Roundup: Country Garden Mulls Sale of $572M London Project

Country Garden today leads the gathering of Mingtiandi titles with a plan to sell a London residential project worth $572 million. Also making the list, a key group of creditors of China Evergrande is said to support a petition to liquidate the developer and Suntec REIT is approaching the divestment of more strata office units.

Country Garden Considering Sale of $572M Project London

Country Garden is considering selling its Alisa Wharf residential development in London, according to a local report.

The struggling Chinese builder has invited agents to pitch for the sale of the project, also known as Calico Wharf, in East London’s Poplar district, React News reported. It is the only development of the company in the United Kingdom. Read more >>

China Evergrande Offshore Bondholder Group to Join Liquidation Petition

A key offshore bond group of China Evergrande plans to join a petition to wind up the developer at a hearing in a Hong Kong court on Monday, two sources with direct knowledge said.

The bondholder group owns more than $2 billion in offshore notes guaranteed by Evergrande, and its support for a liquidation petition against the world’s most indebted developers could increase the chances of an immediate liquidation order from the court, they said. lawyers in the industry. Read more >>

Suntec REIT Eyes Another $74M in Strata Divestments in 2024

Suntec REIT expects further divestments of Suntec strata office units in fiscal 2024, building on previous divestments last year, as the trust’s manager aims to reduce gearing.

Chong Kee Hiong, chief executive of the manager, said in an earnings briefing on Wednesday that the manager is guiding for S$100 million ($74 million) in sales of Suntec floors in the current financial year. Read more >>

OUE C-REIT to Rebrand to OUE REIT From January 29

The manager of OUE Commercial REIT announced on Wednesday that the trust listed in Singapore will be rebranding to OUE REIT from January 29.

The change is part of the 10th anniversary celebrations and better reflects OUE REIT’s focus on the hospitality, office and retail sectors, the manager said. The security name and counter will be updated to OUE REIT, while the trading code will remain the same. Read more >>

An Indonesian builder signs a $1.3 billion debt restructuring deal

Struggling Indonesian state-owned builder PT Wijaya Karya has signed a debt restructuring deal valued at IDR 20.58 trillion ($1.3 billion).

The construction company entered into the agreement with 11 financial institutions, according to statements of the company. The deal covers 87.1 percent of the debt restructured as of Jan. 23, it said. Read more >>

EC World REIT Explains Lapses That Lead to Illegal Mortgages

The manager of EC World REIT said its property manager in China ignored internal procedures to lend seals and documents to the sponsor, Forchn Holdings, for illegal mortgage applications.

This was in response to questions from Singapore Exchange Securities Trading about the processes that led to three mortgages for loans of RMB 268.6 million ($38 million) taken by Forchn without the consent of the REIT manager. Read more >>

China is strengthening support for the financing of developers by facilitating the use of loans

Chinese regulators have increased support for struggling developers by expanding the use of some commercial loans, their latest effort to stem a property slowdown and revive market confidence amid a stock market rout.

The People’s Bank of China and the National Financial Regulatory Administration will allow bank loans pledged by commercial property developers to be used to repay other loans and bonds, according to a joint notice late Wednesday. Regulators allow this facility until the end of the year. Read more >>

ESR-Logos REIT Bags Master Lease at 35% higher rent

ESR-Logos REIT signed a master lease with PharmaGend Global Medical Services. The rent is an increase of more than 35 percent, compared to the rent.

The rent represented about 1 percent of the REIT’s portfolio rental income at the end of September 2023, the REIT’s manager said Thursday. Read more >>

Tune in again soon for more real estate news and be sure to follow along @Mingtiandi on X, or marked Mingtiandi’s LinkedIn page for titles as it happens.