Taeyoung Selling Stake in KKR JV in Restructuring and More Asia Real Estate Headlines
Yoon Se-young, founder and CEO of Taeyoung Group
Distress in Korea’s property market leads Mingtiandi’s first headline roundup of 2024, with the parent of one of the country’s largest construction firms filing a debt workout plan. Also in the news, the Guangzhou city government is getting a vote of confidence from its own developer and Singapore’s Sembcorp moves forward with a Vietnam industrial park.
Korea’s Taeyoung Files for Restructuring, Offers to Sell Stake in KKR JV
South Korea’s Taeyoung Group, saddled with KRW 5.6 trillion ($4.4 billion) in debt and loans it has guaranteed, filed for a debt workout program on Thursday, spotlighting the liquidity crunch in the construction sector struggling with high financing costs and stalled building projects.
The construction, logistics and media group submitted the debt restructuring application to its main creditor Korea Development Bank, after lenders refused to roll over debt of KRW 48 billion due on Thursday. The application includes a plan to raise fresh capital by selling its entire stake in Ecorbit, a 50:50 joint venture with KKR , according to sources familiar with the situation. Read more>>
China’s Yuexiu Wins Bids for Pair of Guangzhou Residential Projects
State-backed developer Yuexiu Property has taken on a pair of new residential projects in its home city, picking up a site in Guangzhou’s Haizhu district for RMB 2.3 billion ($324 million) and a second plot in Tianhe district for RMB 4.4 billion, according to a pair of announcements to the Hong Kong Stock Exchange on Friday.
The builder, which is controlled by the Guangzhou city government, is entitled to build up 49,465 square metres (532,436 square feet) on the Haizhu site, with another 153,496 square metres permitted on the plot in Grand World Scenic Park Phase II in Tianhe. Read more>>
Temasek-Backed Sembcorp Wins Approval for Northern Vietnam Industrial Park
Sembcorp has obtained an investment licence for an industrial park project in Ha Tinh, Vietnam. The 190-hectare (469 acres) development will be added to wholly owned subsidiary Sembcorp Development’s portfolio, the group said on Friday.
The investment licence was awarded to the Vietnam Singapore Industrial Park and Township Development Joint Stock Company, a 46.5 percent-owned joint venture with Vietnam state-owned enterprise Becamex IDC Corporation. Read more>>
How China’s Property Crisis Blew Up ‘Can’t Lose’ Investments
One of China’s largest investment firms, Citic Trust, had a clear pitch to investors when it was aiming to raise $1.7 billion to fund property development in 2020: There is no safer Chinese investment than real estate.
The trust, the investment arm of the state-owned financial conglomerate Citic, called housing “China’s economic ballast” and “an indispensable value investment”. The money it raised would be put towards four projects from Sunac China Holdings, a major developer. Read more>>
Founder-Backed Buyout of China Data Centre Operator VNET Completed
Chinese data centre operator Vnet Group on Thursday announced the completion of a $299 million by a state-backed investment firm working with the company’s founder Josh Chen Sheng which gives the group control of the Nasdaq-listed firm.
Vnet had earlier received backing both from Blackstone and GIC, with provincial government-controlled Shandong Hi-Speed Holdings Group now holding the largest stake in the company, which has seen its stock slump more than 51 percent in the last year. Read more>>
Sabana REIT Manager Refutes Tenant Counterclaim
Sabana Industrial REIT manager has filed a defence denying tenant Kleio One-Solution’s counterclaim. In an announcement on Thursday, the manager said that it sought to clarify Kleio One-Solution’s mischaracterisation of the REIT’s obligations under lease. This forms the basis for the tenant’s counterclaim.
The matter is still before Singapore High Court for determination. The manager will make relevant announcements as and when there are material developments. The tenant is the master lessee of 33 and 35 Penjuru Lane, and accounted for about 2.9 percent of the REIT’s monthly average gross rental income as of 30 June. Read more>>
China’s Central Bank Vows More Steps to Bolster the Economy
China’s central bank said on Thursday it would step up macroeconomic policy adjustments to support the economy and promote a rebound in prices, amid signs of rising deflationary pressures.
The People’s Bank of China will keep liquidity reasonably ample and guide the reasonable growth of credit, it said in a statement after a quarterly meeting of its monetary policy committee. Read more>>
Real Estate Market Stress Spreads to More APAC Markets
Surging interest rates and regulatory scrutiny are causing distress for builders and creditors in Asian economies from South Korea to Vietnam, highlighting the breadth of housing woes in a region overshadowed by China’s crisis.
While aggressive monetary tightening and the pandemic have had a more pronounced impact on commercial property in the US and Europe, it’s residential housing that is under more strain in Asia. One of the worst hit nations, Korea, saw the steepest home price slump in 25 years while a construction firm’s repayment struggle has rekindled fears of repeating the credit market turmoil in 2022. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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Understanding COSC Validation and Its Importance in Horology
COSC Certification and its Demanding Criteria
COSC, or the Official Swiss Chronometer Testing Agency, is the authorized Switzerland testing agency that verifies the accuracy and precision of timepieces. COSC certification is a symbol of quality craftsmanship and dependability in timekeeping. Not all watch brands pursue COSC certification, such as Hublot, which instead adheres to its proprietary stringent standards with movements like the UNICO calibre, reaching equivalent precision.
The Science of Exact Chronometry
The core mechanism of a mechanized timepiece involves the spring, which delivers energy as it unwinds. This system, however, can be vulnerable to environmental factors that may influence its accuracy. COSC-accredited movements undergo demanding testing—over 15 days in various circumstances (5 positions, three temperatures)—to ensure their resilience and reliability. The tests evaluate:
Mean daily rate accuracy between -4 and +6 secs.
Mean variation, peak variation rates, and effects of temperature changes.
Why COSC Certification Matters
For timepiece aficionados and collectors, a COSC-certified watch isn’t just a item of tech but a demonstration to enduring excellence and accuracy. It symbolizes a watch that:
Offers outstanding dependability and accuracy.
Offers confidence of quality across the complete design of the timepiece.
Is probable to retain its worth better, making it a wise choice.
Famous Timepiece Manufacturers
Several well-known brands prioritize COSC accreditation for their watches, including Rolex, Omega, Breitling, and Longines, among others. Longines, for instance, offers collections like the Record and Spirit, which highlight COSC-certified movements equipped with advanced substances like silicon equilibrium springs to enhance resilience and efficiency.
Historic Context and the Development of Chronometers
The concept of the timepiece originates back to the requirement for precise timekeeping for navigational at sea, highlighted by John Harrison’s work in the eighteenth century. Since the official establishment of COSC in 1973, the certification has become a standard for evaluating the precision of luxury watches, continuing a tradition of excellence in horology.
Conclusion
Owning a COSC-validated watch is more than an visual choice; it’s a dedication to excellence and accuracy. For those valuing precision above all, the COSC accreditation provides tranquility of thoughts, ensuring that each accredited watch will perform reliably under various circumstances. Whether for individual satisfaction or as an investment, COSC-certified timepieces stand out in the world of horology, maintaining on a tradition of precise timekeeping.
레버리지스탁
로드스탁과의 레버리지 스탁: 투자법의 신규 분야
로드스탁에서 제공되는 레버리지 방식의 스탁은 증권 투자법의 한 방법으로, 높은 수익률을 목표로 하는 투자자들을 위해 매혹적인 옵션입니다. 레버리지 사용을 사용하는 이 방법은 투자자가 자신의 자금을 초과하는 투자금을 투자할 수 있도록 하여, 증권 시장에서 더 큰 작용을 가질 수 있는 기회를 제공합니다.
레버리지 방식의 스탁의 기본 원칙
레버리지 방식의 스탁은 일반적으로 자본을 대여하여 사용하는 방식입니다. 예시를 들어, 100만 원의 자금으로 1,000만 원 상당의 증권을 구매할 수 있는데, 이는 투자하는 사람이 기본 투자 금액보다 훨씬 더 많은 증권을 사들여, 증권 가격이 올라갈 경우 관련된 더 큰 이익을 획득할 수 있게 됩니다. 그러나, 주식 가격이 내려갈 경우에는 그 손실 또한 증가할 수 있으므로, 레버리지 사용을 사용할 때는 신중하게 생각해야 합니다.
투자 전략과 레버리지
레버리지 사용은 특히 성장 잠재력이 상당한 사업체에 투입할 때 도움이 됩니다. 이러한 회사에 상당한 비중으로 적용하면, 성공할 경우 상당한 이익을 가져올 수 있지만, 반대 경우의 경우 많은 리스크도 감수해야. 그렇기 때문에, 투자하는 사람은 자신의 위험 관리 능력과 상장 분석을 통해, 일정한 회사에 얼마만큼의 자본을 적용할지 결정하게 됩니다 합니다.
레버리지의 장점과 위험 요소
레버리지 스탁은 높은 이익을 보장하지만, 그만큼 높은 위험성 따릅니다. 증권 장의 변화는 추정이 곤란하기 때문에, 레버리지를 이용할 때는 항상 장터 동향을 정밀하게 주시하고, 손해를 최소화할 수 있는 방법을 세워야 합니다.
결론: 세심한 결정이 요구됩니다
로드스탁에서 공급하는 레버리지 방식의 스탁은 막강한 투자 수단이며, 적당히 사용하면 큰 이익을 제공할 수 있습니다. 하지만 상당한 리스크도 생각해 봐야 하며, 투자 결정이 필요한 사실과 조심스러운 생각 후에 실시되어야 합니다. 투자자 자신의 재정적 상태, 위험을 감수하는 능력, 그리고 시장의 상황을 고려한 안정된 투자 전략이 중요합니다.