29 Dec '16, 5am

Singapore defaults a bellwether for Asia - PropertyGuru Singapore

Analysts are predicting potential defaults on bond issuances by property developers. Singapore saw five companies, including oil services firms Swiber Holdings and Swissco Holdings, default on nearly S$1 billion of bonds this year, revealed a Bloomberg report. Restructuring specialist KPMG expects the defaults to widen to include the city-state’s property developers, after housing prices fell the most in over seven years during the third quarter of 2016. The commodities-related defaults in Singapore may prove to be the canary in the coal mine. “Singapore is a bellwether for the larger Asean and Asian region,” said Andy Ferris, Singapore-based partner at Hogan Lovells Lee & Lee. “Some of the fundamental problems those industries face won’t go away. Many of the companies in the commodities sector have high levels of debt and depressed revenues.” Data compiled by Bloomberg sh...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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