Singapore Home Price Growth Slows, Rents Decline as Market Cools
Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
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Singapore home prices grew at a slower pace last quarter and rents fell, as the city-state’s property boom began to lose steam.
China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
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Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
Sep 28, 2021
Bloomberg News
,(Bloomberg) -- China Evergrande Group is facing another bond interest payment after giving no sign that it had paid a separate one last week, as its deepening debt crisis looms over global markets.
The world’s most indebted developer needs to pay a $45.2 million coupon on Wednesday for a dollar bond that matures 2024, Bloomberg-compiled data show. The payment has a 30-day grace period before default could be declared, according to the note’s offering memorandum.
Some holders also maintain Evergrande is a guarantor of a dollar bond that matures Sunday, Bloomberg reported Tuesday. They’re forming a committee to press their claims in the event of a default, according to people familiar with the plans. Separately, Evergrande has made no public statements on an $83.5 million coupon that was due Sept. 23 and at least several holders had said they hadn’t received payment.
Investors are scrutinizing Evergrande’s imminent debt obligations as regulators urge the real estate developer to avoid a near-term default and communicate with bondholders. The firm has already fallen behind on its payments to banks, suppliers and holders of onshore investment products.
The group’s onshore property unit said previously it had negotiated a resolution of an interest payment on a yuan bond due Sept. 23, without giving details. Still, Evergrande has one more onshore and three offshore coupons due in October.
Contagion risk concerns about Evergrande, Asia’s biggest issuer of junk bonds, are weighing on China’s offshore credit market as investors consider the spillover effects of a possible restructure. That’s spurred yields on the nation’s junk dollar bonds to about 15%, the highest in about a decade, according to a Bloomberg index.
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