Evergrande Shenzhen

Evergrande is spending more time with investors than with customers these days

In today’s roundup of regional news headlines, China Evergrande’s restructuring process moves ahead with the hiring of additional advisors, fellow mainland developer Sunac suffers its second credit downgrade in as many days, and Singapore-listed Mapletree Logistics Trust acquires a land parcel in India’s Bengaluru.

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Evergrande to Hire Advisors, Starts Identifying Bondholders

China Evergrande Group’s restructuring process took another step forward after it started a process to identify bondholders and said its risk management committee plans to hire additional financial and legal advisors.

The committee proposes to engage China International Capital Corp and BOCI Asia as financial advisors and Zhong Lun Law Firm as a legal advisor to help the developer deal with its debt stress and respond to creditors’ demands, Evergrande said Friday. Read more>>

Chinese Developer Sunac Downgraded on Funding Worries

China’s third-largest developer by sales received its second credit downgrade in as many days, highlighting concerns over builders once perceived as safer bets.

Sunac China Holdings was dropped a notch to BB- by S&P Global Ratings on Friday, following the same move by Fitch Ratings the previous day. They cited uncertainty about the developer’s 2022 liquidity. Read more>>

Mapletree Logistics Buys Bengaluru Land for $14M

Singapore-listed Mapletree Logistics Trust has bought a land parcel spread over 55 acres (22.3 hectares) on the outskirts of Bengaluru for INR 110 crore ($14 million) to strengthen its core asset portfolio, said multiple people aware of the deal.

“The land, located near Hoskote, marks the company’s foray into the Bengaluru market,” said one of the people. Read more>>

Yanlord Shanghai Project Bags $633M in Pre-Sales 

Singapore-listed Yanlord Land Group has sold all 226 apartments in the second phase of a Shanghai residential project’s launch, the group announced Thursday.

Yanlord Land’s Yanlord Arcadia development has clinched contracted pre-sales of about RMD 4.02 billion ($633 million) from the launch, which opened Tuesday. Read more>>

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Singapore Ties With Silicon Valley in Global Data Centre Ranking

Northern Virginia has been named the world’s most desirable data centre location for a third straight year, according to a 2022 annual report by global real estate firm Cushman & Wakefield. Singapore tied Silicon Valley for second place after placing fifth last year.

The report ranks data centre hubs across the globe based on 13 factors, including market size and connectivity, as well as political stability and sustainability. Singapore topped the global data centre market in having the fastest fibre connectivity, lowest vacancy rate and best smart city score, but it came in fifth for market size. Read more>>

Hong Kong Real Estate Said Regaining Appeal With International Investors 

Hong Kong is back in favour among property investors, as it rejoins a list of the 10 most attractive investment destinations in Asia Pacific in 2022 after failing to make the cut last year, according to a report by CBRE.

The city placed sixth in a poll of about 30 cities in the region, a marked improvement after dropping out of the list last year. In 2020, Hong Kong came eighth after investor confidence was affected by social unrest the previous year. Read more>>

DBS Downgrades Sabana REIT to ‘Hold’ on Valuations

DBS Group Research on Friday downgraded Sabana Industrial REIT to “hold” from “buy” based on valuations.

The REIT’s share price has risen more than 20 percent in the past year as its portfolio earnings recovered from the height of the COVID-19 outbreak. Optimism over its portfolio rejuvenation has also taken shape, DBS said in a research note. Read more>>

Hong Kong’s Subdivided Flats Landlords Accused of Raising Rents

Landlords of subdivided flats in Hong Kong have made a last attempt to exploit their tenants before a rent control law takes effect on Saturday, according to some residents.

The South China Morning Post also found that some estate agents appeared to have limited knowledge or even provided wrong information on the new rules. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

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