HNA Unit Loan Default Felt in Singapore as REITs Extend Declines
- Analysts say impact from missed payment should be short-lived
- Landlords typically collect a six-month security deposit
This article is for subscribers only.
The loan default in Hong Kong by HNA Group Co. unit CWT International Ltd. is causing tremors in Singapore. Listed real estate investment trusts in the city-state that count CWT as a tenant dropped on concerns there might also be missed rent payments.
Shares of Cache Logistics Trust extended declines Wednesday to the lowest in more than a month. Mapletree Logistics Trust, meanwhile, is down 4.1 percent since Monday, on track for its biggest weekly decrease since February 2018. CWT’s Singapore business is among the top 10 tenants of both landlords.