Evergrande CEO Sold $128M in Bonds Pre-Default and More Asia Real Estate Headlines

Evergrande CEO Sold $128M in Bonds Pre-Default and More Asia Real Estate Headlines

Evergrande CEO Xia Haijun trying out his “I was never there” face

In today’s roundup of regional news headlines, China Evergrande’s CEO discloses how he dumped bonds issued by the group ahead of last year’s debt default, fugitive billionaire Guo Wengui’s lawsuit against Swiss banking giant UBS clears a legal hurdle, and Singaporean developers plead for sales extensions in the wake of the government’s cooling measures.

Evergrande CEO Sold Bonds Before Developer’s Default 

China Evergrande’s top insider sold his holdings of dollar-denominated bonds issued by the developer in a series of transactions last August, before the group’s liquidity crisis worsened and led to a debt default.

Xia Haijun, vice-chairman and chief executive of Shenzhen-based Evergrande, sold $50 million in face value of the notes due in 2022, $50 million of the notes due in 2023 and $28 million of the notes due in 2025, according to his new filings late Wednesday. Read more>>

BentallGreenOak, Partners Group Team Up for Aussie Resi Platform

Canadian real estate investor BentallGreenOak and Switzerland-based Partners Group have acquired a 2,307 square metre (24,832 square foot) site in South Brisbane to develop the first of what they say will be an Australian build-to-rent portfolio of up to 1,500 units.

Through their local partner, investment manager GreenFort Capital, the global investors paid about A$20 million ($14.4 million) for the 2 Cordelia Street site — in line with what it last traded for in 2016 — in a deal that settled this month. Read more>>

Fugitive Tycoon Guo Wengui’s $500M Suit Against UBS Moves Forward 

A judge in London has ruled that a $500 million lawsuit by exiled Chinese billionaire Guo Wengui against UBS over a 2015 margin call can proceed in Britain.

The Swiss investment bank had sought to dismiss the case on jurisdictional grounds, but High Court Justice Sara Cockerill ruled Wednesday that the lawsuit can continue. Read more>>

Singapore Developers Ask for Sales Extensions After Cooling Measures

The Real Estate Developers’ Association of Singapore hopes that the government will extend the sales period of projects under the additional buyer’s stamp duty (ABSD) requirements on land acquired before 16 December 2021, REDAS said Wednesday at its annual spring festival celebration.

The association also hopes that the government will tweak the formula of land ABSD to be based on unsold units, as is the case of the qualifying certificate, said REDAS president Chia Ngiang Hong. Read more>>

Shenzhen Developer Launches Sales of One Circular Project in Sydney

After years of delays, the Shenzhen-based owners of what is expected to be Australia’s most expensive apartment tower are nearing the launch of One Circular Quay — with a penthouse priced at more than A$100 million ($72 million).

That asking price pits it directly against another A$100 million apartment: Crown Resort’s giant Barangaroo complex. Read more>>

Frasers’ Hospitality Portfolio Challenged By Pandemic Headwinds

Frasers Property’s hospitality portfolio remains challenged by pandemic headwinds, the company said in a first-quarter business update late Wednesday, even as it reported higher revenue per average room across its Asia Pacific (ex-North Asia) and Europe portfolios.

“(The) emergence of the Omicron variant from December 2021 and subsequent surge in infections pose a setback to recovery trajectory,” Frasers Property said. Read more>>

Foreign Investors Double Down On Dallas-Fort Worth Properties

Singapore-based GIC was the largest individual cross-border investor in US property last year with more than $9 billion in purchases, Real Capital Analytics found.

GIC was a partner in the $822 million purchase of 27 hotels from Grapevine, Texas-based NewcrestImage by Austin’s Summit Hotel Partners. And GIC has a history of other real estate investments in the Dallas-Fort Worth area. Read more>>

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Author: admin