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Bond Market News
Lai Sun’s Dollar Bond Ticks Higher on Plans to Sell Half of CCB Tower Stake
July 30, 2025
Hong Kong property firm Lai Sun Development is reportedly exploring selling its 50% stake in CCB Tower, a 27‑storey commercial building, to help shore up liquidity amid a deepening real estate downturn. CCB Tower is currently owned in equal share by Lai Sun and China Construction Bank (CCB). As per sources, CCB has not expressed interest in purchasing the remaining half. This forms part of Lai Sun’s broader strategy to divest non‑core assets to repay debt and improve cashflows. It is currently facing pressure from lenders while negotiating refinancing of around HKD 3.5-3.6bn ($450-460mn) in bank loans due in October 2025.
While over half of the lenders have committed, the other half remains uncommitted, hence delaying the process. The company is considered to be among Hong Kong’s most leveraged mid‑sized developers with a debt-to-equity ratio at nearly 80%. Lai Sun plans to divest up to HKD 8bn ($1bn) in assets over the next two years to strengthen its financial position, of which the CCB Tower stake sale is a key part.
Lai Sun’s 5% dollar bond due 2026 jumped higher by 1.5 points to 54 cents on the dollar.
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