NEW YORK/HONG KONG: China Evergrande Group, once China's top-selling property developer, inched closer to a key deadline where it risks a default on its bonds, but world markets were calmer as investors and analysts played down the threat of its troubles becoming the country's "Lehman moment."
While concerns about the spillover from a messy collapse roiled markets on Monday, U.S. stocks were flat on Tuesday. The U.S. dollar held relatively steady and the U.S.'s corporate bond market steadied.
"There's been a fair bit of concern about the possibility of contagion from the meltdown at Chinese property developer Evergrande," analysts at New York-based Bespoke wrote in a research note on Tuesday.Read More »
BDB president and group chief executive officer Faris Najhan Hashim said the project, in collaboration with the Langkawi Development Authority (LADA), would be developed on 16.58 hectares of land in Padang Matsirat, next to Langkawi International Airport.Read More »
TOKYO: Concern that China Evergrande may default on its mountain of debt hit shares of toilet maker Toto and other Japanese firms that are seen vulnerable to a further slowdown in China's property development.
Toto lost 6.1 % on Tuesday, extending its fall since Thursday to 14.8%, on the perceived risk of exposure to Evergrande, which investors fear could miss debt payment later this week.
"There are rising and widely reported concerns about fund flows at leading local developer China Evergrande Group, whose business scale suggests to us it is very likely one of TOTO's major customers," said Arisa Katsuyama, analyst at Morgan Stanley.
"Year-to-date debt defaults by real estate companies in China, not just China Evergrande, already exceed the cumulatRead More »
KUALA LUMPUR: The Battersea Power Station development in London was given a boost as the new Northern Line Extension (NLE) opened on Monday.
Battersea Power Development Company Ltd said in a statement this is the first major extension to the London Underground network this century and a major boost for the regeneration of Battersea Power Station, bringing it within 15 minutes of the West End and the City of London.
“The new Tube station joins a number of significant milestones in the most transformational year yet for BPS as it prepares to open its doors to the public next year,” it said.
Grant Shapps, Secretary of State for Transport and Sadiq Khan, Mayor of London, were among a small group of stakeholders including local councillors and MPs to travel on one of the first passenger trains from Nine Elms to Battersea Power StatioRead More »
NEW YORK: Investors unnerved by the fallout from heavily indebted Chinese real estate company Evergrande were gauging the potential for a wider shakeout after a selloff hit stocks around the world.
For now, many U.S.-based investors believe there is little chance that the woes of Evergande, China’s second-largest property developer, could morph into a systemic crisis reminiscent of the 2008 collapse of Lehman Brothers.
Still, with valuations on U.S. equities stretched on a historical basis and an unwind of the Federal Reserve’s easy money policies looming, some worry that a sudden drop in risk appetite could leave global markets vulnerable to a broader selloff.
"We have a very cRead More »
KUALA LUMPUR: MGB Bhd said it has secured a turnkey project to develop a 1,000 acres industrial estate in Kertih, Terengganu.
The project was awarded by Retro Court Sdn Bhd, a private company owned by Datuk Hendri Dahlan and Cheah Tuck Hing.
Under the deal, MGB's wholly owned MGB Construction & Engineering Sdn Bhd was appointed as the turnkey contractor to undertake the entire design, financing, construction and completion, sales and marketing and credit administration of all that piece and parcel of the land measuring approximately 1,006.70 acres located in TRead More »
KUALA LUMPUR: Maybank Investment Bank Research has raised its target price for Eco World Development (ECW) from 78 sen to 93 sen after its strong locked-in property sales and an expected recovery in sales after the lockdown is lifted.
It said on Monday ECW’s 3QFY10/21 net profit of RM35mil (-65% YoY, -17% QoQ) was below its expectation but in line with consensus.
Sales wise, ECW’s 10MFY21 locked-in property sales of RM3.1bil were 9% above its FY21 sales goal.
Elsewhere, its net gearing continued to improve to 0.51x in end-3Q21 (from 0.55 times in end 2Q21).
“We adjust our earnings forecasts by -9% to +24% to factor in NRP 1 and a higher sales assumption of RM3.5bil for FY21. Our TP is raised to 93 sen (+15sen) on 0.55x FY22 price-to-boRead More »
KUALA LUMPUR: Eco World Development Group Bhd (Eco World Malaysia) reported robust sales growth in the third quarter ended July 31, boosted by its success in converting digital leads into purchases during the MCO lockdown period.
Sales increased by more than RM1bil since the second quarter, the property developer said in a statement today.
As of end of August. cumulative of RM3.11bil had already surpassed its own internal target of RM2.875bil.
President and CEO Datuk Chang Khim Wah attributed the sales outperformance to "agility in pursuing on-line leads aggreRead More »
PETALING JAYA: The property market is expected to be on a recovery path in line with the gradual economic recovery, supported by the implementation of various government initiatives and assistance, said the National Property Information Centre (Napic).
It said the property market performance recorded a significant increase in the first half (H1) of 2021 as compared to the same period last year.
In the Malaysia Property Market Report for H1 of 2021, it said a total of 139,754 transactions worth RM62.01bil were recorded, showing an increase of 21% in volume and 32.1% in value compared to the same period last year.
Volume of transactions across the sub-sectors showed upward movements, it said, with the residential, commercial, industrial, agriculture and development land sub-sectors recording year-on-year (y-o-y) growth rates of 22.2%,Read More »
Thursday, 11 August 2016 PETALING JAYA: In the wake of increasing pressure on banks to relax lending rules, the Association of Banks in Malaysia (ABM) is asking first time home buyers to consider applying for Government schemes such as “Skim Rumah Pertamaku” (SRP) for assistance in their property purchase. …Read More »