Latest news with #PeterLam
South China Morning Post
17 hours ago
- Business
- South China Morning Post
Hong Kong builder Lai Sun seeks more bank support to refinance US$446 million loan
Hong Kong developer Lai Sun Development has been working to win banks' backing for a HK$3.5 billion (US$446 million) loan refinancing deal, but after about six months of talks, nearly half the lenders still aren't on board, according to people familiar with the matter. The property firm – controlled by local tycoon Peter Lam – has secured commitments from nine out of the original 19 lenders for the five-year refinancing, said the people, who declined to be identified discussing private matters. The existing loan matures on October 5, according to Bloomberg-compiled data. Even if Lai Sun doesn't manage to secure the target amount from all banks, it could still opt to partially repay the loan and refinance the rest, the people said. Lai Sun's financing challenges underscore the depth of Hong Kong's years-long property downturn, which has made banks cautious about lending to developers in the city. The company has already spent longer on its deal than property giant New World Development took to complete its recent record loan refinancing, a process that only materialised after months of negotiations and meetings between banks and regulators. 03:39 Shop occupancy recovers in Hong Kong, but vacant stores still visible across the city Shop occupancy recovers in Hong Kong, but vacant stores still visible across the city Lai Sun's original loan was backed by its Cheung Sha Wan Plaza office tower and shopping centre in Kowloon, and the refinancing would be too. The company has proposed an all-in pricing of about 160 basis points over the Hong Kong interbank offered rate for the refinancing, the people said.
Mint
17 hours ago
- Business
- Mint
HK Builder Lai Sun Seeks More Bank Support for Loan Refinancing
(Bloomberg) -- Hong Kong developer Lai Sun Development Co. has been working to win banks' backing for a HK$3.5 billion ($446 million) loan refinancing deal, but after about six months of talks, nearly half the lenders still aren't on board, according to people familiar with the matter. The property firm — controlled by local tycoon Peter Lam — has secured commitments from nine out of the original 19 lenders for the five-year refinancing, said the people, who declined to be identified discussing private matters. The existing loan matures on Oct. 5, according to Bloomberg-compiled data, adding urgency to Lai Sun's efforts. Even if Lai Sun doesn't manage to secure the target amount from all banks, it could still opt to partially repay the loan and refinance the rest, the people said. Lai Sun's financing challenges underscore the depth of Hong Kong's years-long property downturn, which has made banks cautious about lending to developers in the city. The company has already spent longer on its deal than property giant New World Development Co. took to complete its recent record loan refinancing, a process that only materialized after months of negotiations and meetings between banks and regulators. Lai Sun's original loan was backed by its Cheung Sha Wan Plaza office tower and shopping center in Hong Kong's Kowloon district, and the refinancing would be too. The company has proposed an all-in pricing of about 160 basis points over the Hong Kong InterBank Offered Rate for the refinancing, the people said. The cash flow generated from Cheung Sha Wan Plaza would be sufficient to cover interest expenses on the existing borrowing, according to the people. Lai Sun said in its interim results that the tower had an occupancy rate of 92.1%, generating HK$131 million in rental income for the six months to Jan. 31, down from HK$143 million a year earlier. Lai Sun Development is the property arm of Hong Kong conglomerate Lai Sun Group, which is also known for its media and entertainment businesses. The parent's financial position has been under the spotlight since last year, when it shut some of its restaurants in Hong Kong, including Michelin-starred ZEST by Konishi. The real estate unit reported a net loss of about HK$117.8 million for the six months ended January, narrowing from the year-earlier period. Property sales fell 33.2% to HK$617.2 million. Separately, Lai Sun is also in talks to refinance another bank loan backed by some of the company's onshore assets, including Hong Kong Plaza in Shanghai, other people said. The HK$3.97 billion loan is due to mature in early 2026, they added. Lai Sun didn't immediately respond to a request for comment. Lai Sun had HK$34 billion of total liabilities as of Jan. 31, according to its latest interim report. Its 5% dollar note with $493 million outstanding is trading at about 52 cents, according to data compiled by Bloomberg, a distressed level reflecting investor concerns. More stories like this are available on
Bloomberg
18 hours ago
- Business
- Bloomberg
HK Builder Lai Sun Seeks More Bank Support for Loan Refinancing
Hong Kong developer Lai Sun Development Co. has been working to win banks' backing for a HK$3.5 billion ($446 million) loan refinancing deal, but after about six months of talks, nearly half the lenders still aren't on board, according to people familiar with the matter. The property firm — controlled by local tycoon Peter Lam — has secured commitments from nine out of the original 19 lenders for the five-year refinancing, said the people, who declined to be identified discussing private matters. The existing loan matures on Oct. 5, according to Bloomberg-compiled data, adding urgency to Lai Sun's efforts.
South China Morning Post
02-07-2025
- Business
- South China Morning Post
Talent Engage chief reappointed as executive director of Hong Kong Tourism Board
Anthony Lau Chun-hon, the head of a government office aimed at attracting global talent, will return to the Hong Kong Tourism Board next month as its new executive director. Lau, who held the same position from 2007 to 2019, will succeed Dane Cheng Ting-yat starting August 4, according to the board. 'Lau brings with him extensive experience in tourism and marketing, along with excellent leadership and governance capabilities, making him an ideal candidate for the role of executive director,' board chairman Peter Lam Kin-ngok said on Tuesday. 'I have confidence in Lau that he will lead the Hong Kong Tourism Board team in close collaboration with the industry and various stakeholders to bring the tourism industry to new heights … and maximise the contribution of the tourism industry to Hong Kong.' He also thanked Cheng for his dedicated service over the past six years, saying that under his leadership, the body had successfully navigated the challenges of the global pandemic and driven a steady recovery in tourism. Lau previously worked closely alongside Lam, who served as the board chairman between 2013 and 2019 before returning for the top role in April.
South China Morning Post
15-06-2025
- Business
- South China Morning Post
Frederick Ma is right man to lead the TDC in Hong Kong
Buffeted by geopolitical headwinds, many companies around the world have recently been placing great stock in taking a 'long view'. It is good to see the new chairman of Hong Kong's trade promotion body outlining a course that reflects a solid vision, mixing longer-term strategy with plans to achieve more immediate goals. Advertisement Hong Kong Trade Development Council chairman Frederick Ma Si-hang took office on June 1, and only days into his tenure, he was urging local businesses to capitalise on global uncertainties. He said Hong Kong companies should not see the US-China tariff war as 'the end of the world'. He is also taking a hard look at the 59-year-old statutory body and its network of 51 offices around the world. Ma said the council would explore adding more branches, including an office in Peru where the city recently struck a new free-trade deal. Ma's experience as a former commerce chief will hopefully be an asset. Highlighting a need to 'reposition our global presence', he acknowledged that uncertainties would be a constant as long as US President Donald Trump stayed in office. It was good to hear Ma call for Hong Kong to turn crisis into opportunity by playing to its unique advantages, including its roles as a free-trade port, international financial centre and 'superconnector' bridging mainland Chinese and international markets. Ma takes up the role just vacated by Peter Lam Kin-ngok, who is returning to the Tourism Board as chairman. Margaret Fong Shun-man, executive director of the council, is also set to retire by the end of this year. Ma said events the council organised should take more cues from current affairs, and even the annual flagship Asian Financial Forum may be rebranded to include more industry elements. Small and medium-sized enterprises are rightly being offered assurances of continued council help in areas like digitalisation and supply chain optimisation. But Ma said he would also push firms to expand into new markets. The suggestions outlined so far are welcome signs that the new chairman is well aware of the realities of geopolitics and the need for the council to adapt in ways that can help the city's businesses rise to new challenges. Advertisement
