In at present’s roundup of regional information headlines, SGX-listed Manulife US REIT receives analyst downgrades after reporting a worse-than-expected drop in portfolio valuation, and Korean buyers reel from unhealthy bets in international workplace markets. Also making the record are state-backed Chinese builders in debt bother and Korean securities companies assessing property dangers.
Analysts Downgrade Manulife US REIT on Portfolio Valuation Decline
Analysts have downgraded Singapore-listed Manulife US REIT after the belief’s portfolio valuation fell by 14.6 p.c to $1.63 billion as of 30 June, down from $1.91 billion on the finish of 2022.
The decline was a lot higher than anticipated, MUST CEO William Gantt stated in a Tuesday name with media and analysts. Read extra>>
Korean Investors’ Global Office Bet Unravels
A visit to the restaurant that sits atop the No.1 Poultry workplace block in London’s monetary district is an opportunity to expertise firsthand the Tale of Two Cities that’s upending the industrial actual property market.
From the vantage level of the Coq d’Argent you’ll be able to gaze out at a forest of latest skyscrapers that builders hope will usher in large rents and even larger costs. For the South Korean homeowners of the older WeWork-occupied constructing down beneath, the longer term seems to be far bleaker. Read extra>>
State-Backed Greenland, Sino-Ocean in Debt Payment Trouble
China state-backed developer Greenland Holdings has defaulted on a greenback bond price $432 million as a consequence of a missed amortisation cost, in line with sources conversant in the matter and a doc considered by Reuters on Wednesday.
The default provides to the debt woes plaguing the Chinese property sector, as extra liquidity troubles have emerged up to now few weeks regardless of coverage assist. Read extra>>
Financial Watchdog Gathers Korean Securities Firms to Talk Real Estate Risk
South Korea’s monetary market watchdog gathered native securities companies Thursday to evaluate real-estate-related dangers and urged thorough and pre-emptive preparation towards them amid issues that the variety of overdue loans may rise.
The Financial Supervisory Service referred to as on the companies, that are akin to funding banks, to swiftly write off or restructure non-performing loans to handle debt delinquency charges and accumulate sufficient capital for absorbing potential losses. Read extra>>
Real Estate Woes Drive Billion-Dollar Hit for Goldman Sachs
It’s a troublesome time to be in the true property enterprise. That means Goldman Sachs is feeling some ache, too.
The financial institution isn’t the most important property lender, however it has greater than $14 billion price of actual property investments. Writedowns of these bets helped drive a $1.15 billion hit within the second quarter. Read extra>>
Marina Bay Sands Q2 Net Revenue Grows 36% on Record Mass Gaming
Integrated resort Marina Bay Sands reached one other file degree of mass gaming income for the second quarter, as adjusted property earnings surpassed pre-COVID ranges.
The leisure of journey restrictions and rising flight capability supported visits, enabling market restoration. But visits from China friends remained “well below” pre-pandemic ranges, father or mother firm Las Vegas Sands stated Wednesday. Read extra>>
Retail Podium at Singapore’s 183 Longhaus for Sale at S$35M Guide Price
The retail podium at mixed-use improvement 183 Longhaus has been put in the marketplace by way of expression of curiosity. The information value is S$35.1 million ($26.5 million) — S$3 million decrease than its earlier price ticket.
The freehold property in Singapore’s Upper Thomson was put up on the market in March final yr with a information value of S$38 million. The tender closed a month later with no deal. Read extra>>
Sabana REIT H1 DPU Up 1.3% on ‘Strong Operational Performance’
Sabana REIT posted a distribution per unit of S$0.0161 for the primary half of its fiscal yr ended 30 June, up 1.3 p.c year-on-year, its supervisor stated Wednesday.
Gross income for H1 was up 23.2 p.c to S$55.3 million, primarily as a consequence of greater portfolio occupancy of 93.9 p.c. Read extra>>
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