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New Paper
14-07-2025
- Sport
- New Paper
July 15 South Africa (Kenilworth) form analysis
Race 1 (1,600m) (7) BETTER MAN comes back from a small break. On his best form, he will be tough to beat. (4) NEW WORLD stayed on beautifully for second last time. From a good draw, he will be right there in the finish. (9) DIAMOND DAYS is still improving. Although the bad draw is a concern, he has a good place chance if he gets some luck in the running. (8) YAMAZAKI ran a better race last time. If he can build on that, he could sneak into the quartet. Race 2 (1,000m) (5) STORMWATCH was green and stayed on strongly for second on debut. If she has improved, she will be very hard to beat. (2) SWIFT SERENITY ran fourth last time behind Stormwatch. She should be there among the places. (3) SPLASH OF COLOUR ran a disappointing race last time. The drop in trip could help her chances. Newcomer (1) WITHOUT HESITATION has drawn gate 1. Watch her closely. Race 3 (1,000m) (7) NIGHTRAIN stayed on well to finish third on debut. He has ability and looks hard to beat. (6) AFRICAN MEMOIR has run two lovely races in succession, and finished just in front of Nightrain last time. Include him in all bets. (3) FEAR OF FIRE ran a fair race on debut. He drops in trip to 1,000m and could certainly run into the places at a decent price. (8) FLEUR DE VILLE has been well tried in the maiden ranks. On her best form, she could make the quartet pay. Race 4 (1,400m) (8) UNITED FRONT will be very hard to beat. He showed tremendous speed early and fought hard to finish second on debut. It will take a smart horse to beat him. (3) SIERRA SAGRADA comes back from a break and gelding. He ran a disappointing fifth last time, but he is better than that, so respect his chances from a neat draw. (9) KONNICHIWA has been rested for 92 days. The draw will make life tough for him, but he tries hard and will be running on powerfully late. (6) FUTURE FREE ran a shocker up the straight at Hollywoodbets Kenilworth last time. He steps up in trip. Watch him closely. Race 5 (1,400m) (1) APRICITY made up solid ground to finish second last time. She enjoyed the step-up in trip to 1,400m. From a good draw, she will go very close to winning. (2) KISSES's last two runs over ground have been good. She ran a lovely race from a bad draw last time but, if she can build on her recent form, she will have a nice each-way chance. (3) PACIFIC WATERS ran a fair race on debut. She steps up in trip and gets the service of Gavin Lerena. Watch for a big run. (6) SPECIAL GLAMOUR ran a much better race with the tongue tie last time. If she can bring that run to the track, she will have a say in the finish. Race 6 (1,000m) (1) CHURCHILLIAN ran the race of his life in the Listed Somerset 1,200 last time. He showed good speed early, and stayed on strongly for second in a tight finish. He can win a race like this on pure ability. (11) OCTOBER STORM won well on debut, even though he was green. He can improve from that. Include him in all bets. (2) ESCARPMENT was just off the speed early, but stayed on nicely for second last time. On his best form, he could finish among the places at a decent price. (4) IRELAND FOREVER has been rested for 72 days. The blinkers go on, watch for improvement. Race 7 (1,200m) (5) TRIP TO MAPUTO ran a great race on the Poly last time. Her penultimate run up the straight at Hollywoodbets Kenilworth was impressive. If the gaps open at the right time, she will be hard to beat. (1) BABELICIOUS won a good race last time. Her form is very consistent, include her in all bets. (4) WINTER RAINFALL has run three decent races in succession. Watch her closely at a decent price. (8) SUMMER LILY has been rested for 79 days. Her last run in the Grade 3 Poinsettia Stakes at Hollywoodbets Scottsville was good. If she does not need the run badly, she will run a massive race. Race 8 (1,500m) (5) SUGAR MOUNTAIN has won his last two races. He has a good turn of foot and, from a good draw, he must have a solid winning chance again. (7) PROMETTERE was very unlucky last time, when the gaps opened late and he flew home to finish second. Jockey Richard Fourie knows him well and he will be right there in the finish. (9) SEEKING THE STARS ran a lovely third behind Sugar Mountain last time. If he gets some luck in transit from a wide draw, he could finish in the placings. (4) SONG TO THE MOON ran a fair race last time. He drops in trip, and carries a light weight. He will be doing good work late with jockey Muzi Yeni on board. Race 9 (1,400m) (2) BOOGIEFIED ran a top race last time. He gets a good draw and can run a good race again. (8) AZZURRI won impressively over 1,200m last time. The step-up to 1,400m helps and, if he can get into a good position early from a wide draw, he will have a massive winning chance. (12) HAPPY DAYS has drawn wide again. He has run three excellent runs in succession. If he gets some luck in the running, he will be storming home late. (13) WAR CHARIOT is consistent and Fourie knows him well. The only negative is the bad draw.
New Paper
20-06-2025
- Sport
- New Paper
June 21 South Africa (Kenilworth) form analysis
Race 1 (1,400m) (1) STAR MAJOR has gone close in both starts and could get it right. (2) GOLD GIBOSKI should be in the shake-up after two crackers. (5) DIAMOND DAYS relished the step-up to this trip last time. Can go close from a fair draw. (9) NEW WORLD is knocking on the door and Richard Fourie retains the ride, with blinkers on. Race 2 (1,400m) (6) SPLASH OF COLOUR has Gavin Lerena up from a middle draw of six and having gone close last time over this course and distance, she should be in the shake-up. (1) LOVE HER MADLY has run some good races and should relish the step-up in trip. She should be right there from pole position. (2) GREEK HEIRESS is a well-bred filly by far away out of a decent Fort Wood mare and Craig Zackey rides from a plum draw. (7) ONCIDIUM has Fourie up from a tricky draw of seven but she could improve on her first start. Race 3 (1,000m) (1) OCTOBER STORM is very well bred being by Vercingetorix out of the top broodmare Miss October. He should go close on debut. (4) FLEUR DE VILLE went close last time over course and distance and he should be in the shake-up. (6) IKO IKO is knocking on the door and should also be right there. (7) DIGBY is in good form and could be involved in the finish. Race 4 (1,400m) (1) MEG'S LEGACY ran a fine race over course and distance last time and is now drawn in pole and should be right there. (2) TAYLOR'S VERSION also went close last time and from draw two should be in the shake up. (5) RED CORAL improved second time and should enjoy this further step-up in trip. (10) RED STATE has run two good races in succession over 1,200m and should relish the step-up in trip but does have a wide draw. Race 5 (1,950m) (2) ARIOVISTUS won easily last time in an open maiden. Starts off on a fair rating of 73 with Fourie up over an ideal course and trip. (3) KWITE A KING ran well last time over 2,200m and from a good draw, will also enjoy this trip. (4) AHEAD OF THE FACTS has won two of his last three over middle distances and should be in the shake-up from a fair draw. (5) WOOD WORLD has been in good form and with Lerena up for the third time in succession, he has a chance. Race 6 (1,500m) (3) ELECTROMAGNETISM has won her last two and on pedigree, should relish the step-up in trip. (6) UKUDUMA is a well-bred Vercingetorix out of dual Group 1 winner Thunder Dance. She should go close after a good debut win. (7) LOWVELD LILY won well second time out and should enjoy the step-up in trip. (2) SHE'S MY WORLD is well drawn and should be thereabouts. Race 7 (1,500m) (5) HAPPY VERSE should enjoy the step-up in trip here and looks the one to beat. (6) ROLAND GARROS has won his last two in fine fashion and should be in the shake-up. (3) VAPOUR TRAIL is a half-brother to One Stripe and should enjoy this trip and is a contender from a good draw. (2) DREAMWORLD has fine form and tries a step-up in trip from a good draw, although the jury is out on whether he will stay. Race 8 (1,600m) (2) LADY LOOK ALIKE is in hard-knocking form. From a good draw over a suitable trip, should go close. (5) MIRACULOUS is knocking hard too and might enjoy the step-up and trip. (6) KAMCHATKA ran well last time over 1,400m and will enjoy this trip, but does have a tricky draw. (1) PENTOLINA has pole position and can be right there if repeating penultimate start. Race 9 (1,200m) (3) RIKKITIKKITAVI beat a good sort last time and is the one to beat. (4) OCTOBER FEST is well bred and is coming to hand. (2) MARITZBURG MEMORY has the form to be a contender. (8) HOPE CHEST has ability and could bounce back. Race 10 (1,200m) (1) BECKY SHARP is knocking hard and could get it right. (4) SAINT BRIGID ran a cracker last time when stepped down to 1,400m and is interesting over a further step-down in trip. (3) EASY MONEY beat Becky Sharp last time and is only 1.5kg worse off for a 1.75 length beating, so might confirm the form. (7) IM THE BUZZ has the form to earn a cheque. Race 11 (1,000m) (1) MISS WORLD is well regarded and Fourie could make all the difference. (3) DEAN STREET has the ability and can never be ignored. (5) TANNERON won well last time and looks to be coming into her own. (6) ELUSIVE WINTER is consistent and should be right there.
Straits Times
29-05-2025
- Business
- Straits Times
Bankers on edge over $14 billion loan refinancing deal for embattled HK property giant New World
New World is controlled by the family of Henry Cheng, an avid player of a Chinese poker game called Big Two, whose fortune is estimated at US$22.9 billion (S$29.5 billion). PHOTO: NEW WORLD HONG KONG – Hong Kong bankers have become fixated on a HK$87.5 billion ($14.4 billion) loan deal with unusually high stakes for the financial hub. New World Development, an embattled property developer controlled by one of Hong Kong's richest families, is aiming to complete one of city's largest-ever corporate refinancing deals with more than 50 banks by the end of June after pushing back an initial deadline for this month. So far, at least 12 banks have agreed to terms while the rest - including Singapore lenders - are still talking, according to people familiar with the matter. Failure to reach a deal could lead to demands for immediate repayment. The repercussions would threaten both New World and many of the banks which are already suffering from a sharp rise in non-performing loans from commercial real estate. The stakes are so high that in many cases, the banks' chief risk officers have stepped in, people familiar with the matter said. Even chief executive officers of banks are closely monitoring the situation with frequent updates, the people added, asking not to be identified as the matter is private. 'A New World Development failure wouldn't break the system, but that destabilisation could be contagious,' said Brock Silvers, managing director at private equity firm Kaiyuan Capital. 'A 'delay & pray' strategy would buy time while doing little to alleviate underlying risk to the company or Hong Kong's broader financial system.' New World aims to secure HK$87.5 billion in refinancing. It has commitments exceeding HK$20 billion from Bank of China, HSBC Holdings and Standard Chartered, local lenders Bank of East Asia, Fubon Bank (Hong Kong), Hang Seng Bank, and French lender Credit Industriel et Commercial along with several other financial institutions. The other banks are in the process of securing internal credit approvals. A deal of this magnitude can take time as credit committees scrutinise every detail, raising numerous questions to evaluate the risks involved. Some banks are waiting for lenders with greater exposure to sign on before they can secure their own internal approvals, said the people. A couple of other top Chinese, Japanese and Singapore banks are in the final stages of approving the loan, according to other people familiar with the matter. 'If one or two lenders in the syndicate are unwilling to commit, will the others in the syndicate be willing to take up the rest of the refinancing? If yes, the impact to the banking sector would be limited,' said Cusson Leung, chief investment officer for KGI Asia. 'If a majority of the lenders in the syndicate are unwilling to commit, it is much more destabilising.' New World is controlled by the family of Henry Cheng, an avid player of a Chinese poker game called Big Two, whose fortune is estimated at US$22.9 billion (S$29.5 billion). The developer has built many of Hong Kong's landmarks over the past several decades. Its trophy properties include the commercial complex located at the core area of Tsim Sha Tsui waterfront in Kowloon district and the 11 Skies commercial complex project next to the Hong Kong International Airport. However, the developer has been mired in a two-year crisis of confidence amid mounting liquidity pressure. Home values in Hong Kong have fallen 28 per cent from an all-time high in 2021 and have been hovering at the lowest levels since 2016 in recent months. Residential property development in Hong Kong and mainland China account for about half of the company's revenue. Meanwhile, the city's office vacancy rate was near a historical high of 13.7 per cent in April, while office rents saw the 36th consecutive month of declines since May 2022, according to real estate services firm JLL. New World's net debt rose to 96 per cent of shareholders' equity as of the end of 2024, according to BI research, making it one of the most leveraged Hong Kong developers. Investors are increasingly skeptical of the firm's ability to manage the debt burden, after it reported its first loss in 20 years for the financial year ended last June. Adding to New World's woes, it changed its chief executive officer twice in two months, including the surprise sidelining of Adrian Cheng, Henry Cheng's eldest son. New World has multiple bond coupon payments due in June. The builder had total liabilities of HK$210.9 billion at the end of December 2024 and in June it has at least US$116.6 million of coupon payments due, including on four perpetual notes. The company has pledged around 40 properties as collateral, including its crown jewel, Victoria Dockside, to get refinancing. The developer spooked creditors about possible liquidity strains when it opted not to call a US$345 million 6.15 per cent perpetual bond before interest costs jump to over 10 per cent. The price of this perpetual bond has plunged 28 per cent to about 56 cents so far in May, the steepest monthly decline since January, according to data compiled by Bloomberg. 'The outcome of the loan refinancing is the near term catalyst for the bonds, as failure to refinance the bank loans now could lead to liquidity issues down the road,' said Leonard Law, a Singapore-based senior credit analyst at Lucror Analytics. The downturn in property has saddled banks with non-performing loans. The Bank of China's Hong Kong unit, Bank of East Asia, Hang Seng Bank and HSBC are among lenders with the biggest exposure to the city's commercial real estate sector. Hang Seng classified about 15.1 per cent of its HK$130.5 billion Hong Kong commercial property loans as credit-impaired at the end of last year, compared with less than 1 per cent in 2023. Still, most observers expect the banks to ultimately reach a deal with New World. About 20 per cent of Hong Kong's licensed bank loans were exposed to the property sector as of March, according to Jeff Zhang, a property analyst at Morningstar. The concentration of risk means if lenders play hardball, it could end up backfiring. Failure to reach terms would damage everyone. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
