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.

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