HNA Group

Analysts turning cautious on CacheLog Trust with liquidity-challenged CWT as tenant

SINGAPORE (Apr 26): Analysts are mostly remaining neutral on Cache Logistics Trust (CacheLog Trust) following its results announcement , but they will be keeping a watchful eye on the trust should CWT Limited default on its rent.

The trust announced on Thursday that its 1Q19 DPU marginally increased by 0.4% y-o-y to 1.513 cents, while distributable income was 1.2% up at $16.3 million.

Gross revenue came in at $30.8 million, 6.2% higher y-o-y, bringing net property income (NPI) to $23.8 million, 4.0% higher y-o-y.

DBS says exposure by REITs to CWT default more manageable than thought

SINGAPORE (Apr 17): DBS Group Research is not overly worried about the local industrial REITs – AIM APAC REIT (AA REIT), Mapletree Logistics Trust (MLT) and Cache Logistics Trust (CacheLog Trust) – that have exposure to Hong Kong-listed CWT International (CWTI).

To recap, CWTI, controlled by Chinese conglomerate HNA Group which is facing liquidity challenges, on Tuesday announced that it has failed to pay accrued interests and fees to lenders totalling HK$63 million ($10.9 million) which have become due and payable under a HK$1.4 billion facility.

AA REIT, CacheLog and MapletreeLog say no default on rents so far by tenant CWT

SINGAPORE (Apr 17): The managers of AIMS APAC REIT (AA REIT), Cache Logistics Trust (Cache) and Mapletree Logistics (MLT) announced separately on Tuesday night that CWT has so far not defaulted on its rental payments under their respective lease agreements.

CWT is a tenant of properties at 20 Gul Way and 30 Tuas West Road which are managed by AA REIT.

In its regulatory filing, AIMS APAC REIT Management says AA REIT presently holds security deposits ranging from three to six months of rental in the form of bank guarantees amounting to some $4.5 million.

HNA explores sale of newly acquired CWT logistics unit

HONG KONG (Sept 19): China's HNA Group is in talks with banks to find a buyer for its CWT logistics unit, nine months after it acquired the Singaporean business in a US$1 billion  ($1.4 billion) deal, several people familiar with the matter told Reuters.

See: CWT receives formal US$1 bil takeover offer from HNA

Singapore's shelved IPOs pile up as Summit, Qualitas struggle

SINGAPORE (Apr 24): Singapore initial public offerings sure are having trouble getting over the finish line these days.

Electricity generator Summit Power International became the latest casualty Tuesday, telling investors it’s shelving a share sale that was targeting US$260 million ($344 million). The move came less than two weeks after Bloomberg News reported Malaysian clinic operator Qualitas Medical delayed the pricing of its $100 million IPO in the city-state.

HNA to face $3.1 bil liquidity crunch this quarter

(Jan 31): The crisis surrounding HNA Group deepened after it emerged that the Chinese company’s ability to repay its debt will face a potential shortfall of at least 15 billion yuan ($3.1 billion) in the first quarter.

The sprawling conglomerate warned major creditors about its financial status in a meeting in Hainan last week, though it also said that the pressure will probably ease in the second quarter as the group steps up asset disposals, according to people familiar with the matter, who asked not to be named because the discussions are private.

HNA-linked acquirer terminates purchase of stake in Sapphire Corp

SINGAPORE (Jan 29): A Hong Kong-listed subsidiary of China’s HNA Group had terminated its acquisition of shares in SGX-listed Sapphire Corporation “by way of mutual consent”.

The Hong Kong company, Hong Kong International Construction Investment Management Group Co., had wanted to buy shares from two of Sapphire’s shareholders that would make it the largest shareholder with a combined stake of nearly 28%.

Sapphire Corp on track to win more rail contracts with HNA backing

SINGAPORE (Oct 26): Shares in Sapphire Corp, the railway infrastructure engineering firm, closed 6% or 2 cents to 32 cents on Friday with 1.5 million shares changing hands . 

The Edge Singapore this week (Issue 803) reports China’s HNA Holding Group Co is acquiring a major stake in Sapphire. This could open doors for the company to win more contracts amid a boom in infrastructure development spending in emerging markets.

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HNA Group in refinancing quandary as Hong Kong project loans loom

(Sept 14): When HNA Group Co., the Chinese conglomerate that’s been buying up companies worldwide, spent US$3.5 billion ($4.7 billion) in Hong Kong earlier this year on land for its first luxury real estate development, it had no problems getting bank funding.

But now HNA needs more: to refinance the short-term loans it used for its purchases, which start coming due in November, and then to actually build the towers that will lure high-end buyers and start generating money.

CWT receives formal US$1 bil takeover offer from HNA

SINGAPORE (Sept 8): CWT, the logistics and warehousing firm, has received a formal offer from a Chinese conglomerate to buy all its shares in a deal valuing the company at US$1 billion ($1.3 billion).

HNA Group is offering $2.33 a share for CWT, the same price as its preliminary offer announced in May. The offer is at a 2.2% premium to its last traded price on Wednesday, CWT said in a filing to the Singapore Exchange on Thursday night.

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