Latest news with #CSIProperties
South China Morning Post
3 days ago
- Business
- South China Morning Post
First batch of flats in NWD-led Deep Water Pavilia goes on sale on Saturday
A consortium led by New World Development (NWD) on Saturday will sell the first batch of flats in a new residential project on the south side of Hong Kong Island after pricing them below neighbouring developments. The announcement comes as property consultancy Knight Frank expects home prices in the city to remain under pressure as developers continue to offer hefty discounts to reduce their inventories amid ample supply. NWD said on Tuesday that 138 flats in the 447-unit Deep Water Pavilia project in Wong Chuk Hang would be offered for sale at an average of HK$21,028 (US$2,680) per square foot. NWD owns 50 per cent of the project, which it is co-developing with Empire Group, CSI Properties, Lai Sun Development and MTR Corp. Prospective buyers have submitted 2,500 cheques – more than 18 times the number of flats available – for a chance to buy homes in the project. The project's first price list released last week was about 3 per cent lower than the initial price list of CK Asset Holdings' nearby Blue Coast II in October, and it undercut all of the completed projects in the Southside residential neighbourhood , according to data compiled by property agencies. The 447-unit Deep Water Pavilia residential project in Wong Chuk Hang. Photo: Handout The price was around 30 per cent lower than the first batch at Road King Infrastructure's Southland project, the first phase of Southside, which launched in April 2021 at HK$29,689 per square foot. The units going on sale at Deep Water Pavilia include two to four-bedroom flats ranging from 455 sq ft to 1,261 sq ft. The prices of these units are between HK$8.5 million and HK$37.2 million, or HK$18,688 to HK$29,538 per square foot after discounts.
South China Morning Post
05-06-2025
- Business
- South China Morning Post
New World Development and partners set record-low price for Southside Hong Kong flats
A consortium of builders led by New World Development (NWD) priced a new residential project on the south side of Hong Kong Island below all neighbouring developments, as the embattled company seeks to whittle down HK$124 billion (US$15.8 billion) in debt. The developers priced 101 flats in the 447-unit Deep Water Pavilia project in Wong Chuk Hang at HK$20,932 per square foot. That was about 3 per cent lower than the first price list of CK Asset Holdings' nearby Blue Coast II in October, and it undercut all of the completed projects in the Southside residential neighbourhood , according to data compiled by property agencies. The price was around 30 per cent lower than the first batch at Southland, the first phase of Southside, which launched in April 2021 at HK$29,689 per square foot. Property deals in Hong Kong fell to a three-month low in May as caution prevailed amid heightened US-China tensions and stock market volatility. Residential transactions fell 10.3 per cent from a month earlier to 5,105, Land Registry data showed. The 101 units comprise 95 two-bedroom flats, two three-bedroom units and four four-bedroom homes, priced from HK$8.5 million to HK$37.2 million, or HK$18,688 to HK$29,538 per square foot after a 20 per cent discount. The first sale for the project – co-developed by Empire Group, CSI Properties and Lai Sun Development – could begin as soon as next week, according to NWD, which owns 50 per cent. The sale is expected to provide some relief for cash-strapped NWD, which said last week it would postpone interest payments, due this month, on four perpetual bonds totalling US$3.4 billion.
South China Morning Post
14-05-2025
- Business
- South China Morning Post
Hong Kong market rebound rolls on as 3 companies unveil plans to raise funds in the city
Three mainland Chinese and Hong Kong companies on Wednesday unveiled plans to raise funds in Hong Kong , amid a surge of activity in the city's capital markets. An offshore subsidiary of China Petrochemical Corporation (Sinopec) called Deep Development 2025 received permission to issue HK$7.75 billion (US$990 million) worth of exchangeable bonds in Hong Kong. According to a filing, the proceeds from the seven-year bonds would be used to refinance the group's medium and long-term offshore debt. The bonds were backed by shares of another offshore subsidiary of Sinopec, the mainland's largest refiner. In addition, medical equipment maker Shanghai Microport Medbot plans to raise an estimated HK$389.62 million in Hong Kong by issuing a total of 25.1 million new shares at HK$15.50 a share. After deducting fees and expenses, the proceeds were expected to be around HK$382.33 million, which would be used to fund research and development and replenish working capital. And CSI Properties, a Hong Kong-based property investment firm, said it would allow a subsidiary called ESL to issue new notes with a three-year maturity. The offering amount, to be announced at a later date, would be used to balance CSI's balance sheet and optimise its debt structure. Hong Kong's capital markets started to rebound in late 2024 after three years of declines. The total market capitalisation of stocks traded in Hong Kong stood at US$38.8 trillion at the end of April 2025, up 21 per cent from US$32.1 trillion in the year-earlier period, according to Hong Kong's stock exchange.
Bloomberg
14-05-2025
- Business
- Bloomberg
CSI Properties Markets First Dollar Bond in Four Years
CSI Properties Ltd. is selling its first dollar bond in four years, a move that could potentially ease liquidity concerns for the builder amid a prolonged real estate slump in Hong Kong and China. The Hong Kong-headquartered developer said in a filing that its wholly owned subsidiary, ESL, plans to issue new notes with a three-year maturity, with final price guidance at 10.5%. Proceeds will be used for repayment of certain debt obligations, including a 5.45% dollar bond due July 21 with about $296 million of principal outstanding. CSI previously sold a dollar bond in 2021.
