Developers scramble for new capital

Business | Avery Chen 31 Jan 2019

Dozens of mainland property developers proposed more than 70 financing plans which involve 163.5 billion yuan (HK$190.95 billion) in January, hitting a one-year high, a state-owned media reported yesterday.

The report also said many mainland real-estate developers defined this year as "a year of adjustment" before the property market rebounds, while a large number of property companies have to repay and refinance their loans in 2019.

Meanwhile, mainland property developer Greentown China (3900) issued US$100 million (HK$784.48 million) of guaranteed senior perpetual capital securities yesterday at an initial distribution rate of 7.75 percent per annum.

The firm estimated the net proceeds will be US$99 million. It intends to use the net proceeds to refinance existing debts and for general working capital.

Greentown China issued US$400 million senior perpetual capital securities to refinance existing indebtedness and for general working capital last Friday.

In other news, Shimao Property (0813) appointed Jason Hui Sai-tan, vice chairman and an executive director, as president with effect from yesterday.

Jason Hui is the son of Hui Wing-mau, the chairman and executive director and a controlling shareholder of Shimao Property, and brother of Carol Hui Mei-mei, the vice chairman of Shanghai-listed Shanghai Shimao.

Jason Hui, aged 41, joined Shimao in March 2000 and is currently responsible for the operation and sales of all the group's projects, and administration and management.

Search Archive

Advanced Search
August 2019

Today's Standard

Yearly Magazine

Yearly Magazine