☀️ Bright Spot #14
Hong Kong’s Property Momentum | Vietnam’s Bankruptcy Overhaul | On the Move: IFM Investors’ Singapore Office, PLN’s Bond Deal
🏢 Hong Kong’s Property Momentum
I wrote last month that office leasing activities in Hong Kong were picking up in certain pockets as the city’s financial sector showed signs of recovery.
I also noted that some private credit funds may have made a good bet by scooping up distressed commercial assets in prime locations during the worst of the property downturn.
This week, JLL Greater China released a report on “signs of renewed momentum” in Hong Kong’s property market.
“After a multi‑year correction, 2025 marked a turning point with stabilisation emerging across key sectors and early improvements led by demand for prime assets,” JLL said, adding that this year is set to bring a selective and uneven recovery.
🛠️ Vietnam’s Bankruptcy Overhaul
In November 2025, I wrote that Southeast Asia’s restructuring scene was mixed, with milestones for Malaysia and Singapore while Vietnam’s bankruptcy law was considered largely untested.
Vietnam has now overhauled its decade-old bankruptcy legislation and enacted a new law that will take effect on 1 March 2026, A&O Shearman wrote.
This was a response to longstanding concerns that the existing bankruptcy regime has been an ineffective tool for addressing distressed situations, according to the law firm.
⏩ On the Move
🔸 Australia’s IFM to Open Singapore Office
Australian asset manager IFM Investors, which is owned by some of the nation’s biggest pension funds, will open a Singapore office in March, Bloomberg reported.
The move follows its partnership with the Australian government in October to pursue investment opportunities across Southeast Asia.
Hong Ern Lee, IFM’s first Singapore hire, will join as director to source credit deals across the region, according to Bloomberg. Hiran Wanigasekera, executive director and co-head of Asia Pacific diversified credit for debt investments, could relocate to the city-state from Australia.
🔸 PLN’s $1.5 Billion Bond Deal
Clifford Chance has advised the arrangers and dealers on Perusahaan Listrik Negara (PLN)’s recent USD 1.5 billion bond issuance, according to the law firm’s press release.
The transaction marked the Indonesian state-owned electric utility company’s return to the USD bond market for the first time since 2020.
The latest issuance comprised two tranches: USD 500 million 4.75% notes due 2031 and USD 1 billion 5.45% notes due 2036. The proceeds will be used to support the acceleration of electricity infrastructure development in Indonesia, specifically for transmission, distribution, and non-coal related generation projects.