Football Evergrande Expected to Lose Prized Football Club and More Asia Real Estate Headlines

Football Evergrande Expected to Lose Prized Football Club and More Asia Real Estate Headlines

Football

football Guangzhou Evergrande Taobao FC

Evergrande fans may have a bit less to cheer about soon

In today’s roundup of regional news headlines, cash-strapped China Evergrande is reportedly set to sell out of its prized football team, Shimao Group’s chairman puts two office floors in Hong Kong up for sale, and Agile Group becomes the latest mainland developer to suffer a credit downgrade.

football Nuveen - Global brand Dec

Evergrande Expected to Lose Prized Football Club

Eleven years after Guangzhou Pharmaceutical Holdings sold its stake in football club Guangzhou Evergrande to debt-ridden developer China Evergrande Group, the state-owned drugmaker is likely to take back control of the eight-time Chinese Super League winners, according to an insider.

The pharmaceutical giant is willing to take over the club again, but is still in talks with local sports authorities, an insider told Yicai Global. The most likely scenario is that local state-owned firms led by the Guangzhou-based drugmaker will co-manage the club, the person added. Read more>>

Shimao Boss Puts Hong Kong Office Floors on the Market

Shimao Group Holdings chairman Hui Wing Mau has put two office floors in Hong Kong up for sale, as the embattled Chinese developer contends with an industry-wide cash crunch.

The space in The Center tower in Central is being marketed to potential buyers for about HK$1.5 billion ($190 million), according to sales material seen by Bloomberg. The two floors are owned by companies that list Hui and his daughter Hui Mei Mei as directors, land records show. Read more>>

Agile Downgraded by S&P; Contagion Roars Back

Agile Group was downgraded further into junk territory by S&P Global Ratings, with the rating firm citing depleting cash and poor liquidity amid big debt maturities and limited refinancing options.

Financial contagion is roaring back in China’s property industry, putting renewed pressure on Xi Jinping’s government to do more to insulate the stronger developers. Shanghai Pudong Development Bank plans to sell bonds worth RMB 30 billion ($4.7 billion) to fund loans for property acquisitions, in a move aimed at easing stress in China’s struggling real estate industry. Read more>>

China’s Property Sector Contracted 2.9% in Q4

China’s property sector shrank at a faster pace in the final three months of last year as the country’s housing slump took its toll on the economy.

Output in the real estate sector shrank 2.9 percent in the fourth quarter after a 1.6 percent contraction in the previous three months, the National Bureau of Statistics said Tuesday, marking the first consecutive quarterly decline since 2008. Read more>>

football 2022 Event Calendar House Ad1

Country Garden Services Vows Independence Amid Crisis

Country Garden Services Holdings is distancing itself from the liquidity woes surrounding its former parent Country Garden, saying it will not serve as a financing tool for China’s largest developer.

Country Garden, meanwhile, said Monday that it had dropped its dollar convertible bond issue because of “unsuitable market conditions”. Read more>>

India’s Oyo Hotel Startup to Target $9B Valuation in IPO

Oyo Hotels, the once hard-charging Indian startup that struggled during the pandemic, is eyeing a valuation of about $9 billion in its initial public offering after preliminary conversations with potential investors, according to people familiar with the matter.

The SoftBank-backed startup is expected to get the green light to proceed with the offering this week or next after filing preliminary documents last year, said the people, asking not to be named discussing private talks. A formal roadshow will begin after regulatory approval and determine final pricing. Read more>>

India’s Mindspace REIT to Raise Up to $67M

K Raheja Corp-backed Mindspace Business Parks REIT is planning to raise up to INR 500 crore ($67 million) through the issuance of non-convertible debentures in one or more tranches.

The executive committee of the trust’s manager has approved the issue of listed, rated, secured, non-cumulative, taxable, transferable, redeemable NCDs by the REIT. Read more>>

China Data Centre Firm GDS’s Talks With GLP Said to Stall on Value

Talks to combine GDS Holdings’ business with GLP’s data centres in China have stalled over valuation, according to people familiar with the matter.

An almost 60 percent stock slump in the past 12 months has made it difficult for Shanghai-based GDS to finance a cash-and-shares deal, the people said, asking not to be identified discussing private information. Talks could still resume later, the people said. Read more>>

Singapore Office Rents Improved in Q4 2021

After a slow start to 2021, Singapore office rents grew in the fourth quarter and are expected to improve in 2022, Knight Frank reported in its quarterly office market update.

Prime-grade office rents in Raffles Place/Marina Bay grew by a sharper 1.5 percent to S$10.13 (now $7.51) per square foot per month from the third quarter, compared with a 0.2 percent increase from the second to the third quarter. Read more>>

football

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.

Read More

Leave a Reply

Your email address will not be published.