In today’s roundup of regional news headlines, China’s top developer by sales posts record drop in profits, Hong Kong’s PAG agrees to buy Japanese theme park Netherlands-themed and pissed off Evergrande bondholders are pushing their own debt restructuring plan.
Country Garden Post records 96% profit plunge
Country Garden Holdings said first-half profits fell 96%, the most since listing in Hong Kong in 2007, as China’s property crisis engulfed the country’s biggest developer by sales.
Unaudited net profit fell to RMB 612 million (now $88.7 million) in the six months to June, a filing with the Foshan-based company showed on Tuesday. Core net profit, which takes into account items such as real estate revaluations, fell 68%. Learn more>>
Hong Kong PAG seizes Japanese theme park for $720m
Private equity firm PAG has agreed to buy one of Japan’s biggest theme parks for an equity valuation of around 100 billion yen ($720 million), doubling in Asia’s second-largest economy as COVID-19 protocols are relaxed for inbound travellers.
Hong Kong-based PAG, which oversees $50 billion, is acquiring Huis Ten Bosch, a Dutch-themed resort from travel agency HIS, to add to its $17 billion investment in Japan over the past decade. Located in Nagasaki Prefecture, the 376-acre (152-hectare) park has five hotels and welcomed more than 2 million visitors a year before the pandemic. Learn more>>
Evergrande bondholders push own debt restructuring plan
The global funds that invested in China Evergrande’s bonds drew up their own plan to restructure the cash-strapped property developer’s debt and demanded that its chairman repay its debts with his own wealth, according to two people familiar with the matter.
Frustrated bondholders submitted a proposal that set out a framework to restructure Evergrande’s $20 billion offshore debt in recent days after the company missed a self-imposed deadline in July to present a plan to make faced with its colossal responsibilities, the people said. Learn more>>
GuocoLand’s half-year profit up 122% on lower costs
Singapore-listed developer GuocoLand reported a 122% increase in net profit for the six months to June on Tuesday.
Although revenue fell 4% to S$512.8 million (now S$367.6 million), the group reduced its cost of sales to S$287.3 million, boosting its gross profit for the semester to 225.5 million Singapore dollars, 30% more than in the previous one. period of a year ago. Learn more>>
Temasek to Lead $100M Funding for Crypto Owner Animoca
Singaporean state investor Temasek Holdings joins $100m funding round for Animoca Brands Corp, betting on one of crypto’s most prolific investment firms even after a market crash of 2 trillion dollars.
Temasek will lead the funding through convertible bonds, the people said, asking not to be identified while discussing private information. This adds to a funding round first announced by Animoca in January, they said, when the Hong Kong startup raised $359 million from backers including George Soros and the Winklevoss twins. Now valued at $6 billion, Animoca raised another $75 million in the same round earlier this summer. Read now>>
Gaw Capital’s Hotel G is proposed as a possible asset sale
The improving performance of Singapore’s hotel sector, helped by the re-opening of the city-state’s borders in April, is expected to spark investment interest in hotel assets, and owners of at least two such properties have made use agents to generate buying interest. .
One is Hong Kong-based Gaw Capital Partners for its G Singapore hotel in the Middle Road/Bencoolen Street area. The expected price for the freehold property in the bustling Bugis/Bras Basah area is estimated at 320 million Singapore dollars ($229.3 million), which equates to around S$1 million per room. Learn more>>
V Group Preps Causeway Bay Apartments, Peak Luxury Homes For Sale
Vivien Chan, dubbed ‘the queen of serviced apartments’, is undeterred by the slowdown in Hong Kong’s property market as she plans to sell apartments in her company’s flagship project in Causeway Bay and houses in a luxury project on The Peak.
The private V Group will soon offer 64 of the 120 fully furnished units at Hayworth by V, located at 9 Yee Wo Street. Formerly called V Causeway Bay, it is close to the Causeway Bay MTR station and has undergone a HK$200 million ($25.5 million) renovation. Learn more>>
China’s real estate slowdown drives bank stocks down
Shares of China’s private banks have fallen sharply this year as the country’s real estate slowdown begins to take hold.
Shanghai-listed shares of China Merchants Bank and Ping An Bank – two of China’s largest and largest private lenders – have fallen 32% and 25%, respectively, since the start of 2022, wiping out $68 billion dollars from their combined stock market assess. Learn more>>
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