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The woes of Kaisa Group Holdings Ltd. show investors will demand yields of at least 10 percent to buy Chinese real-estate junk bonds amid growing wariness of state interference in the property market.
Rates on dollar-denominated debt sold by the nations developers rose to 13.03 percent on average yesterday, a Bank of America Merrill Lynch index shows. That compares with 8.94 percent six months ago. Some 41 builders paid an average 8.48 percent to raise $18 billion of dollar bonds in 2014, Bloomberg-compiled data shows.
Kaisa declined to say today whether it has made a $25.625 million coupon payment, due yesterday, on $500 million of 10.25 percent 2020 notes. The semi-annual coupon falls on Jan. 8 and July 8 every year, according to data compiled by Bloomberg. The builder defaulted on a bank loan on Dec. 31, after its chairman quit and projects in its home city of Shenzhen were blocked by authorities without explanation.
As long as the uncertainty is there, the market will find it hard to price bonds according to their intrinsic value, Peter Jeggli, a money manager and head of credit research at Fisch Asset Management AG in Zurich, said in an interview yesterday. If things get worse, better quality names probably need to see 10 percent yields before investors step in. Fisch Asset manages $8.5 billion of notes.
Kaisas $500 million of 2020 securities were sold to investors at par, or 100 cents on the dollar, in January 2013. They touched a record-low 29.901 cents on Jan. 7 and are rising in trade today.
I got very scared of corporate governance in the property sector, said Jeggli, citing the hidden hands behind recent management upheavals in cases like Kaisa and Agile Property Holding Ltd. Jeggli sold his Kaisa notes last quarter.
Recent events have underscored the need to price in a higher risk premium for Asian, particularly Chinese, high-yield bonds, according to Brigitte Posch, the London-based head of emerging market corporate debt at Babson Capital Management LLC. Political risk factors should no longer be relegated to background noise, she said.
The restrictions on Kaisas Shenzhen assets by the local government without official notification of a reason would be illegal in most developed markets, Posch said by e-mail today. The market has now had two developers affected by investigations, which suggests that perhaps the risk premium being priced into that specific sector was previously too low.
Speculative-grade Chinese notes are off to their worst start to a year on record and more developers may be at risk. Logan Property Holdings Co.s 11.25 percent notes due 2019 tumbled 23.7 cents in the five days through yesterday to a record-low 75 cents. Some of its projects were also blocked.
Regardless of whether the Kaisa coupon gets paid or not, the damage is already done, said Michel Lowy, chief executive officer at Hong Kong-based SC Lowy Financial (HK) Ltd., an independent bond and loan trading firm. Clearly, external factors that cant be analyzed may interfere with recoveries or value of Chinese bonds, and this will need to be priced in.
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Kaisa Hidden Hands Means 10% Threshold for Junk-Rated Builders
The last time PlanPhilly heard about a project proposed byCross PropertiesandBarton Partners at 2100 Hamilton Street in the Logan Square neighborhood,the Philadelphia Art Commission, after the applicants' presentation, quickly identified potential project-killing problems associated with cost and quality of construction and proximity to the Rodin Museum and the Benjamin Franklin Parkway.
As initially described in November by Barton principal Thomas C. Barton III, the $24 million endeavor would include 120 apartments targeted at millennials and empty nesters, starting at around $2,000 a month, and would feature a restaurant. It would also sit 60 feet from the revered Rodin Museum, on top of a defunct rail line that could have a future as an inner-city trail.
On Wednesday, the team was back in front of the commission with a much revised plan. The meeting followed two meetings between the developers and a subcommittee of the Art Commission to discuss feedback and suggestions related toaesthetics, construction costs, preservation, the appropriateness of the architecture, the way the development would frame the Rodin Museum, and the interaction the developer has had with the Logan Square Neighborhood Association and the Philadelphia Art Museum.
The project's footprint was shrunk in order to set it farther back from the Rodin Museum and the height was increased to 11 stories. The gash where the SEPTA tunnel right-of-way now exists is a covered "seamless" transition from Rodin to the new complex.
And the commissioners, after pointing out some issues with the identity of the building projects that are related to the facade, unanimously granted the team conceptual approval given changes that were made to the structure's volume and massing, orientation on the property and relationship to the Rodin Museum and parking, which will be completely underground.
Before final approval will be considered, the commissioners made it clear there would be much detail work to be tackled (another meeting with the subcommittee was suggested). The commissioners also want to see material samples of the project at their next meeting, Feb. 4. The commissioners also urged the developers to reach out again to near neighbors, including the Philadelphia Art Museum and the Logan Square Neighborhood Association.
PlanPhilly.com is dedicated to covering design, planning and development issues in Philadelphia. The news website is a project of PennPraxis, the clinical arm of the School of Design of the University of Pennsylvania. It is funded by the Wyncote Foundation.
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Art Commission gives conceptual OK to apartments at 21st and Hamilton
CHARLOTTE, NC (Jonathan McFadden/The Charlotte Observer) -
The Carolina Panthers will renovate 158 luxury suites at Bank of America Stadium as part of the team's five-year plan to refurbish the entire building, team President Danny Morrison said Thursday.
Work will begin on the suites this month and continue for the rest of the offseason with an expected completion date of mid-June, Morrison said.
A major part of the construction will include adding a window-wall system to the suites that eliminates any barricades.
You take all your glass and the frame and everything, and it slides into the wall on the side, giving suite members a completely open suite, he said.
A planned middle aisle will make reaching seats more convenient for fans sitting on the left and right, he said. Currently, the aisles are positioned on the end of each row.
The overhaul will also see new televisions, carpet and countertops added to each suite, Morrison said. He hopes all the suites will be finished and open in time for an international soccer tournament planned for the stadium this summer.
Charlotte-based Wagner Murray Architects, which handled renovations to the stadium last year, will design the renovated suites. None of the suite renovations are coming at the expense of taxpayers, Morrison said.
This is a Panthers project, he said.
Final costs for the project had not been determined by Thursday, he said.
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Panthers plan renovation of 158 stadium suites
It takes a lot of furniture to fill a 20,000-square-foot house, as Pamela Gottfried certainly knows.
And now that she has sold her lakefront house at 748 Hi-Mount Road built in 1985 by her late husband, prolific Palm Beach developer Robert W. Gottfried she also is parting with its furnishings.
Those include truckloads of items that Robert Gottfried bought specifically for the house large-scale European antiques, as well as bronzes, marble statuary, pedestals, carpets, paintings and several notable clocks.
Some items will be auctioned Monday by Auction Gallery of the Palm Beaches at its facility on Antique Row.
Other items, including fine French antiques and decorative accessories, will be liquidated during an estate sale Jan. 17 and 18 at the West Palm Beach warehouse of interior decorator and furniture designer Todd Hase.
Im downsizing, said Gottfried, who also said during a brief phone conversation that she will remain in Palm Beach, although she is finalizing her plans.
Gottfried, a real estate agent with Douglas Elliman, acted on her own behalf in Decembers $15.1 million sale of her home to seasonal Palm Beacher Barbara Swanson, who was represented by broker Lawrence Moens of Lawrence Moens Associates.
Because she is keeping very few of the homes furnishings, she asked Hase to organize the items and coordinate their dispersal.
Hase describes himself as a fan of the architectural style pioneered by Robert Gottfried during the 1960s and 70s that became known as Gottfried Regency. Gottfried houses featured classical elements, symmetrical layouts, voluminous rooms and large windows and French doors that showcase views and flood the interiors with natural light.
The builder, who died in 2007, understood that rooms in his houses could provide a grand showcase for antiques, said Hase, who has showrooms on Antique Row, as well as in New York City, Los Angeles and Southampton, N.Y.
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Auction, sale to feature items from Robert Gottfried estate
SAC CITY, Iowa | A Sac County murder trial moved to another county once because of media publicity has been moved a second time for the same reason.
District Judge Gary McMinimee on Thursday moved John Green's trial to Boone County in central Iowa. The trial remains set for March 30.
Green's trial initially was moved from Sac County to Webster County, where his first trial in December ended in a mistrial.
Green, 55, is charged in Sac County District Court with first-degree murder for the 2009 death of his former roommate, Mark Koster.
Green's trial was originally moved to Webster County after his attorney, public defender Charles Kenville, had argued that because of pretrial publicity and news coverage of Green's arrest, finding an impartial jury in Sac County would be hard.
Kenville made a similar argument in his Dec. 31 request for a change of venue from Webster County. He said that news coverage of the trial and order for a mistrial would make it unlikely that an impartial jury could be found there a second time. McMinimee ordered a mistrial after Kenville objected to the testimony of Sac City Police Chief John Thompson's use of the term "bad people," a phrase Kenville said mischaracterized Green.
Sac County Attorney Ben Smith consented to the recent change of venue.
Green is accused of choking Koster to death in Koster's home. Koster's body was found hidden in the basement in 2012, when the new homeowner was remodeling the basement.
Green was arrested in March in Florida.
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Sac County murder trial moved to Boone County