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CFLD’s Wuhan Yangtze River Center is not quite ready for the market
The impact of China’s crackdown on corporate debt came into clearer view in recent days as a former top 10 mainland developer confirmed last Friday that it was unable to repay holders of $530 million in dollar-denominated bonds that came due on 28 February.
That end-of-month admission by China Fortune Land Development, which has $4.6 billion in offshore debt, was followed on Monday by Fitch Ratings cutting a key issuer rating for the mainland builder to “restricted default”. Competing credit agency Moody’s Investors Service followed on Tuesday by downgrading CFLD’s corporate family rating from Caa1 to Caa3.
February 19, 2021, 1:07 pm ·
Caesars Entertainment announced that it has decided to give up its stake in its planned casino project in Incheon, South Korea. The stake is going to the American brand’s partner, Hong Kong-listed company Guangzhou R&F Properties. The project called Caesars Korea Resort Complex was supposed to have a foreigner-only casino, among other facilities.
According to a source from the Incheon Free Economic Zone Authority (IFEZA), which is the public body overseeing the site, Caesars disposed of its stake in January. The source was unable to share what was the reason behind this move.
The project, also known as Midan City Resort Complex, was promoted by an organization called R&F Korea (RFKR). Its previous name was RFCZ Korea and it had been a 50-50 joint-venture between Caesars Entertainment and China Guangzhou R&F.
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An Embassy Industrial Parks facility near Bengaluru
Already India’s largest office landlord, Blackstone may soon become the country’s biggest warehouse owner through the purchase of a 22 million square foot (2 million square metre) logistics joint venture, according to local news reports.
Having acquired more than 1 billion square feet of warehouses globally over the past decade, Blackstone is said to be offering $700 million to purchase Embassy Industrial Parks, a logistics joint venture between its US rival Warburg Pincus and India’s Embassy Group, which partnered with Blackstone to launch the Embassy Office Parks REIT in 2019.
The deal, which was reported earlier today in India’s Economic Times, is said to be in the final stages, and is expected to be formally announced within days. Contacted by Mingtiandi, representatives of Blackstone and Warburg Pincus declined to comment.
Keeping Chinese property developers inside new regulatory boundaries could be challenging. Nearly all the country’s listed real estate companies are crossing at least one of Beijing's three leverage ratios, known as red lines, that are designed to curb wild growth, according.