Latest news with #ParkviewGreen
Mint
2 hours ago
- Business
- Mint
HK Builder Parkview Gets Loan Extension, Easing Default Risk
(Bloomberg) -- Hong Kong developer Parkview Group Ltd. has secured a three-month extension on a $940 million loan that was due Aug. 15, according to people familiar with the matter, giving it more time to work on a refinancing deal with banks. The loan, backed by the Parkview Green complex in Beijing's Chaoyang district, will now mature in November, the people said, asking not to be identified discussing private matters. Parkview risked a potential default had it not managed to secure the extension, as lenders would have had the option to demand immediate repayment when the facility matured. Parkview didn't respond to a request for comment. Parkview has been in refinancing talks with banks for months, highlighting the challenges builders still face amid a property slump that has dragged on for years. Some smaller Hong Kong developers have experienced liquidity stress as banks demand stricter refinancing terms and higher credit enhancements. To move its refinancing talks along, Parkview even considered selling artwork valued at over HK$200 million ($25.5 million) from Parkview Green's collection in an effort to attract creditor support, Bloomberg has reported. China's commercial real estate sector continues to face pressure. The office vacancy rate in Beijing was 16.9% in the second quarter, according to Cushman & Wakefield. While that was slightly lower than the year-earlier period, the improvement came after landlords offered lower rents for lease renewals, the real estate services firm said. Locally known as Fangcaodi, Parkview Green is known for its art collection, including pieces from Salvador Dali and Chinese artists such as Chen Wenling and Wang Luyan, according to its website. More stories like this are available on
Business Times
12-08-2025
- Business
- Business Times
Hong Kong builder Parkview seeks loan extension as talks drag on
[HONG KONG] Hong Kong developer Parkview Group is seeking a three-month extension on a US$940 million loan due on Friday (Aug 15), in a bid to get more time to negotiate a refinancing deal with banks, according to sources familiar with the situation. The loan, backed by the Parkview Green complex in Beijing's Chaoyang district, is set to mature on Aug 15, the sources said, asking not to be identified discussing private matters. Parkview has been in refinancing talks with banks for months, Bloomberg has reported. However, the company still has not secured sufficient support from banks, as worries grow over its liquidity, the sources said. The situation is becoming urgent because if Parkview does not manage to finalise a deal or receive an extension before the loan matures, it risks a potential default, threatening the future of one of Beijing's most iconic malls. The lengthy discussions with banks underscore the continued challenges facing China's commercial real estate sector, as funding conditions tighten amid falling property values and dwindling cash flows. To win over lenders' support, the developer had considered selling more than 300 pieces of artwork valued at over HK$200 million (US$33 million) from Parkview Green's extensive collection to help reduce outstanding debt and help secure a refinancing deal, Bloomberg reported earlier. Parkview did not respond to emailed requests for comment, and no one was available to comment when Parkview Green's Beijing office was called. Locally known as Fangcaodi, Parkview Green is known for its art collection, including pieces from Salvador Dali and Chinese artists such as Chen Wenling and Wang Luyan, according to its website. Parkview has offered additional collateral, including other Beijing residential properties, as a further credit enhancement for the refinancing deal, Bloomberg News has reported. BLOOMBERG
South China Morning Post
13-04-2025
- Business
- South China Morning Post
Luxury malls in Beijing, Shanghai slash rents, change tenant mix as consumer spending dips
A slowdown in Chinese consumer spending on luxury goods is affecting high-end malls in Beijing and Shanghai, with shopping centres like Parkview Green and K11 slashing rents and courting mid-market retailers to attract middle-class shoppers and stem rising vacancy rates. Advertisement Shanghai K11, an 11-year-old luxury mall owned by the family of Hong Kong billionaire Henry Cheng Kar-shun, was easing its tenant criteria as rental income continued to fall, a source told the Post, declining to provide details on rents. In Beijing, Parkview Green, a landmark shopping complex in the central business district known for its pyramid-like structure and extensive art collection, announced in March that it planned to attract more diverse restaurant operators to 'reignite its commercial potential' following the exit of high-end brands like Rolex and Ermanno Scervino. Hong Kong's Parkview Group, the property's owner, put it up for sale last December as it struggled with high mortgage payments and lacklustre occupancy rates, according to a Bloomberg report. Parkview Group, the owner of Parkview Green in Beijing, put the shopping centre for sale in December. Photo: Simon Song 'What Parkview Green represents is a type of property that was once positioned as premium, but with the challenges facing high-end consumption in China today, its brand structure and tenant mix need to be adjusted,' said Tin Sun, northern China head of research at CBRE.
