Restructuring
professionals expect more out-of-court restructurings and distressed
M&As as alternatives to formal insolvency proceedings
Commercial real
estate and financial services companies in Asia are set to bear the
brunt of corporate distress this year and next, with the Greater China
region most likely to see a wave of financial restructurings, according
to AlixPartners.
Restructuring
professionals are bracing for an uptick in activity across Asia this
year, with about 62 per cent of respondents anticipating more
out-of-court restructurings, according to a survey published by the
restructuring specialist on Wednesday. An equal number of professionals
expect a rise in distressed merger and acquisition transactions as an
alternative to formal insolvency proceedings.
At the same time,
92 per cent of respondents said geopolitical disruptions – including
elections, leadership transitions and regional conflicts – were likely
to drive more distressed situations in the next 12 months, the survey
found.
The survey of 200
professionals – including investors, bankers and financial advisers –
also found that Greater China was likely to see the most restructuring
activity in the coming 12 months, with 33 per cent of respondents
expecting heightened workout activity in the market. Some 22 per cent of
respondents expect Singapore and Japan to follow.
About 39 per cent
of respondents believed commercial real estate to be the sector most
likely to face significant distress in 2025, followed by financial
services at 35 per cent. This comes amid lingering high interest rates,
tighter credit conditions, and a pullback in investor appetite for real
estate and financial assets across the region.
“In 2025, the
perfect storm has moved to Hong Kong’s property sector,” said Una Ge,
partner and managing director at AlixPartners Hong Kong.
Unlike mainland
China’s pre-crisis unsecured lending spree, most Hong Kong developers’
debt was asset-backed, she said. “But with around 20 per cent vacancy
rates in commercial assets, even prime collateral can’t mask the exit
risks.”
The survey results
come amid a rising wave of distressed asset disposals at huge losses,
as property owners struggle to meet debt obligations amid high rates,
declining rental incomes and falling valuations.
In 2024, roughly
three out of four property transactions in Hong Kong were distressed
sales, according to a property consultancy.
In April,
receivers took over a luxury mansion in Pok Fu Lam where “Cassette King”
David Chan Ping-chi and his family had lived since the 1980s, marketing
it for HK$430 million (US$54.8 million) late last month.
Chan, who
defaulted on a loan of about HK$350 million from Fubon Bank earlier this
year, has been trying to offload assets since last year.
He also owned seven floors at The Center,
selling two of them to Singapore’s DBS Group in September and November
for an average price of HK$26,500 per square foot, a discount of more
than 20 per cent to his acquisition cost.
(South China Morning Post)
For more information of Office for Sale in The Center please visit: Office for Sale in The Center
For more information of Grade A Office for Sale in Central please visit: Grade A Office for Sale in Central
M1 North Point Hotel on sale via EOI for $232m
The M1 North Point Hotel has been
put up for sale via an expression-of-interest process with an indicative
price of HK$232 million – about 54 percent lower than its asking price
six years ago, according to a property agency.
The deadline for submissions has been set for noon on July 15.
The 28-story hotel – excluding the
4th, 14th, and 24th floors – has a gross floor area of approximately
30,224 square feet and provides 92 guest rooms. The property is
currently in operation and, according to the owner, maintains an average
occupancy rate of around 99 percent.
The agency said the Hong Kong
government’s talent admission schemes have seen more professionals and
their families settle in the city, driving up demand for school
placements and housing.
"As a result, institutions are
eyeing whole-block hotels like this one for potential conversion into
student or staff housing, given its proximity to tertiary campuses and
minimal renovation needs," the agency noted.
(The Standard)
Deep Water Pavilia
Phase 5A of The Southside in Wong Chuk Hang, has so far received over
4,700 checks, making the 100 flats it is currently offering
oversubscribed by 47 times, according to developers.
The project, led
by New World Development (0017), will launch its second round of sales
on Friday, offering 100 units, alongside a tender sale of 57 units on
the same day.
The flat prices may be further increased after this round of sales, developers said.
The project
recorded 13 additional transactions for units via tender on Monday,
generating over HK$300 million in cash for the day.
The project has sold a total of 199 units, cashing in over HK$4.1 billion.
(The Standard)
皇后大道中9號成交呎價2.62萬 買家為海外公司
永倫集團本月初沽售中環皇后大道中9號34樓頂層全層,市場消息指涉資2.3億,不過,土地註冊處資料顯示,該全層登記作價2.25億,買家為一間海外公司。
作價2.25億
該物業登記買家為泓興陽有限公司 (HongXingYang Limited),為一間於海外註冊公司,英文名稱為普通話拚音,未知真正買家身份。不過,市場消息指,買家為內地客,有機會自用物業,惟相關消息尚未獲證實。
該34樓頂層全層,建築面積8570方呎,以成交價2.25億計算,平均呎價26254元。
市傳內地用家承接
永倫集團於2018年4月以每呎61844元「摸頂」購入該全層,當時市場矚目,涉資5.3億,持貨至今7年帳面虧損3.05億,物業貶值58%。皇后大道中9號為中環區內散業權的指標甲廈,由於位處中環核心區,向來受用家及投資者追捧。
(星島日報)
更多皇后大道中9號寫字樓出售樓盤資訊請參閱:皇后大道中9號寫字樓出售
更多中環區甲級寫字樓出售樓盤資訊請參閱:中環區甲級寫字樓出售
核心區甲廈租金料「谷底回穩」
市場消息指出,恒基旗下中環新海濱3號甲廈六層樓面,獲簡街資本 (Jane Street)承租,總面積共逾22萬方呎,月租約3061萬,租期五年,租金總開支高逾18億﹗美聯工商舖指,該宗交易反映用家對頂級甲廈的租務需求正在上升。
根據一間本港代理行的內部數據,甲廈租金指數於去年12月跌至125.4點,創下自2017年以來該行有紀錄以來最低水平。然而,租金指數跌至谷底後輾轉回升,本年首5個月間站穩128點,最新5月的的數值則為128.6點。
該行代理認為,隨著各大企業正考慮遷冊回港、中外企業銳意來港發展、加上港股市場回暖,以及本港進一步拓展加密貨幣市場,預期會對商廈租務需求產生正面催化作用,料該指數有望於年內回升至130點或以上之水平。
該代理表示,其實市場對頂級甲廈的需求一直存在,今年2月,美資對冲基金以約660萬月租,租用中環The Henderson合共3層樓面,面積約達5.5萬方呎,呎租約為120元,是為今年至今矚目的商廈租務。
(星島日報)
更多The Henderson寫字樓出租樓盤資訊請參閱:The Henderson 寫字樓出租
更多中環區甲級寫字樓出租樓盤資訊請參閱:中環區甲級寫字樓出租
北角M1酒店意向價2.32億
萬通集團旗下的北角M1酒店由一間外資代理行負責標售,意向價2.32億,北角春秧街酒店樓高28層
(連天台,不設4、14及24樓),建築面積約30224方呎,地下為酒店大堂及前台,1樓起為客房層,合共提供92間客房,最新意向呎價約7670元,意向價2.32億,截標日期7月15日。
該行代理表示,該酒店內部裝修企理,投資者購入後可作輕微改裝,作學生或員工宿舍用途,根據業主提供資料,現時酒店出租率約99%,物業距離北角港鐵站約3至5分鐘步程,附近毗鄰多間專上學院分校及教學中心。
該代理補充,業主提及曾收到不少院校用家查詢,希望簽長約,安排學生或來港工作職員居住,業主看準市場需求,決定將整幢物業出售,希望遇上有意願有規劃的投資者。
(星島日報)
中環海濱地王 料最快明年登場
中環及金鐘為傳統核心商業區,商業用地有價有市。雖然近年商業市道受挫,政府暫緩推售商業用地,但計入即將落成及待推的商業地皮,中環一帶潛在商業樓面供應達逾340萬平方呎,當中海濱用地料最快明年登場。
擬分2期發展 已錄首宗租
中環及金鐘的商業地供應相當罕有,不過在近年商廈市道轉差前,政府有持續推出區內的優質商業用地。若計入潛在待推地皮,中環一帶商業樓面供應逾340萬平方呎,其中以由恒地
(00012) 於2021年以高價投得的中環海濱3號用地的規模最大,總樓面達約161萬平方呎,比鄰國際金融中心二期。根據發展商2024年的中期報告,項目擬分2期發展,分別料於2026年第四季及2032年第四季落成。
值得留意的是,發展商於2021年以約508億元、每平方呎樓面地價約31,463元投得上述用地,創下本港歷來總價最貴地王。發展商亦已於2022年向城規會申請發展3座樓高6至10層的建築,以用作綜合辦公室、商業及零售發展等用途,而方案已於2023年獲會方批准。項目最新都已錄得首宗租務,由一間美資金融機構承租。
3商業地 去向未定
區內不乏舊樓重建項目,包括由永泰 (00369)、資本策略
(00497)
及市建局合作發展的中環嘉咸街地盤C項目,亦將重建為甲級商廈、酒店、餐飲及零售的項目,其總樓面面積約43.2萬平方呎,發展商最新中期報告指,項目的地基工程已經完成,料於2026年初竣工。
樓市下行,發展商投地意慾轉差,加上商廈空置率高企,政府早前已表示今個財政年度
(2025年4月至2026年3月)
不會推出商業地,但盤點區內仍有3幅商業用地待推,總樓面涉近140萬平方呎,當中規模最大的料為金鐘廊重建項目。其實項目曾納入賣地表
(2023年4月至2024年3月) 內,不過當局最終未有推出。
項目佔地約9.6萬平方呎,總樓面涉近100萬平方呎,位於港鐵金鐘站上蓋,位置優越,而且屬於傳統核心商業區內,地皮價值高。規劃署於2014年已為其展開重建規劃研究,政府在2023年初公布推出項目時,市場對用地估值曾一度高達225億元。而其餘2幅待推用地,包括中環新海濱1號及2號用地則共涉約40萬平方呎。

美資金融機構 天價租地王
恒地 (00012) 旗下中環海濱3號地王項目最新錄得首宗租務,獲美資金融機構以月租3,000萬元「天價」承租。
佔6層樓面 逾22萬呎
恒地上周宣布,透過其子公司與量化交易與投資管理公司簡街資本 (下稱「Jane Street」) 簽訂租約,該公司為集團旗下中環海濱3號用地的首個租戶。
Jane Street將會租用項目第一期6層樓面,面積合共涉逾22.3萬平方呎,佔第一期辦公室大樓及附屬樓面面積逾7成,預計在2027年初交付Jane Street使用。
集團補充,此項交易創下中環核心商業區數十年來最大宗單一辦公室租賃紀錄。據恒地通告透露,有關租賃每呎月租達137元
(不包括管理費、空調費、政府差餉及其他服務費及支出),租賃年期為5年,並自2028年起生效,設續租權,公司有權選擇續租4年,而續租期期間的租金則將按續租時的當時市場租值釐定。如以涉及面積22.3萬平方呎計算,亦即相當於每月租金高達逾3,000萬元。
(經濟日報)
更多國際金融中心寫字樓出租樓盤資訊請參閱:國際金融中心寫字樓出租
更多中環區甲級寫字樓出租樓盤資訊請參閱:中環區甲級寫字樓出租
新世界尖沙咀商住項目 申增酒店涉99房間
商廈市道疲弱,新世界 (00017) 旗下尖沙咀漢口道重建項目去年獲城規會批准作住宅加商業發展,近日再提新方案將一半商業樓撥作酒店發展,新增99間酒店房。
該項目在去年獲城規會批准以地積比率12倍重建,總樓面13.9萬平方呎,其中29%作住宅發展,其餘則作辦公室、商舖及食肆。
發展商近日提交新方案,維持原有地積比率及總樓面面積,不過將原有9.9萬平方呎的商業樓面方面,撥出5.5萬平方呎或55%樓面,由「辦公室」變更為「酒店」,將會提供99間客房。
申請人指,擬議發展的酒店供應完全符合政府支持旅遊業可持續增長的目標。若果新方案獲批准,項目將在2029年落成。
按照新方案,項目樓高27層,其中地下至7樓主要作零售及餐飲,部分作辦公室,8樓至17樓則作酒店及後勤辦公室,而18樓以上則會作住宅及住宅會所。在新方案下,住宅部分維持近4萬平方呎樓面不變,但單位數目由110伙減少至95伙,平均單位面積增加16%至418平方呎,反映發展商減建了1房或以下細單位。
(經濟日報)