MOSCOW: Russia will dramatically cut its estimate of the sum it expects to recover from a "bad bank" set up after the collapse of three major lenders, according to three sources familiar with new calculations being prepared for the central bank.The central bank has spent over US$40 billion bailing out Otkritie, B&N and Promsvyazbank since 2017. It had hoped to recover between 40 and 60 percent of the value of their 2 trillion rubles (US$30.45 billion) assets that were transferred to Trust Bank, the bad bank, in the rescue deal.But the central bank now expects to receive only 20 percent of the value, according to the calculations being put together by the managers of Trust Bank, the sources said. The estimate is being downgraded because the assets were overpriced in the initial calculations, they said.The central bank is Trust Bank's main shareholder. It hopes to recover the money through asset sales and loan repayments.A Trust Bank spokeswoman told Reuters that the recovery rate … [Read more...] about Exclusive: Russia expects to recover far less from ‘bad bank’ assets
Bank assets for sale
China’s HNA touts assets for sale as funding crunch intensifies
BEIJING/SHANGHAI: China's indebted HNA Group met bankers on Tuesday to tout the latest assets that the sprawling conglomerate is putting on the block as it looks to raise funds and stave off an intensifying cash crunch.The range of assets, spanning a hotel project in frozen Harbin and stakes in struggling online lender Dianrong, insurer Bohai Life and brokerage HNA Futures, underscores how the group is shedding almost all non-core businesses as it pares back an empire that once spread from Deutsche Bank to Hilton Worldwide.The finance-to-aviation group has been ramping up asset sales over the past year. However the possible sale of many on the list of at least 20 assets presented to bankers and seen by Reuters has not been previously reported.HNA did not respond to requests for comment.The embattled group is more than a year into the process of unwinding a US$50 billion acquisition spree that at its peak netted the company stakes in banks, fund managers, hotels, property and airlines, … [Read more...] about China’s HNA touts assets for sale as funding crunch intensifies
China’s HNA lists property assets worth US$11 billion for sale: documents
HONG KONG: Chinese conglomerate HNA Group has put up for sale property assets worth at least US$11 billion, according to documents seen by Reuters, accelerating a push to cut its large debt and restructure.Two sets of documents reviewed by Reuters listed more than 80 assets that HNA has either put up for sale or intends to sell, including hotels, commercial and residential buildings. They are mostly within China, with the bulk of them located in Hainan Island, where HNA is headquartered.The documents were sent to HNA's investors in August, said sources.Under pressure from Beijing, the aviation-to-hotels conglomerate has in 2018 sold real estate, stakes in overseas companies and aviation-related assets after a US$50 billion acquisition spree in recent years.Since January, HNA has sold or agreed to sell over US$20 billion worth of assets, including real estate in Sydney, New York and Hong Kong, according to Reuters calculations and media reports."We are strategically exiting some areas … [Read more...] about China’s HNA lists property assets worth US$11 billion for sale: documents
Over 4,300 BTO flats for sale in Yishun, Punggol
Would-be home buyers have over 5,100 flats to choose from in the latest Housing Board sales exercise launched yesterday. The flats offered for sale are 4,375 Build-To-Order (BTO) flats in Yishun and a new waterfront district in Punggol, and 726 Re-offer of Balance Flats (ROF) units - flats that remain unsold after several exercises. Prices, excluding grants for the new flats, range from $75,000 for a two-room flexi flat in Yishun to more than $411,000 for a three-generation flat in Punggol. The Punggol flats, in two projects called Punggol Point Cove and Punggol Point Woods, are in a new waterfront district the HDB launched on Sunday. They are bounded by New Punggol Road and Punggol Way. The BTO projects in Yishun are Melody [email protected], bounded by Yishun Avenue 8 and Yishun Street 42, and Yishun Glen, bounded by Yishun Ring Road, Yishun Street 31 and Yishun Avenue 6. The balance flats comprise 67 two-room flexi units, 171 three-room units, 294 four-room units, 152 five-room units, … [Read more...] about Over 4,300 BTO flats for sale in Yishun, Punggol
PDIC to bid out P78 M foreclosed bank assets
PDIC to bid out P78 M foreclosed bank assets (The Philippine Star) - May 20, 2018 - 12:00am MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) is eyeing P78 million from the disposal of several foreclosed assets of closed banks in the provinces towards the end of the month. The public bidding of the 75 closed banks and corporate assets is scheduled on May 29. Up for bidding are 40 residential lots, 31 residential lots with improvements, three commercial lots with improvements, and a road lot sold with five residential lots. The properties are located in Metro Manila, Aklan, Albay, Bataan, Batangas, Camarines Sur, Cavite, Negros Oriental, Quezon, and Rizal. Each bid should be accompanied by a bond or deposit equivalent to at least 10 percent of the submitted bid, in cash or manager’s check, or a combination thereof. The winning bidder should pay the balance of the bid/purchase price in full … [Read more...] about PDIC to bid out P78 M foreclosed bank assets