SeaPRwire

Evergrande backer Chinese Estates to go private after share plunge

elean
4 minutes

HONG KONG (BLOOMBERG) - Chinese Estates Holdings, controlled by a long-time backer of embattled developer China Evergrande Group, offered to take the company private after the stock plunged to an 18-year low. The Hong Kong real estate firm, owned by the family of billionaire Joseph Lau, agreed to buy out minority shareholders for HK$4 apiece, or HK$1.91 billion ($245 million) for the 25 per cent stake, according to a Hong Kong stock exchange filing on Wednesday (Oct 6). The Lau family already controls about 75 per cent of the company. The Lau family going private represents the biggest retreat yet by a long-time backer of Evergrande and its billionaire Chairman Hui Ka Yan - Mr Lau is part of the so-called "Poker Club" of tycoons who have backed Mr Hui's ventures over the years. The developer's stock has spiralled on concern that an Evergrande collapse could spill over into the property sector in China and Hong Kong. Chinese Estates had been a major shareholder of Evergrande before paring its stake beginning in August, and said in its statement on Wednesday that it has concerns over whether the sliding Evergrande can correct course. "Directors are cautious and concerned about the re...

SeaPRwire

Almost 50% more BTO projects launched in mature estates in 2020 than in 2017 to cater to demand: HDB

aseanpr
5 minutes

SINGAPORE - As property seekers continue to home in on flats in mature estates, the Housing Board (HDB) has rolled out more Build-To-Order (BTO) projects in these prime locations. It said on Sunday (July 25) that 13 such projects were offered last year, compared with nine in 2017 - an almost 50 per cent rise. Projects in mature estates formed 44 per cent of the overall BTO launches in 2017 but the proportion climbed to 55 per cent last year, said HDB. Still, it was not easy to bag a unit in a choice area like Bishan, Toa Payoh or Kallang/Whampoa. The average application rate for a BTO flat in mature estates rose from 2.8 times in 2017 to 6.7 times last year. The average rates in non-mature estates, which include Bukit Batok and Tengah, were 2.1 times in 2017 and 4.8 times last year. Overall, there has been buoyant demand for new flats in the past four years, with the number of applicants vying for each BTO unit increasing from 2.3 in 2017 to 5.8 in 2020. Some projects in particular have drawn sky-high interest. In the May launch, Telok Blangah Beacon in Bukit Merah attracted almost 50 applicants for each of its 70 four-room flats, despite a waiting time of more than five years for ...