Latest news with #propertydeveloper
Reuters
02-07-2025
- Business
- Reuters
New World Development shares jump after $11.2 billion refinancing package
HONG KONG, July 2 (Reuters) - Shares of New World Development ( opens new tab jumped as much as 11% in early trading on Wednesday, after the Hong Kong major property developer received commitments for a HK$88.2 billion ($11.2 billion) loan refinancing package. The refinancing package, poised to be one of the largest ever in Hong Kong, concludes months of negotiations over a debt package designed to bring the company back from the brink of default. New World, which carries one of the highest debt ratios among its peers, said in a filing on Monday that it had refinanced portions of its existing offshore unsecured debt, including bank loans, through a new facility and had also aligned the terms of its remaining loan agreements. The new facility consists of multiple tranches of bank loans with different maturities, the earliest being June 30, 2028.
Bloomberg
30-06-2025
- Business
- Bloomberg
New World Development Scion Adrian Cheng Resigns From Board
New World Development Co. 's third-generation heir Adrian Cheng has completely quit the beleaguered Hong Kong property developer less than a year after stepping down as chief executive officer. Cheng tendered his resignation as a non-executive director and non-executive vice-chairman of New World with effect from July 1 'to devote more time on public services and other personal commitments' and he has no disagreement with the board relating to his resignation, the company said in a stock exchange filing on Monday.
Bloomberg
30-06-2025
- Business
- Bloomberg
PwC Names Batch of New Hong Kong, China Partners to Revive Firm
PricewaterhouseCoopers LLP named more than 20 new partners in Greater China as the firm seeks to reboot its business following the troubles stemming from its role in the collapse of the nation's biggest property developer, according to people familiar with the matter. The new Hong Kong and mainland China partners were announced internally last week, according to people who asked not to be identified because they are not authorized to speak publicly. The number of new partner promotions is in line with previous years, the people said.
News.com.au
27-06-2025
- Business
- News.com.au
Luxe hotel hits market for just $2 — but there's a catch
A luxury hotel in the UK has hit the market for an insane price of £1 ($A2) after a property developer forked out £3.2 million ($A6.7 million) into the doomed renovation of the building. Na'im Payman splashed £2.2 million ($A4.6 million) on The Royal Hotel in Kettering, Northants in 2020. He also another million pounds ($A2.1 million) revamping the site. The businessman has now run out of funding to complete the project, turning the complex into a wedding venue, restaurant, nightclub and café. Now, property-hunters have been given an opportunity to buy the historic landmark for the 'unprecedented' guide price of just ($A2) — with no reserve. During its 147 year history, the 43-bedroom hotel has hosted the likes of Queen Victoria and Charles Dickens. The hotel features a grand ballroom, a billiard room with a stunning glass dome, former bar and multiple function spaces. However, there is one catch — potential buyers have been warned it will cost at least another $A2.1 million to finish the project Mr Payman started. 'It is with great regret that we're selling the Royal Hotel in Kettering,' Mr Payman told SWNS as reported by the New York Post. 'This hotel has held a particularly special place in my heart, given its prominent role in the town and the deep affection the local community has for it. 'I had truly hoped we would be able to restore it in a way that honoured its legacy and served as a catalyst for the revitalisation of Kettering's town centre. 'To date, we have invested nearly $1.4 million ($A2.1 million) in refurbishing parts of the property, identifying features of historical significance, preparing applications and drawings to bring our vision to life, and fine-tuning the branding and digital identity. 'This included plans for a boutique cinema — especially timely following the recent closure of the Odeon — and in response to strong community demand for such a facility. 'The property showed great promise as a popular venue for weddings and events, complete with a mini-spa, bridal salon, co-working spaces, café and restaurant. 'Unfortunately, despite my best efforts over the past year, I have been unable to secure the remaining funds required to complete the project. 'We had an investor willing to lend £3 million ($A6.1 million) but they pulled out, so we have run out of time and money. 'As a result, I have had to make the very difficult decision to sell. 'I sincerely hope that someone who shares our vision for the future of the Royal Hotel will step forward to purchase the property and carry the project through, rather than see it converted into apartments. 'To support this, we are more than happy to share all drawings and heritage reports we have developed, in order to assist the new owners in delivering this project both swiftly and successfully. 'I anticipate it would still cost at least £1 million ($A2.1 million) to see the vision through and hope potential buyers will see the amazing potential it still holds.' The hotel was rebuilt in 1878 by the Duke of Buccleuch, who sold it to brewers Pickering, Phipps and Co in 1896. Charles Dickens stayed in the hotel in 1835 as a reporter for the Morning Chronicle covering the Northamptonshire elections. The hotel's name changed in 1844 when Queen Victoria stopped in room 12 on her way to Stamford, Lincs. Previously used by the Home Office to house migrants, building work started on the ballroom to transform it back to its former glory. All the bedrooms were stripped back to allow the interiors to be remodelled with attempts to preserve the historically important Victorian architectural features. As well as a large basement nightclub, the hotel has commercial storefronts and a café facing the Market Place. Estate agents Howsold say on their property listing: 'A truly unique opportunity to acquire and re-imagine one of Kettering's most iconic buildings. 'The Royal Hotel, a Grade II listed, late-Victorian landmark, is now available for purchase, offering a substantial footprint in the town's primary commercial centre. 'With proposed architectural plans available, the Royal Hotel offers the chance to create a modern hotel and premier events venue, restoring a treasured piece of local heritage to its former glory.' The auction takes place on July 31 and offers can be made online.
Daily Mail
21-06-2025
- Daily Mail
EXCLUSIVE Desperate homeowner who destroyed his £150,000 property 'brick by brick' in 17-year war with tenant loses everything as it's repossessed and sold by bank
A desperate homeowner who tried to dismantle his house after he exploded in frustration following a long-running dispute with a tenant has 'lost everything' after the property was repossessed. Louis Scudder, 53, was forced to give up his childhood home which has now been sold off at auction. The three bedroom home had been left in a shocking state of disrepair for nearly a year after Mr Scudder launched into a frenzied one-man demolition mission. Mr Scudder was at the centre of a 24-hour stand-off with police in riot gear last August after he began destroying the end of terrace house - starting with the roof. Friends told how Mr Scudder snapped after reaching the end of his tether following a 17-year battle to take back control of his £150,000 property in Sheerness, Kent, which he became convinced had been 'stolen from him'. After a series of court battles the property was put up for sale by the bank with whom he had taken out a mortgage. The house had a reserve price of £115,000 when it was put up for sale by estate agents Barnard Marcus at an auction at the Grand Connaught Rooms in central London in April. It sold for £134,000 and is believed to have been purchased by a property developer. The sale catalogue pointed out that auctioneers had not been able to inspect the freehold home and that purchasers would have to 'rely upon their own enquiries as to the internal layout of the property'. No viewings were conducted and auctioneers explained 'no keys will be provided to the property upon completion. The property was being sold 'by order of the mortgagees'. Neighbours - who were ordered to evacuate their homes during Mr Scudder's rampage - told how they are now hoping the house can be made habitable again and they can return to their peaceful lives. Tanya Gray, who has lived in the streets for 28 years, told MailOnline: 'It was a lovely house but he completely wrecked it. 'He wanted to get the house back but he went about it the wrong way and now he's ended up losing it because the bank took it and put it up for auction. He's lost everything.' Tanya, 58, added: 'The house has been in a terrible state ever since. It's a real eyesore. 'Before it went up for sale his friends were regularly going into the property but there has been no one since it went up for auction. 'No-one was allowed to go inside to view it because it was classed as unsafe. We've heard someone from London has bought it. They must be planning to do it up. Good luck to them. There must be even more damage now because it's been left open to the elements for nearly a year. Hopefully that's the end of it. This is a family-orientated area and it would be nice if a nice quiet family will move in now.' Mr Scudder took matters into his own hands after growing increasingly frustrated that he had been unable to live in his property. Fearing the authorities were against him in March last year, Mr Scudder waited for long-term tenant Ayshea Kramer, 51, to go out before climbing in through a window to gain entry. He removed her possessions and dumped them outside before changing the locks but was ordered by a court to quit the property and hand back the keys. As a legal battle rumbled on, Mr Scudder returned to the property in June last year where he began ripping tiles off the roof and smashing windows with his bare hands - leaving himself covered in blood. He was arrested and was bound over to keep the peace for 12 months for causing a public nuisance and breaching an injunction. A dilapidated chimney and police tape are just two of the sorry sights to meet neighbours Two months later, he returned with a sledgehammer to finish the job. Neighbours told how at the end of the terrifying rampage Mr Scudder left behind a scene of devastation they likened to 'a disaster movie'. Officers in riot gear were drafted in while specially trained negotiators tried to coax him down from the rafters of his wrecked property. Ambulance crews and fire fighters were also called in amid fears damage to pipes and cables could cause an explosion. Walls came crashing down and pipe work was shattered as Mr Scudder rained blow after blow on the property reducing brickwork to piles of rubble. At the time Danny Owen - who has lived in the street for more than a year - told MailOnline: 'He got on the roof and started tearing the house to pieces. He did it twice. The first time he tore the whole roof down with his bare hands. He smashed all the tiles. He was ripping them off and was throwing them. 'He punched the windows with his hands which were all cut and bloodied. There was scaffolding put up after that as attempts were made to fix the roof. 'He wasn't happy with it and he went up there again and wrecked the place. 'All I heard him say was 'I'm not coming out until I take this whole place apart - brick by brick. He said he was going to destroy the house. It's his family home. He grew up there. He owns it but he hasn't been allowed to live there. 'He says he tried to do things properly but in the end he felt helpless as everything always went in her favour. He demolished all the inside. He smashed up the bathroom and there was a worry because of all the pipework that was damaged. There was water leaking. 'There's been this long dispute with the tenant which has ended in a long legal fight. He reached breaking point and it ended with this. I feel sorry for him. He went about it the wrong way. It's very sad. He's hit rock bottom. He thought the authorities let him down and he had a genuine grievance. 'He should have gone about it differently but he obviously wasn't thinking like that.' Another neighbour said: 'His attitude seemed to be 'If I can't have my house, you can't have it either' so he set out to demolish it. He went up there on the Wednesday and he didn't come down until Thursday evening.' In the aftermath of the rampage Mr Scudder said: 'I feel like an injured fox being hounded. No-one's listening to me. I'm so angry inside.' One friend of Mr Scudder told MailOnline: 'This has destroyed this man's life. He's a broken man and it's not fair how he's been treated.' After one of Mr Scudder's court appearances last year, friends told how the property had been his childhood home which he went on to buy from the council. One friend told how Mr Scudder was forced to leave the house for a number of years after finding himself in 'a challenging personal situation'. He asked a relative to arrange for it to be rented out to help him pay off his mortgage. But Mr Scudder claims that unbeknown to him a 25-year tenancy agreement had been signed. In 1999 Ms Kramer moved into the property and it was there that she brought up her three daughters - twins aged 27 and their older sister who is now aged 31. The friend claimed Mr Scudder only discovered about the terms of the tenancy in 2007. The friend said: 'During all those years he's been homeless. He's been jumping from friend to friend, living in spare bedrooms, on sofas. If friends had motorhomes he would stay there for a couple of months, he stayed on boats - anywhere he could find. 'He's a man with a home that's homeless. It's ridiculous. 'He's the loveliest man you could ever meet. He just wants a quiet life. His dream in life which he was hoping this house could help him do was to buy a small piece of land and rescue animals. Friends of Ms Kramer told how she has been left traumatised by the experience - losing her home and most of her possessions including treasured family photographs. But Tobe Hayden, who assisted Mr Scudder in previous legal actions, said: 'I didn't know the house had been repossessed. I was assisting him for a while but then they went in a different direction. It was a terrible miscarriage of justice for him.'
