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.
Hong Kong home prices rose for the first time in almost a year in March as the city’s removal of property curbs revived sales.
Greater China’s property market crisis and the challenges it poses for lenders will be on full display on Monday, when embattled developer China Vanke Co. and the region’s biggest banks report earnings.
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.
Jan 24, 2022
Bloomberg News
,(Bloomberg) -- Shimao Group Holdings Ltd. has put 34 projects across China up for sale, as the embattled developer seeks to raise billions of dollars amid mounting debt repayment pressures, Caixin reported Tuesday.
The company is among Chinese real-estate companies that are selling assets to pay bills during a liquidity crunch following a government crackdown on excessive borrowing and speculation in the housing market. Regulators see asset sales as key to easing the crisis that’s impeding an economic recovery.
China Evergrande Group urged offshore bondholders not to adopt aggressive legal action over repayments and asked for more time to make a risk disposal plan, after a group of overseas creditors threatened enforcement measures.
Key Developments:
Shimao Seeks Billions of Dollars From Asset Sales, Caixin Says (8:14 a.m. HK)
The assets are residential, office, commercial and hotel projects in 17 cities including Beijing, Shanghai and Hangzhou and in the Greater Bay Area in southern China, Caixin cited documents as saying.
Shimao is asking for 42.2 billion yuan ($6.7 billion) for 15 of the projects, the report said. The remaining 19 are either joint ventures or projects in an initial investment stage in which the developer has invested a combined 32.5 billion yuan, it said.
Evergrande Seeks More Time From Offshore Investors on Repayment (8:00 a.m. HK)
The developer is seeking more time from overseas investors to fully consider uncertainties and risks in order to make a debt risk disposal plan that will protect the interests of various parties, the company said in a statement.
Evergrande is drafting a detailed debt restructuring plan and is actively maintaining dialog with offshore creditors, it said. The company faced coupon payment deadlines totaling $352.5 million on Monday.
CIFI Holdings Repays 5.5% Senior Notes Due 2022 in Full (6:35 a.m. HK)
CIFI Holdings has repaid its 5.5% notes that matured on Jan. 23 in full at their outstanding principle amount of around $240m, together with interest, it said in a stock exchange filing late Monday. The firm said it expected no material impact on its financial position after redemption.
©2022 Bloomberg L.P.