Latest news with #EdwardLau
South China Morning Post
24-06-2025
- Lifestyle
- South China Morning Post
The light of day illuminates this Hong Kong family home in Hung Hom
The interplay of sunlight and shadow makes for alluring spaces in this Hung Hom home for a family of four. While some sharp angles in the irregular-shaped building posed design challenges, Edward Lau Tak-tai, director of ED Design , relished the opportunity to harness the passage of sunlight throughout the day. Especially in densely built-up urban areas, maximising natural light in interior design can be beneficial for overall health and children's growth,' he says. Reducing reliance on artificial lighting is also more eco-friendly and lowers energy costs, he adds. The 25-year-old, 1,400 sq ft apartment had been renovated previously, but was looking tired and dated when Thomas and Alice Chan bought it in March 2023. Happily, the floor plan was functional, with bedroom zones flanking a large central living/dining area, minimising the need for space-hungry corridors. And with the kitchen and helper's room situated in two protruding 'wings' on either side of the entrance, there were fewer doorways to contend with when it came to furniture placement. This enabled the original four-bedroom, two-and-a-half-bathroom layout to be retained with only minor alterations. But for cosmetic reasons, the interior was gutted to allow for a more contemporary aesthetic.
South China Morning Post
15-06-2025
- Business
- South China Morning Post
Hong Kong puts construction of 8,300 homes on hold in Fanling
Hong Kong's housing authorities have suspended a key public residential development in a northern town consisting of 8,300 homes due to the suspected high costs of building the flats on deep rock strata, according to a lawmaker. The suspension of the development, including its site formation and infrastructure works, in Fanling came to light on Sunday in a document the Housing Department and the Civil Engineering and Development Department submitted to the North District Council, a day before a meeting to discuss the matter on Monday. The Fanling Area 17 site, spanning about 5.47 hectares (13.5 acres) of both government and private land, is located to the east of Ling Shan Road and Jockey Club Road, south of Ma Sik Road and west of Fan Leng Lau Road. It currently houses the Fan Garden Police Driving and Traffic Training Centre. The document did not mention the exact reasons of the suspension but said: 'To align with the government's principle of maintaining sustainable public finances, the Housing Bureau has adjusted the development plan for the Fanling Area 17 public housing project after reviewing the cost-effectiveness of public housing initiatives over the next ten years.' Authorities said they had 'more flexibility to prioritise sites that are more suitable and cost-effective for construction' with sufficient land supply for public housing in the next decade. Lawmaker Edward Lau Kwok-fan, who is a member of the Legislative Council's housing panel, said the government's decision stemmed from geotechnical studies revealing unusually deep rock strata beneath the site, leading to significantly higher foundation costs.
Business Times
12-06-2025
- Business
- Business Times
New World bondholders want more disclosure on financing plans
NEW World Development bondholders are growing frustrated with the level of financial disclosure by the cash-strapped developer as it prioritises communication with banks during critical loan talks. The distressed Hong Kong builder has less than three weeks to complete an HK$87.5 billion (S$14.3 billion) loan refinancing deal before a covenant waiver expires at the end of the month. Debt advisers, meanwhile, have said that they think a liability management exercise on the bonds would be the only way for New World to preserve equity value, and are urging noteholders to band together to resist any such move. As this plays out, an information gap is creating transparency concerns for bondholders, hungry for any scraps of intelligence to make trading decisions. Unable to get answers A number of them said they haven't been able to get answers from New World in recent months on what steps it is planning to ease a liquidity crunch made worse by a market sell-off. On the other hand, some banks got to see a cash flow projection in April with details about the company's planned debt payments over the next three years, according to other people familiar with the matter. While such moves can irk bondholders, it isn't uncommon for distressed firms to prioritise communication with bank lenders. Banks often have better access to company financials through loan covenants or lending relationships, while unsecured bondholders typically rely on public filings or voluntary disclosures. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up New World bondholders have another pressing concern: Over the past three months, the company's perpetual bonds have lost an average of more than 40 per cent of their value, according to Bloomberg News calculations. The company's next steps could bring more pain for bondholders, according to debt adviser PJT Partners. During a recent call with bondholders, PJT said that it expects New World to pursue discounted exchanges as part of a potential liability management exercise. If such a development comes after the loan refinancing, it could cut recovery ratios to 30 per cent from 68 per cent for unsecured bond investors, PJT warned. Frustration among bondholders escalated after a recent decision by New World to delay some interest payments on perpetual notes. The move was a shock to holders, some of whom had been reassured in February, when chief financial officer Edward Lau said on an earnings call that net cash flow from operations was almost enough to cover capital expenditures, net interest expenses and perpetual bond coupon payments. Engaging with banks Many bondholders have run into dead ends when seeking information from the company, with messages to New World's investor relations manager getting no response, according to people familiar with the matter. Some have had to monitor the news closely to figure out what is going on with the company, they added. In contrast, New World has been actively engaged with more than 50 banks as it works to complete its refinancing deal. Bankers have been in close contact with the developer's finance team, receiving updates regarding the company's debt plans, other people said. New World didn't immediately respond to a request for comment. It said in a press briefing earlier this year that it has complied with all disclosure requirements. While unhappy they have been kept at arm's length, bondholders largely still hope the loan refinancing goes smoothly. The refinancing 'is progressing well and, once completed, should enhance New World's liquidity position and provide the company with additional time to execute its business turnaround,' said Dhiraj Bajaj, Singapore-based chief investment officer of Asia fixed income and equities at Lombard Odier Investment Managers. New World, whose key Hong Kong projects include Victoria Dockside and the new 11 Skies shopping mall, has about US$7.9 billion in outstanding bonds, according to Bloomberg-compiled data. While it doesn't have any US dollar notes maturing this year, it has two Hong Kong dollar-denominated bonds with a combined US$168.5 million due in March next year. The next big test for the developer comes Monday when it has a US$5.05 million coupon payment due on a 5.875 per cent bond. If the company decides not to pay the coupon on that day, it would have a 14-day grace period, after which an event of default would be triggered, according to bond documents seen by Bloomberg News. BLOOMBERG
Mint
12-06-2025
- Business
- Mint
New World Bondholders Want More Disclosure on Financing Plans
(Bloomberg) -- New World Development Co. bondholders are growing frustrated with the level of financial disclosure by the cash-strapped developer as it prioritizes communication with banks during critical loan talks. The distressed Hong Kong builder has less than three weeks to complete an HK$87.5 billion ($11.2 billion) loan refinancing deal before a covenant waiver expires at the end of the month. Debt advisers, meanwhile, have said that they think a liability management exercise on the bonds would be the only way for New World to preserve equity value, and are urging noteholders to band together to resist any such move. As this plays out, an information gap is creating transparency concerns for bondholders, hungry for any scraps of intelligence to make trading decisions. A number of them, who asked not to be identified, said they haven't been able to get answers from New World in recent months on what steps it is planning to ease a liquidity crunch made worse by a market selloff. On the other hand, some banks got to see a cash flow projection in April with details about the company's planned debt payments over the next three years, according to other people familiar with the matter. While such moves can irk bondholders, it isn't uncommon for distressed firms to prioritize communication with bank lenders. Banks often have better access to company financials through loan covenants or lending relationships, while unsecured bondholders typically rely on public filings or voluntary disclosures. New World bondholders have another pressing concern: Over the past three months, the company's perpetual bonds have lost an average of more than 40% of their value, according to Bloomberg News calculations. The company's next steps could bring more pain for bondholders, according to debt adviser PJT Partners Inc. During a recent call with bondholders, PJT said that it expects New World to pursue discounted exchanges as part of a potential liability management exercise. If such a development comes after the loan refinancing, it could cut recovery ratios to 30% from 68% for unsecured bond investors, PJT warned. Frustration among bondholders escalated after a recent decision by New World to delay some interest payments on perpetual notes. The move was a shock to holders, some of whom had been reassured in February, when Chief Financial Officer Edward Lau said on an earnings call that net cash flow from operations was almost enough to cover capital expenditures, net interest expenses and perpetual bond coupon payments. Many bondholders have run into dead ends when seeking information from the company, with messages to New World's investor relations manager getting no response, according to people familiar with the matter. Some have had to monitor the news closely to figure out what is going on with the company, they added. In contrast, New World has been actively engaged with more than 50 banks as it works to complete its refinancing deal. Bankers have been in close contact with the developer's finance team, receiving updates regarding the company's debt plans, other people said. New World didn't immediately respond to a request for comment. The company said in a press briefing earlier this year that it has complied with all disclosure requirements. While unhappy they have been kept at arm's length, bondholders largely still hope the loan refinancing goes smoothly. The refinancing 'is progressing well and, once completed, should enhance New World's liquidity position and provide the company with additional time to execute its business turnaround,' said Dhiraj Bajaj, Singapore-based chief investment officer of Asia fixed income and equities at Lombard Odier Investment Managers. New World, whose key Hong Kong projects include Victoria Dockside and the new 11 Skies shopping mall, has about $7.9 billion in outstanding bonds, according to Bloomberg-compiled data. While it doesn't have any US dollar notes maturing this year, it has two Hong Kong dollar-denominated bonds with a combined $168.5 million due in March next year. The next big test for the developer comes Monday when it has a $5.05 million coupon payment due on a 5.875% bond. If the company decides not to pay the coupon on that day, it would have a 14 day grace period, after which an event of default would be triggered, according to bond documents seen by Bloomberg News. More stories like this are available on
CBS News
17-05-2025
- Business
- CBS News
San Francisco small businesses struggle to navigate 90-day tariff pause
SAN FRANCISCO — This week's announcement of a 90-day tariff pause has San Francisco small businesses in flux. Some are seeing some immediate shifts, while others are trying to figure out what to do next. In the wake of Trump's stop-and-go tariff policies, business owners like Edward Lau are confused about what and when to order from Chinese importers as inventory levels dwindle. "You don't know what to do, honestly. You don't know whether this 90-day (pause) is temporary," he said. Customers continuously ask the herbal medicine store operator when prices will stabilize. He readily admits that's above his pay grade. Since March, Lau has raised prices while absorbing other costs to remain competitive with similar stores in San Francisco's Chinatown. "I would say 10-20% at least for some of the products. But for most of the others, we still are at a price that we paid for before the tariff," said Lau. Lau remains anxious, even though tariffs are significantly lower than the previous 145% hike. A decision to purchase too little now could hurt his bottom line if tariffs ramp up again later this year. "Once you sell out, you stock up. The price we are getting is much higher than what we are (currently) selling for," said Lau. Further up the supply chain from Lau, operators of bonded warehouses, where imported goods can be stored without paying duties until they are removed, have seen immediate changes since the tariff pause. Francisco Garcia, the founder of Lynx Logistics, says requests to remove goods have started. Container-tracking software provider Vizion also says U.S. container bookings from China surged nearly 300%, soon after the announcement. But Garcia says many of the larger companies he works with are still asking for long-term bonded storage. "The big players, the big forwarders, the big direct shippers, are actually asking for more space because these next 90 days are very uncertain," said Garcia. Uncertainty for a small player in the supply chain like Lau keeps him twisting in the wind, as he sees the hardship it has created every day. "I see some of the customers getting so frustrated, saying 'I can't afford it,' " said Lau. Even his son has asked whether running a small store is worth it. "He's told me I don't see any future in the United States, even though he was born here. It makes me even more nervous now," said Lau. What is certain is the anxiety Lau is dealing with at the bottom of the supply chain, in the midst of a global trade war. The U.S. lowered its tariffs on Chinese imports from 145% to 30%, while China reduced its tariffs on U.S. goods from 125% to 10%. The agreement is set for 90 days, during which both nations will engage in further trade discussions.
