Xu Jiayin Evergrande

Evergrande boss Xu Jiayin has had his credit rating reduced to restricted default

In today’s roundup of regional news headlines, embattled China Evergrande seeks a six-month extension for repayment of an onshore bond, a Singapore-listed REIT acquires a set of logistics assets in the UK and the Netherlands, and the biggest-spending sovereign wealth fund of 2021 is revealed.

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Evergrande Asks for Delay as First Onshore Bond Default Looms

China Evergrande Group will seek a six-month delay in the redemption and coupon payments of a RMB 4.5 billion ($710 million) bond in a meeting with bond holders this weekend, underscoring the pressure on the debt-laden property developer.

Evergrande is struggling to repay more than $300 billion in liabilities, including nearly $20 billion in offshore bonds deemed in cross-default by ratings agencies last month after it missed payments. Read more>>

Two Chinese Developers Delay Dividends Amid Payment Pressure

Two Chinese real estate firms are delaying interim dividend payments by months, the latest step by companies in a sector facing mounting bills and limited fundraising options.

Zhongliang Holdings Group and DaFa Properties Group said in Hong Kong stock exchange filings dated Tuesday that the payments were being pushed back to preserve cash. Read more>>

Cromwell E-REIT to Acquire 3 European Logistics Properties for S$88.4M

Singapore-listed Cromwell European REIT has entered into three separate sale and purchase agreements to acquire logistic properties in the UK and the Netherlands for an aggregate purchase price of €57.8 million ($65.4 million), the trust’s manager said Wednesday.

Simon Garing, the chief executive of the manager, said the acquisition further builds the REIT’s light industrial scale in these markets accretively and brings the weighting of its portfolio’s logistics segment to 41 percent. Read more>>

ESR, ARA Schedule S-REIT Merger Meetings

Unitholders of ESR-REIT and ARA Logos Logistics Trust will soon need to make a decision on the merger of the two real estate investment trusts.

The proposed S$1.4 billion ($1.04 billion) merger will be effected by way of a trust scheme of arrangement and will see ESR-REIT acquiring all of ALog Trust’s units in exchange for a combination of cash and new units. Read More>>

Singapore Proposes Upgrades of Info System for Homebuyers 

The Urban Redevelopment Authority is seeking public feedback on key proposed amendments to the Housing Developers Rules in Singapore.

Among the suggested changes are a simplified schedule for homebuyers to pay the final 15 percent of the purchase price, a requirement for developers to provide more information on their housing projects, prior approval for advertising the features of a project, and a reduced threshold for claims for any shortfall in the area of a unit. Read more>>

GIC Revealed as Top 2021 Investor Among Sovereign Wealth Funds

Behemoth state-owned investors were active dealmakers in 2021 — but none were busier than Singapore’s GIC.

According to a new report from data provider Global SWF, sovereign wealth funds completed 854 deals in 2021, totalling $219 billion in value. GIC by itself invested $34.5 billion in 110 deals. Read more>>

Luxury Project on SG’s Nassim Road Aims for S$6,000 PSF

An ultra-luxurious four-unit complex in Singapore’s Nassim enclave, originally developed for motoring tycoon Peter Kwee’s family use, has been put on the market with target asking prices of S$6,000 ($4,425) per square foot on average.

Speaking to the Business Times, the developer, De Nassim, and the appointed agency, Arcadia Consulting, said the intended buyer profile for the 49 Nassim Road project “comprises mainly foreigners, permanent residents and locals, in that order”. Read more>>

India Home Sales Rose 51% in 2021 as Office Leasing Fell

India’s home sales rose strongly last year, according to data from property consultant Knight Frank, which expects the momentum to continue and extend to the sluggish office leasing market in 2022.

Housing demand across the top eight cities increased 51 percent and supply rose 58 percent, boosted by low interest rates, affordable prices, tax incentives and shelter-at-home rules, Knight Frank said in a report Wednesday. Read more>>

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