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  #1161  
Old Posted Jan 14, 2021, 9:55 PM
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Quote:
Originally Posted by gillynova View Post
Salesforce Tower needs a sibling and I was hoping this would rise up this year
Actually, a big consideration is whether Salesforce itself still wants to enlarge its campus with more space. We previously were told they were interested in a lease here but were likely kept from formalizing anything by the already-apparent troubles of the developer. Now, if some American outfit that is serious comes along and Salesforce starts taking to them, it could come together.

But partly that depends on whether Salesforce still believes it needs the space, even with the work-from-home phenomenon and at the moment I don't think we know the answer to that.

As to not using the Foster design, in SF that would be problematic I would think. The entitlements exist and a redesign would likely require starting over. We all know how nit-picky the Planning Dept. is. Does anyone seriously think they would allow something completely different to go up without going through the planning process again (and that might even mean a new Prop. M allocation)?
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  #1162  
Old Posted Jan 15, 2021, 9:50 PM
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  #1163  
Old Posted Jan 16, 2021, 8:33 PM
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Note sure what effect this has on Oceanwide's US projects but it can't help:

Quote:
Chinese Property Developers Have Huge Debts to Refinance
By Xie Yu and Chong Koh Ping
Jan. 16, 2021 5:30 am ET

China’s property developers have a mountain of international debt to refinance this year, and tight lending conditions are raising the risk of defaults.

The real-estate firms need to repay up to $53.5 billion of offshore debt this year, a sharp increase from the $25.4 billion that came due in 2020, according to CreditSights, a bond-research firm. The bulk of the debt—$47.6 billion—is dollar bonds. The CreditSights figures include maturing bonds and a smaller sum of puttable debt, which has a longer maturity but which investors have the right to sell back during 2021.

At the same time, support from China’s powerful state banks is waning, profits are still recovering after tumbling in the early phase of the pandemic and regulators are taking a tougher stance on financial risk in the sector.

To further complicate matters, international defaults by Chinese borrowers, including some smaller real-estate firms, have grown more common in recent years. And a spate of defaults late last year by state-linked companies rattled investors in China’s huge onshore bond market, where property developers are also active borrowers in yuan . . . .
https://www.wsj.com/articles/chinese...d=hp_lead_pos4
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