Finance Asia
11 September
China South City Holdings, a developer and operator of trade centres in Shenzhen, is launching an initial public offering to raise HK$2.1bn-HK$3.15bn. It is the first company of its kind to list in Hong Kong, allowing a hybrid exposure to commercial property and the trading of industrial goods.
This comes just ahead of the IPO of Glorious Property, which is set to become the first Chinese property firm to list in Hong Kong this year and could be the first of around 10 mainland developers hoping to go public before Christmas.
Baltimore Business Journal
14 September
Annapolis mayor Ellen Moyer kicked off a grant programme on Monday offering up to $10,000 to commercial property owners to add some artistic flair to their buildings involving murals, lighting or other forms of art.
The money, from the city’s Commercial Facade Improvement Grant program, is for buildings in the Annapolis arts district. There will be up to four recipients, and they will have to match grant awards with their own money. The city is hoping this will lead to additional artistic touches to buildings.
Irish Independent
15 September
More bad news for convertible mortgage-backed securities. Property developer and solicitor Noel Smyth has agreed a deal with his bondholders to remedy a loan-to-value covenant breach on a £200m bond.
The breach relates to his Alburn development firm, which is involved with commercial property investments in the UK. Smyth said that this would mean a repayment of £30m over four-and-a-half years and the sale of £50m worth of property. Banks involved include Rothschild, Rabobank and Mizuho.
Los Angeles Times
15 September
Wells Fargo & Co has fired a top executive accused of using a bank-owned Malibu beach house to entertain her family and friends. Cheronda Guyton, a senior vice-president responsible for commercial foreclosed properties, broke company rules barring personal use of bank property, Wells Fargo said.
The property’s former owners, Lawrence and Linda Elins, were among the victims of Bernard L Madoff’s massive Ponzi scheme. Guyton had been spotted by neighbours at the Malibu Colony home with her family this summer. At a party in August, guests were ferried to the beach house from a yacht, they said.
