SINGAPORE (Apr 18): OCBC is downgrading Mapletree Logistics Trust to ‘hold’ given there could be uncertainties over its longer-term outlook in the wake of the news that CWT International had defaulted on its loans.
Meanwhile, OCBC is maintaining Cache Logistics Trust at ‘hold’ saying although the REIT should be “okay for now”, the REIT could see some downsizing in its aftermath.
CWT International, a Hong Kong-listed unit of the HNA Group which is facing liquidity challenged, announced on Tuesday that it has defaulted on a HK$1.4 billion ($241.5 million) loan. Securities pledged to the loan facility include CWT Pte Ltd (CWT), which is a wholly owned subsidiary of CWT International.
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