Elan Paradise Nirvana Country Commercial Project in Gurugram
Asian property markets are starting the week with Hong Kong private equity firm PAG increasing its investments in India and a group of disgruntled Singapore landlords blocking a bulk sale. Also in the news, a lawsuit filed by BNY Mellon leads to the liquidation of a mainland developer and Singapore runs out of homes for sale.
PAG agrees to pay another $60 million to developer Elan India
India’s Elan Group has received a $60 million follow-on investment from Hong Kong-based private equity firm PAG, according to statements by the developer’s management quoted in Indian media.
PAG’s new commitment will be to support current debt and accelerate the development of Elan’s latest luxury housing project, “The Presidential”, in Gurugram. The Hong Kong company led by financier Shan Weijian invested $50 million in Elan in August, Mingtiandi reported at the time. Learn more>>
Sale of Chuan Park project blocked by disgruntled owners
The collective sale of Chuan Park was met with a stop order from Singapore’s Strata Titles Board (STB) on Friday, after a group of six minority owners failed to withdraw their objections to the deal.
The stop order came after three rounds of mediation. The Collective Sale Committee (CSC) representing the majority owners has 14 days to appeal to the High Court to obtain approval for the sale. Learn more>>
Chinese company Sinic Holdings ordered to liquidate after BNY Mellon lawsuit
Chinese shipbuilder Sinic Holdings Group Co. received a liquidation order after the company was sued over a missed offshore bond payment.
The order was issued during a hearing in a Hong Kong court on Wednesday morning. The London branch of Bank of New York Mellon filed the liquidation petition against Sinic, according to a court filing dated August. The case was related to a private obligation, the automaker said in an exchange filing. Learn more>>
Singapore’s unsold home stock hits 15-year low
The stock of unsold private homes under construction in Singapore has fallen for nine consecutive quarters to its lowest level in 15 years and is unlikely to rise in the new year.
Based on an independent study, the stock of unsold private homes declined from the second quarter of 2020 to the third quarter of this year, with the city-state now having only 5,320 new homes. While developers remain strong and developers balk at high land and construction costs, private housing prices are expected to remain high in 2023. Learn more>>
SGX-listed EC World REIT reassures investors after Stock Exchange questions
EC World REIT has released a series of responses to investor questions ahead of its December 16 extraordinary general meeting, which was called to ask shareholders to approve the disposal of two of the REIT’s properties in China.
The REIT manager will sell its indirect interests in the Bei Gang Logistics and Chongxian Port Logistics Phase 1 properties for consideration of RMB 1.37 billion ($196.4 million). The divestment comes after the REIT was questioned by the Singapore Stock Exchange over efforts to refinance its offshore loans in June. Learn more>>
Bank of Hong Kong launches buy-it-now, pay-later scheme for new homes
The popular buy now, pay later (BNPL) business model has reached the Hong Kong property market, with virtual lender Fusion Bank and Midland Realty teaming up to bring the scheme to Hong Kongers.
Under this program, tenants can apply to Fusion Bank for loans for the monthly payment of rent. One-off loans can then be used for the lump-sum early repayment of leases. It is expected that based on secure payments to landlords, tenants will be able to negotiate better rents, as landlords will not have to worry about missed payments. Learn more>>
China’s new home sales improve after policy reversals
Sales of new homes in 16 Chinese cities rose last week, reflecting improved consumer sentiment due to supportive government policies and the easing of Covid-19 restrictions, the China Index Academy said on Monday. December 12.
Sales of new homes measured by floor space in 16 Chinese cities, including Beijing and Shenzhen, rose 4.9% from December 4 to 10 from a week earlier, compared with 0.1% the previous week, it said. the research company. Learn more>>
China’s real estate stress is far from over
Chinese real estate stocks are beginning to benefit from the country’s reopening rally. But a closer look at the country’s home sales data confirms that the recovery is likely to be a slow process.
Chinese real estate stocks and their bonds rallied, with mainland real estate stocks still trading well below their book value, at just 0.2x price to book value. However, lower demand for new homes in China has led to lower prices for 14 consecutive months, with market data showing the sector is still struggling. Learn more>>
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