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China Evergrande Sells Private Jets for $50M – Mingtiandi

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Evergrande is still looking for a buyer for its customised Airbus

In today’s roundup of regional news headlines, cash-strapped China Evergrande adds a pair of jets to its asset clearance sale, banking giant Goldman Sachs makes a bet on mainland developers’ high-yield bonds, and Singapore’s condo resale prices continue their growth streak.

China Evergrande Group raised more than $50 million last month by selling two of its private jets, according to people familiar with the matter, bringing in much needed cash to help avert a default on its US-dollar debt.

American aircraft investors bought the planes, which were both Gulfstream jets, according to the people and a business aviation database. The sales closed in October, the same month that Evergrande made two overdue bond-coupon payments shortly before 30-day grace periods on them expired. Read more>>

Embattled property developer China Evergrande Group raised HK$1.12 billion ($144 million) by further selling down its stake in internet company HengTen Networks as it faces a cascading series of interest payments on its offshore debt.

Evergrande sold 530 million shares in a series of sales since 4 November, reducing its stake in Hong Kong-based HengTen from 26.55 percent to 20.82 percent, according to regulatory filings with the Hong Kong stock exchange. Read more>>

The mortgage arm of Hong Kong-based developer Far East Consortium has acquired a 53 percent stake in Australian non-banking lender Mortgageport as part of a strategic partnership.

Mortgageport has provided home loans to more than 15,000 customers and has more than A$1.5 billion ($1.1 billion) in mortgage assets under management. The deal is expected to unlock the hidden value of FEC’s property and create new revenue streams, according to Chris Hoong, its managing director. Read more>>

Goldman Sachs Asset Management is buying one of the world’s most distressed assets — Chinese real estate debt — even as other investors shy away.

The firm has been adding a “modest amount of risk” through high-yield bonds issued by China property developers and denominated in US dollars, said Angus Bell, a member of Goldman’s portfolio management team. Read more>>

Some of Hong Kong’s biggest property agencies were on Monday either considering or working to halt legal proceedings initiated to recover commission fees for The Vertex development after its new owner pledged that it would pay these down.

The residential project in Cheung Sha Wan has been developed by the embattled China Evergrande Group, which last month reportedly sold its share to partner VMS Group. VMS declined to comment, but told the agencies that it would pay the commission owed to them. Read more>>

A growing number of cities in China have tightened supervision over the use of pre-sold property proceeds, a move likely to deepen the cash crunch at many of the country’s real estate developers that have relied on the inflows as a key source of funding.

Major cities including Beijing, Tianjin and Shijiazhuang — as well as smaller municipalities like Suzhou and Nantong in the eastern province of Jiangsu, plus Luohe in central Henan province — have issued rules tightening oversight of the proceeds, according to a China Business News report and government statements. Read more>>

Singapore condo resale prices in October continued to rise for the 15 straight month, with month-on-month prices rising 0.7 percent and year-on-year prices up 9 percent, according to flash figures by 99.co and SRX Property.

All regions have seen increases in price, with core central region growing 8.6 percent, the rest of central region increasing 8.3 percent and out of central region rising 9.4 percent. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

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