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Cheung Kong redeeming HK$1B; SM Prime makes history; China Evergrande tops goal


Essential IR Insights Newsletter Fall - 2023


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Cheung Kong redeeming HK$1B; SM Prime makes history; China Evergrande tops goal

* Cheung Kong Bond Securities (02) Ltd. will redeem July 9 all HK$1.00 billion of its 5.25% senior perpetual securities, guaranteed by CK Hutchison Holdings Ltd. and Cheung Kong Holdings Ltd.

* SM Prime Holdings Inc. said favorable market outlook helped it reach a market value of 1 trillion Philippine pesos, becoming the first Filipino company to ever do so.

* China Evergrande Group expects to redeem the remaining 28.8 billion yuan of its perpetual capital instruments by the end of June. It added that as of June 5, it has completed the redemption 80.56 billion yuan or 71.3% of such instruments, surpassing its target of redeeming 70% before 2017-end.

The company also said in the filing that it and subsidiaries' contracted sales in May reached 38.19 billion yuan.

* In other news, Moody's revised its outlook on China Evergrande to stable from negative while also affirming the company's B2 corporate family rating.

Hong Kong and China

* Link Real Estate Investment Trust and Nan Fung Development Ltd. are jointly developing a grade A commercial building along the Kowloon East central business district in Hong Kong. The companies said in a release they intend to make The Quayside project "the most electric-car friendly building" in the city.

* A Sunac China Holdings Ltd. subsidiary entered into an equity transfer agreement to acquire a project company developing a 413,154-square-meter land parcel in Dalian, China, for a mixed-use project for 3.23 billion yuan, including shareholder's loan.

* Moody's affirmed the Ba3 corporate family rating of Agile Group Holdings Ltd. and upgraded its outlook to positive from stable.

* Henderson Land Development Co. Ltd. Executive Director Martin Lee Ka-shing said Hong Kong's housing market will remain stable even if housing demand rates increase faster than expected, The (Hong Kong) Standard reported.

* Financial Secretary Paul Chan Mo-po was reported by the Standard as saying that the Hong Kong government is not planning to relax property measures, adding that "it is not appropriate" to do so right now.


* The Australian Financial Review's Street Talk reported that shortlisted bidders for Blackstone Group LP's A$3 billion retail portfolio will be advised this week to polish their proposals. China Investment Corp. was mentioned earlier as one of the parties interested in the assets.

* The first stage of Aveo Group Ltd.'s A$1 billion retirement village in Ipswich, Queensland, is completed, with the first residents moving in, the AFR reported. The 10-hectare estate designed to offer 2,500 residences is to be completed in phases, with the second one due June 2018.

* A partnership between the Lotus Group and iProsperity Group acquired a commercial property in Sydney for about A$115 million. According to the AFR, the 18,247-square-meter Chatswood Central complex is 96% leased.

* Charter Hall Group's Charter Hall Prime Office Fund and Investa Commercial Property Fund acquired three buildings in Brisbane for about A$53.8 million. The partners plan to redevelop the sites in the future.


* Mitsui Fudosan Co. Ltd. will develop a logistics facility called Mitsui Fudosan Logistics Park Tsukuba in Tsukuba Mirai City, Ibaraki Prefecture, scheduled to be completed by March 2018, Kentsu Shinbunsha reported.


* A subtrust of CapitaLand Commercial Trust and CapitaLand Mall Trust issued S$300 million of fixed-rate notes under a US$2 billion euro medium-term note program. The subtrust intends to use proceeds from the issuance to refinance existing borrowings, fund or refinance any asset improvements and for general business and working capital expenditures.


* Livemint reported on how DLF Ltd.'s rising consolidated net debt highlights the "dismal state" of the country's real estate market.

* Godrej Properties Ltd. is making its foray into Sohna's real estate market with the development of a housing project in Sector 33, which upon completion will offer roughly 157,000 square meters of saleable area. The developer noted that while it is its first project in the city, it is its eight development in the National Capital Region.

* Electronics company Samsung is investing 700 billion South Korean won for the expansion of its production plant in Uttar Pradesh, The Chosun Ilbo reported.

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Data Dispatch: US real estate ETFs log $203M of net outflows in May: Chart Watch: Total assets under management held by U.S. real estate exchange-traded funds came to $51.51 billion as of the end of May.

The Daily Dose Asia-Pacific, Real Estate edition is updated by 6:30 a.m. Hong Kong time. Some external links may require a subscription. Articles and links are correct as of publication time.

Cam Nones and John Chan contributed to this report.