Double Purchases of London Offices
Asian investors from China to Singapore are expected to step up their bets on London’s office property market this year, lured by the currency resilience and prospects for rent and capital appreciation, according to market consultants.
Such investors are seen doubling their investments to £4.1 billion ($5.5 billion), making up 39 percent of all spending by global investors in the British capital, said Christine Li, head of research for Asia Pacific at Knight Frank. That amount would be an increase from about 25 percent in 2021. Read more>>
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