Latest news with #JoeyYung
Business Times
3 days ago
- Business
- Business Times
Hong Kong builder Emperor revises debt plan, seeks loan extensions
Hong Kong's property slump is weighing on a range of local developers, with a well-known but smaller-scale builder the latest to seek relief from creditors. Emperor International Holdings has sent a revised debt restructuring proposal to some lenders in recent days, seeking to extend the maturity of its bank borrowings to Dec 31, 2027, according to people familiar with the matter. The company earlier reported that it had HK$16.6 billion (S$2.7 billion) in overdue bank loans, breaching certain terms on the facility agreements. Banks with a majority interest in Emperor International's loans have formed a coordination committee to negotiate restructuring terms with the company, the people said, asking not to be identified discussing private matters. No agreement has been reached so far despite months of talks, they added. Emperor International is the property arm of conglomerate Emperor Group, known for its luxury watch business and its entertainment unit, which manages a stable of local celebrities, including Nicholas Tse and Joey Yung, according to its website. The company's debt woes reflect the widespread impact of Hong Kong's years-long property slump, which has left real estate giants such as New World Development and smaller firms such as Emperor International and Grand Ming Group Holdings struggling to stay afloat. Property prices in the city have plummeted by around 30 per cent over the past four years, reaching a nine-year low as banks have tightened credit lines, according to Bloomberg-compiled data. Property developers are navigating industry-wide pressure and Emperor International is no exception, but continues to operate as usual, with constructive negotiations underway for some time with banks to amend terms, and normal financial procedures are currently being processed, the company said in an e-mailed statement in response to a Bloomberg inquiry about its debt talks. The company also said that it maintains a healthy balance sheet position. 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 The latest revision came after banks rejected an earlier proposal that the company sent in March, the people added. Under the previous plan, Emperor had sought a three-year extension on the borrowings and offered second-lien mortgages on some of its commercial real estate in Hong Kong as a credit enhancement, the people said. Emperor International, which owns residential properties and office towers in Hong Kong, Beijing and overseas, also offered about HK$77 million in fresh funding to service debt repayment in its earlier proposal, but banks demanded more upfront funds, the people added. The developer has missed interest payments on some loans since last year, people familiar with the matter said. Emperor International said in June that it was negotiating with banks on a restructuring plan. As at Mar 31, 2025, Emperor had net current liabilities of HK$13.08 billion, versus cash, bank balances and bank deposits of HK$639.6 million, according to its most recent annual results. The company has a market capitalisation of HK$1.13 billion, according to Bloomberg-compiled data. BLOOMBERG
Mint
5 days ago
- Business
- Mint
Hong Kong Builder Emperor Revises Debt Plan, Seeks Loan Extensions
(Bloomberg) -- Hong Kong's property slump is weighing on a range of local developers, with a well-known but smaller-scale builder the latest to seek relief from creditors. Emperor International Holdings Ltd. has sent a revised debt restructuring proposal to some lenders in recent days, seeking to extend the maturity of its bank borrowings to Dec. 31, 2027, according to people familiar with the matter. The company earlier reported that it had HK$16.6 billion ($2.1 billion) in overdue bank loans, breaching certain terms on the facility agreements. Banks with a majority interest in Emperor's loans have formed a coordination committee to negotiate restructuring terms with the company, the people said, asking not to be identified discussing private matters. No agreement has been reached so far despite months of talks, they added. Emperor International is the property arm of conglomerate Emperor Group, known for its luxury watch business and its entertainment unit, which manages a stable of local celebrities, including Nicholas Tse and Joey Yung, according to its website. The company's debt woes reflect the widespread impact of Hong Kong's years-long property slump, which has left real estate giants such as New World Development Co. and smaller firms like Emperor and Grand Ming Group Holdings Ltd. struggling to stay afloat. Property prices in the city have plummeted by around 30% over the past four years, reaching a nine-year low as banks have tightened credit lines, according to Bloomberg-compiled data. Property developers are navigating industry-wide pressure and Emperor International is no exception, but continues to operate as usual, with constructive negotiations underway for some time with banks to amend terms, and normal financial procedures are currently being processed, the company said in an emailed statement in response to a Bloomberg inquiry about its debt talks. The company also said that it maintains a healthy balance sheet position. The latest revision came after banks rejected an earlier proposal the company sent in March, the people added. Under the previous plan, Emperor had sought a three-year extension on the borrowings and offered second-lien mortgages on some of its commercial real estate in Hong Kong as a credit enhancement, the people said. Emperor, which owns residential properties and office towers in Hong Kong, Beijing and overseas, also offered about HK$77 million in fresh funding to service debt repayment in its earlier proposal, but banks demanded more upfront funds, the people added. The developer has missed interest payments on some loans since last year, people familiar with the matter said. Emperor said in June that it was negotiating with banks on a restructuring plan. As of March 31, 2025, Emperor had net current liabilities of HK$13.08 billion, versus cash, bank balances and bank deposits of HK$639.6 million, according to its most recent annual results. The company has a market capitalization of HK$1.13 billion, according to Bloomberg-compiled data. More stories like this are available on
Time Out
11-07-2025
- Entertainment
- Time Out
Hong Kong's first Hot Air Balloon Festival to lift off this summer
If you've always wanted to visit Cappadocia in Turkey to witness their famous hot air balloons filling the sky, here's your chance to experience a slice of the same magic right here on home turf. The AIA International Hot Air Balloon Fest Hong Kong (HABFest) is our city's first international-scale hot air balloon event, and it's bound to be a blast. From Albuquerque's balloon fiesta in New Mexico and the balloons that float over Luxor to offer great views of Egypt's ancient temples and the Nile, to Asia's largest balloon festival in Saga, Japan, hot air balloons have always held a special place in adventurous hearts worldwide. Hong Kong's HABFest will feature distinctive balloons from all over the world, including Canada, the UK, Germany, and Japan. There will be six large balloons measuring up to 20 metres in height, as well as over 10 smaller ones around 11 metres tall – and even a tailor-made panda-shaped balloon created specially for our city. Depending on the weather, there might also be rides on a large tethered hot air balloon! After seeing these balloons filling the sky against our iconic cityscape, stick around for the Hot Air Balloon Night Glow Show, which features live music performances by a star-studded lineup of some of Hong Kong's beloved musicians, including Joey Yung, Leo Ku, Kay Tse, Louis Cheung, Gin Lee, ToNick, Kenny Kwan, LMF, and more. The festival will also be set up like a carnival, with game booths, food stalls, and retail outlets. In addition, sporty participants can join the AIA Balloon Run, a charity fun run on September 6 along the coastline with hot air balloons framing the harbour view – all proceeds will be donated to Outward Bound Hong Kong to support youth development initiatives. The HABFest will run from September 4 to 7 at the Central Harbourfront Event Space. Tickets are now on sale, ranging from $150 to $1,480, with concessions available along with family package discounts. A limited amount of early-bird tickets will be available until August 10. Check out the official website for more details.
South China Morning Post
07-07-2025
- Entertainment
- South China Morning Post
Hong Kong festival to feature animal-shaped hot-air balloons, Cantopop concerts
Hot-air balloons in the shapes of animals such as a panda, dinosaur and rabbit will fly against the Hong Kong skyline as part of a coming four-day megafestival in September, along with nightly concerts starring Cantopop singers such as Joey Yung Cho-yee and Leo Ku Kui-kei. The organiser said on Monday that it expected the AIA International Hot Air Balloon Fest Hong Kong to draw 80,000 international visitors and residents alike between September 4 and 7, which could boost tourism and local spending in the city. 'We hope that tourists from the mainland and overseas would, because of the hot-air balloons, reconsider Hong Kong as a travel and leisure destination in Asia,' said Joey Chan Pui-kwan, chief operating officer of Grand Events Asia. 'Local families are also our target audience. We hope that the hot-air balloon festival will encourage more Hongkongers to spend in the city and to enjoy a brand new experience.' The HK$30 million (US$3.8 million) festival at the Central Harbourfront Event Space will have six large hot-air balloons measuring up to 20 metres (66 feet) tall, complemented by more than 10 smaller ones from countries such as Canada, Germany and Japan. Stalls for games, food and shopping will also be featured as part of the festival. Chan highlighted that her team had taken reference from hot-air balloon festivals around the region and was confident that the variety of balloons would allow for a fresh display, as she hoped for the event to be hosted annually in the city.
