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S’pore, US among top destinations for rich Chinese migrants – The Straits Times 4 Nov 11

About 60 percent of the rich Chinese people, each of whom has a net asset of at least 60 million yuan (S$12.12 million), said they intended to migrate from China, a report has found. About 14 per cent of them have either already migrated from China or have applied for migration. The three most favoured […]

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Investors eye real estate after tough 2007

Business Times – 11 Mar 2008 Asian property and niche sectors are attracting assets (LONDON) Many investors in alternative assets plan to invest more in real estate after poor returns from the sector in 2007, a PricewaterhouseCoopers (PwC) survey showed yesterday. John Forbes, UK real estate leader at PwC, said some investors had been lured […]

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Opportunistic investors recoil from Asia property

Business Times – 11 Mar 2008 They see more scope for picking up cheaper properties in US, Europe; loans in Japan tougher (HONG KONG) Opportunistic investors are pulling back from Asian property because they see more scope for picking up distressed assets in the United States and Europe, and loans are harder to get in […]

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Property investors set sights on market trough in US, Europe

March 11, 2008 HONG KONG – OPPORTUNISTIC investors are pulling back from Asian property because they see more scope for picking up distressed assets in the United States and Europe. Hedge funds have stopped dabbling in property in the region, fund managers say. Although private equity firms will continue to develop property in India and […]

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KepLand to launch US$206m Vietnam project in Q4

AFTER announcing eight new development projects in Vietnam last year, Keppel Land plans to launch one of these in the fourth quarter of this year. In a statement released yesterday, Keppel Land said that it has been awarded the investment certificate by the Ho Chi Minh City People’s Committee for its new waterfront residential development […]

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China property shares cut to ‘underweight’

BNP slashes 2008 earnings growth for industry to 31% (HONG KONG) Investors should cut their holdings in Chinese property because of a slowdown in housing starts and home prices that will crimp earnings growth, BNP Paribas said. The bank downgraded China real estate shares to ‘underweight’ from ‘overweight’, and slashed the 2008 earnings growth forecast […]

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SHK results may not reflect HK property frenzy

Company holding back most project launches, analysts say (HONG KONG) An upswing in Hong Kong home sales and prices is boosting big developers but will hardly register in earnings to be reported by Sun Hung Kai Properties this week, as the firm held back on project launches. With rising wages and falling interest rates sparking […]

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Hong Leong Bank eyes 10% home loans growth

It is confident of hitting target for cash-back product (KUALA LUMPUR) Hong Leong Bank is aiming for 10 per cent growth this year in its housing loans segment, which currently has about 130,000 clients. As part of its efforts, the bank yesterday introduced a cash-back home loan product which it said enables customers to save […]

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HK Reits get a new lease of life

Major acquisition, hotel trust listing may help revive investor interest (HONG KONG) Hong Kong’s neglected real estate investment trust (Reit) market is stirring to life and may finally do what it’s supposed to – give investors stability, a decent yield and, possibly, clear prospects for growth. A high-profile acquisition by office landlord Champion Reit, and […]

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Keppel Land unveils Viet project plans

KEPPEL Land, one of the largest property developers in Vietnam, on Tuesday presented the concept plans for its Saigon Centre in Ho Chi Minh City to a group of delegates led by Singapore President SR Nathan and Vietnam Deputy Prime Minister Hoang Trung Hai. Located in the central business district of Ho Chi Minh City, […]

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Room for growth in M’sian market: govt

(KUALA LUMPUR) Prospects remain good for the country’s property market with room for further growth, the directorgeneral of the Finance Ministry’s Valuation and Property Services Department, Abdullah Thalith Md Thani, said yesterday. The market is, however, currently in a cautious mode in view of rising crude oil prices and the slowing down of the US […]

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CapitaLand plans US$300m Vietnam fund

It has also formed a partnership with a Vietnamese investment company CAPITALAND, South-east Asia’s largest property developer, plans to set up a US$300 million property fund in Vietnam. The company also said yesterday it has forged a partnership with Vietnamese firm Nam Thang Long Investment Joint-Stock Company to seek investment opportunities in Vietnam. With the […]

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India’s Primary Real Estate plans US$500m fund

(HONG KONG) Indian fund manager Primary Real Estate Advisors is planning to launch a fund worth as much as US$500 million, probably in the second half of this year, but said it will tread carefully as the country’s property boom stutters. Foreign investors have taken advantage of such funds to rush into property development in […]

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Invesco eyeing real estate in China, Japan

Global fund firm poised to make first direct investments in Asia property (HONG KONG) Global fund firm Invesco hopes to make its first direct investments in Asian property this year,  with Chinese housing and Japanese offices at the top of its wish list as global economic uncertainty throws up new buying opportunities. Cheng-Soon Lau, who […]

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Chinese developer bond risk rises to a record

(HONG KONG) The risk of Chinese real estate developers defaulting on their debt soared to a record on concern they will seek to sell securities after Country Garden Holdings Co completed its first convertible bond sale. Three-year credit-default swaps on Country Garden traded at 1,100 basis points at 4:27pm in Hong Kong, according to BNP […]

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Property trusts may soon debut in India

Move will encourage foreign real estate funds to partake in construction boom (HONG KONG) India could follow other Asian countries this year in creating a market for real estate investment trusts (Reits), making it easier for investors to buy into the country’s sparkling new office blocks and shopping malls. The move would encourage foreign property […]

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New Zealand property prices, sales slip in Jan

(WELLINGTON) New Zealand house prices fell and sales dropped in January as the previously hot market continued to cool, the Real Estate Institute of New Zealand (Reinz) said yesterday. The Reinz national median house price fell 1.4 per cent to NZ$340,000 (S$379,000) from December, but was 4 per cent higher than a year earlier. Institute […]

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Ayala Land bullish on Philippine housing market

(MANILA) Ayala Land, the Philippines’ biggest developer, plans to sell more homes this year, betting that housing demand will shrug off the impact of an economic slowdown in the US, the Philippines’ largest export market. The company will sell more than the 4,404 lots and condominiums that it sold last year, chief financial officer Jaime […]

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New Zealand house price growth slows as demand cools

(WELLINGTON, New Zealand) House prices in New Zealand rose at the slowest pace in a year last month as record-high interest rates and rising living costs curbed demand for property. Prices climbed 8.9 per cent in January from a year earlier, moderating from a 10 per cent increase in December, Quotable Value New Zealand Ltd, […]

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Growth in S-E Asia property market sustainable: DTZ

THE property markets of South-east Asia are expected to sustain the buoyant growth seen in 2007, says DTZ Debenham Tie Leung. DTZ said that residential markets in the region are expected to continue to grow, ‘driven by steady economic expansion, increasing affluence and increasingly attractive projects as developers strive to refine concepts’. In Vietnam, DTZ […]

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US economic woes, rate cuts fuelling HK property boom

Analysts see prices revisiting the heady 1997 peak (HONG KONG) When first- time buyer Judy Kwan heard a flat was for sale in a street she admired in Hong Kong’s Wanchai district, she snapped it up within 24 hours without even seeing it, inheriting a tenant she had never met. Now she wants to buy […]

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Real estate firm’s offices smashed after closures

Customers and staff lash out; company blames China govt policies for its woes BEIJING – EMPLOYEES and customers of a leading real estate company have smashed its offices after the closure of some 1,000 of its branches across China. Chuanghui said it had closed more than half of its 1,800 outlets since October. A company […]

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HK’s Far East to spin off hotels into US$513m Reit

It’ll own up to 75% of the trust and expects HK$1.22b gain from the move (HONG KONG) Far East Consortium International Ltd plans to spin off its hotels into a property trust worth at least US$513 million to raise funds to repay loans and start new property projects. The planned initial public offer (IPO), announced […]

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UEM Land wants govt to ease limits

(KUALA LUMPUR) UEM Land Sdn, overseeing Malaysia’s biggest property project, wants the government to ease limits on foreign purchases to aid the company’s plans to attract Singaporeans seeking cheaper homes outside the city-state. Foreigners can now only own half of the properties in any Johor resort development, and the limit is 20 per cent for […]

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Limitless launches US$1.2b loan

(LONDON) Government-owned Dubai property company Limitless has launched syndication of a US $1.2 billion, two-year Islamic loan, which will be used to finance international projects, the borrower announced. A bank meeting was held on Sunday in Dubai and further roadshows will be held in Singapore, Kuala Lumpur and London, the company said, adding that Emirates […]

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M’sian property uptrend seen to continue

(KUALA LUMPUR) Malaysia’s real estate sector is expected to remain on the upside for the next few years, backed by positive interest in the market, says a report in Malaysia’s Business Times. Malaysian Annual Real Estate Convention 2008 (Marec) organising chairman Siva Shankar said that the scenario is likely to continue despite the escalating prices […]

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KL moots star rating for housing projects

Move will allow buyers to assess environmental risk (KUALA LUMPUR) Housing projects in Malaysia could be given a rating of one to five stars, depending on their level of risk to the environment. Natural Resources and Environment Minister Azmi Khalid said on Monday that the move was to discipline developers to exercise care and emphasise […]

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Home-buying move may spur EPF withdrawals

RM9.6b will be unleashed yearly if all members take up KL’s offer: CSFB IN KUALA LUMPUR A GOVERNMENT initiative to boost home ownership is expected to ‘free up’ billions of ringgit from a national social security fund, and boost property sales. Beginning January, members of Malaysia’s Employees Provident Fund (EPF) are allowed monthly withdrawals to […]

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Hektar Reit aims to quadruple mall portfolio

Trust is focusing for now on Malaysia with its growing retail market MALAYSIA-LISTED Hektar Reit (H-Reit) plans to quadruple its mall portfolio in about four to five years as it rides on Malaysia’s growing retail market, a senior member of the trust’s management team said. Zalila Mohd Toon, chief financial officer of the trust’s manager, […]

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China probes foreign investment in property

(BEIJING) China has launched a nationwide probe into foreign investment in the red-hot real estate market, state media said yesterday, while mulling new measures should existing limits prove ineffective. The State Administration for Industry and Commerce at the end of November had ordered branches across the country to carry out the probes, the Shanghai Securities […]

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Yanlord acquires site for residential devt in Shanghai

REAL estate developer Yanlord Land Group is extending its presence in Shanghai through the purchase of a residential development site for 600.4 million yuan (S$118.7 million). Yanlord subsidiary Shanghai Renjie Hebin Garden Property Co acquired the 117,459 square metre site in Qingpu District in a government auction last month. Commenting on the acquisition, Yanlord chairman […]

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M’sian building sector set for 5.8% growth

Driving expansion are oil pipeline, rail, water, undersea power cable projects (KUALA LUMPUR) Malaysia’s construction sector is expected to grow for the second consecutive year by 5.8 per cent compared with 4.7 per cent last year, fuelled by stimulus measures outlined to boost domestic activities, says research company Inter-Pacific Research Sdn Bhd. In its economic […]

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Ho Chi Minh City frets over property investment

(HO CHI MINH CITY) Around 85 per cent of foreign direct investment (FDI) in Ho Chi Minh City last year has flowed into the property sector, worrying experts and authorities, Vietnam News Agency (VNA) reported yesterday. HCM City had attracted US$2.5 billion in the first 11 months, the highest in the country along with Hanoi […]

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Ascendas in $144m Viet industrial park deal

DEVELOPER of industrial and business parks Ascendas has teamed up with Vietnam’s state- owned Protrade to jointly develop a US$100 million (S$144 million) industrial park. It will mark Ascendas’ first major development project in Vietnam. The ambitious project involves developing a 500ha industrial park in Binh Duong province which will cater to light and clean […]

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Potential and problems in Ho Chi Minh City

IN HO CHI MINH CITY BUSINESSMEN, some of them Singaporean, shared their optimism about Vietnam’s economy with Senior Minister Goh Chok Tong over lunch yesterday when he arrived in Ho Chi Minh City on the final leg of his week-long visit to the country. But the businessmen, among them executives from Singapore’s Keppel Land and […]

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Sabah’s @ease boutique hotel expects 60% occupancy

It’s part of RM450m Sandakan Harbour Sq integrated project (KUALA LUMPUR) @ease boutique hotel, a hotel in Sandakan, Sabah, and owned by Sara-Timur Properties Sdn Bhd, expects to draw an occupancy rate of up to 60 per cent in line with the industry’s average rate. The hotel, built at a cost of more than RM40 […]

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Banyan Tree’s Vietnam project grows in size

Bigger-scale resort project estimated to cost less than US$900m BANYAN Tree’s plans in Vietnam just got bigger, with the company confirming reports yesterday that investments at its massive resort project in central Thua Thien-Hue province will increase from an earlier reported US$270 million to just under US$900 million. The first phase of construction for what […]

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NZ home price rise slowest in 6 months

Prices up 11.4% in Nov as higher rates curb demand (WELLINGTON) New Zealand’s house prices rose at the slowest pace in six months in November, adding to signs that higher borrowing costs are curbing domestic demand. House prices gained 11.4 per cent from a year earlier, according to a report released yesterday by Quotable Value […]

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Pawn one property to buy another

(BEIJING) As bank loans for property dwindle, an increasing number of prospective buyers are turning to pawnshops to finance their plans. Wang, a 40-year-old Beijinger, owns an apartment worth about 700,000 yuan (S$136,000) in the capital. His desire to move to a larger second-hand apartment worth about one million yuan hit a snag when the […]

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Beijing to probe steep housing prices

Teams will be sent to check if policies to calm market are being enforced (BEIJING) China’s cabinet will send teams to major cities next week to investigate whether policies to cool the sizzling property market are being enforced properly, sources said. Beijing has introduced a series of policies over the last few years to curb […]

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Allgreen takes on 7 China developments

It will work with Kerry Holdings, Kerry Properties on the commercial, residential projects ALLGREEN Properties of Singapore is set to move into China in a big way with seven commercial and residential developments together with Hong Kong publicly listed companies Kerry Holdings and Kerry Properties. All the companies are controlled by Malaysian tycoon Robert Kuok. […]

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China developer buys Sentosa Cove plot

Firm pays $216m, plans ultra-posh marina enclave with jumbo units A CHINA developer has ventured overseas for the first time and paid a higher-than-expected $216 million for a landed plot on Pearl Island in Sentosa Cove. The deal is another indication that, while Singapore developers are taking a cautious approach in the wake of the […]

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CapitaLand to expand into offices in Vietnam

CAPITALAND could double the number of homes it is building in Vietnam to about 6,000 units in the next three years – from about 2,800 homes now – chief executive Liew Mun Leong told reporters in Vietnam yesterday. The Vietnam market also presents opportunities for CapitaLand to expand beyond its present service apartment and residential […]

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Landed homes look a better bet than condos on Thai market

Low interest rates fuel demand for houses; flats suffer from supply glut (BANGKOK) For those looking to invest in Thai construction, housebuilders look a better bet than companies putting up high-rise condominiums. Housebuilders like Land & House and Preuksa Real Estate are set to benefit next year as low interest rates fuel demand, while condo […]

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WCTE makes takeover bid for its property unit

RM503.6m offer for remaining 118.4m shares in WCT Land IN KUALA LUMPUR MALAYSIA’S civil engineering and construction firm WCT Engineering (WCTE) has made a voluntary takeover offer for the remaining 118.4 million shares of its 64.83 per cent property subsidiary WCT Land (WCTL) for some RM503.6 million (S$216.4 million). The offer for WCT Land shares […]

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Asia may take a hit in ‘Act Two’ of sub-prime crisis

Stanchart S-E Asia chief says turmoil will hit export-driven regional economies A TOP banker just posted to Singapore has warned that ‘it’s only the end of the beginning’ of the global credit crisis. The world is still reeling from US$50 billion (S$72.3 billion) in losses linked to sub-prime home loans in the United States, Standard […]

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ING Real Estate plans second China fund

It is also looking to buy and privatise battered Reits in mature markets (HONG KONG) The world’s biggest property fund manager ING Real Estate plans a second China fund next year, worth about US$700 million, in response to growing enthusiasm for Asian property at a time when Western markets are suffering. With a global credit […]

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Cheung Kong wins HK$7b MTR property project

(HONG KONG) Cheung Kong (Holdings), the property flagship of tycoon Li Ka-shing, has won a tender from Hong Kong subway operator MTR Corp Ltd to develop a residential project with an investment cost of HK$7 billion (S$1.29 billion). MTR said in a statement that it would sign a formal agreement with Cheung Kong for the […]

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Wharf posts HK$3.12b Q3 profit

Earnings more than double on higher rental income from office and retail properties (HONG KONG) Wharf Holdings Ltd, the Hong Kong landlord and port operator that owns a pay-television company, more than doubled its third-quarter profit as rental income from office and retail properties rose. Net income for the three months ended Sept 30 rose to […]

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Keppel Land to build 140 Viet waterfront villas

It forms 60-40 joint venture; project’s investment capital seen at US$55.2m KEPPEL Land will build 140 waterfront villa homes in Ho Chi Minh City, its eighth residential development in Vietnam this year. In a statement yesterday, Keppel Land said that it had formed a joint venture, through wholly owned subsidiary VN Investment Pte Ltd, with […]

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Emerging markets losing lustre

Pictet Asset Management now banking on green investments A PIONEER in emerging market investments and environmental funds is sounding caution on emerging markets, even as he hails the green theme as the wave of the future. Renaud de Planta, chief executive of Pictet Asset Management, says emerging markets could underperform mature markets in the near […]

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IPO lifts Indian property baron’s fortune by $6.3b

Shares of Mundra Port & SEZ more than double on debut on back of infrastructure boom MUMBAI – INDIAN property magnate Gautam Adani has just added US$4.4 billion (S$6.34 billion) to his personal fortune. His company, Mundra Port & Special Economic Zone (SEZ), more than doubled on its first trading day in Mumbai, boosting the […]

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Lippo sees top Jakarta property value triple by 2014

Group plans to invest up to US$10b in domestic real estate projects by that time (JAKARTA) Indonesia’s Lippo Group, which runs hospitals and property firms, said it would spend up to US$10 billion on domestic real estate projects by 2014, and expects prime Jakarta property to double or triple in value by then. The group, which […]

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Topshop to open China store next year

(SHANGHAI) British fashion retailer Topshop plans to open its first China store early next year, following rivals such as Inditex’s Zara and Hennes & Mauritz AB in setting up shop in the world’s fastest growing major economy, sources familiar with the situation said yesterday. Topshop had signed a deal to rent space in the Shanghai […]

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Shimao to shun debt markets for up to a year

(HONG KONG) Shimao Property Holdings Ltd, a developer owned by Chinese billionaire Hui Wing Mau, said it will shun debt markets for up to a year as yields on its dollar bonds rose to a record. The Hong Kong-listed company doesn’t plan to sell foreign- currency bonds or convertible debt in the next six to […]

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Japanese Reits likely to be takeover targets

Those trading at less than their net asset value are likely to be bought out (TOKYO) Japanese real estate trusts and asset managers may be ripe for takeovers after share prices plunged and stricter compliance guidelines raised costs, said property managers including a local real estate executive at Morgan Stanley. Regulations to boost investor protection […]

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Average Grade A office rents here on par with HK

But top rents in HK are 1.8 times higher than in comparable buildings here AVERAGE island-wide Grade A rents are currently just a shade under those of Hong Kong, but the highest rents achieved by Hong Kong Grade ‘AAA’ office buildings are still about 1.8 times higher than the top rents achieved in comparable buildings […]

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Viet firm to raise funds for 11 projects

(HANOI) Saigon Thuong Tin Real Estate Joint-Stock Co, part of the same group as the only bank listed on the Ho Chi Minh City Stock Exchange, will sell bonds and shares this year to raise capital for investments. The Ho Chi Minh City-based property developer aims to raise funds for 11 property projects, Dang Hong […]

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World’s most expensive office rentals in London, Mumbai

Singapore rents grew the fastest at 83%, says survey by CB Richard Ellis (SEATTLE) London and Mumbai tenants paid the most for high-quality offices this year, while Singapore rents grew the fastest as economic growth lured international banks to Asia, said CB Richard Ellis Group Inc, the world’s largest commercial real estate broker. London’s West […]

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Lone Star to sell Japanese hotel operator Solare

(TOKYO) Lone Star has hung a for sale sign over its Japanese hotel operator Solare Hotels and Resorts Co Ltd, sources familiar with the matter said, in a deal which could raise 150 to 200 billion yen (S$2.6 billion). The US investment fund has engaged real estate services firm Jones Lang LaSalle to handle the […]

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China needs to levy property tax: official

(BEIJING) China should levy a general property tax to discourage speculation and rein in runaway real estate prices, according to a member of the central bank’s monetary policy committee. Fan Gang’s comments in the latest issue of a Chinese Academy of Social Sciences magazine echo concerns voiced this week by Premier Wen Jiabao that China’s […]

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Ascott buys another KL serviced residence

THE Ascott Group is adding another serviced residence in Kuala Lumpur – its sixth property in Malaysia. The group said yesterday it has signed a conditional agreement to buy a 208-unit serviced residence from HSC Properties (HSCP) for RM112.5 million (S$48.3 million). The property will be named Somerset Ampang when it opens in the first […]

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GuocoLand to develop 1st project in Vietnam

The 17.5 ha integrated development will cost US$58 million GUOCOLAND yesterday broke ground on a US$58 million development in Vietnam – its first project in the country. The 17.5 ha site will be home to The Canary – an integrated development which will house some 1,200 residential apartments, a hotel, a trendy retail mall and […]

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Nina’s estate set to go to administrators

Feng shui expert files application to preserve assets of HK$100b estate IN HONG KONG THE stage is set in Hong Kong for a feisty probate battle over the fortune of Nina Wang Kum Yu-sum, once Asia’s richest woman, and control of the sprawling Chinachem property empire. The estate of Ms Wang, who died in April […]

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GuocoLand looking out for more project sites in Vietnam

It breaks ground on its first development in the country – an $84m integrated complex HO CHI MINH CITY – SINGAPORE developer GuocoLand Group yesterday broke ground on its maiden development in Vietnam – The Canary – and says it is already on the lookout for further development sites. The US$58 million (S$84 million) investment […]

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M’sia property drawing Middle Eastern money

Over RM6b invested in past two years in Klang Valley, IDR and Penang projects IN KUALA LUMPUR MORE than RM6 billion (S$2.58 billion) from the Middle East has been invested in Malaysian property in the past two years – and more is set to follow. Analysts say that Islamic funds will continue to flow into […]

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Keppel Land to develop big housing project in Shanghai

It buys company with 26.4ha Nanhui site for $13.6m KEPPEL Land is embarking on a large-scale residential project in Shanghai. The Singapore-based developer announced yesterday that it has, through two subsidiaries, acquired full ownership of Shanghai Hongda Property Development for about $13.6 million. Shanghai Hongda owns a 26.4-hectare residential site in Xinchang Town, in Nanhui […]

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China’s housing price inflation hits new high

(BEIJING) Housing price inflation in China hit a new monthly high of 9.5 per cent in October despite government efforts to cool the boom, a state news agency reported yesterday. The October rate was up 0.6 percentage point from September’s housing price inflation, the Xinhua News Agency said, citing the government’s National Bureau of Statistics. […]

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3 Chinese property firms plan to tap US$4b in HK floats

Investor interest high despite moves to cool market   (HONG KONG) Three big Chinese property firms plan to hit the Hong Kong market next year to raise a combined US$4 billion, tapping heavy investor demand despite government tightening measures aimed at cooling a scorching property sector.   Hengda Real Estate Group aims to raise US$1 […]

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Housing prices in China shoot up

BEIJING – CHINA‘S housing prices rose at their fastest rate yet last month despite government efforts to cool the boom and ensure adequate supplies of homes for the poor, according to data reported yesterday.   The sharp gains of 9.5 per cent have inflated assets of Chinese who already own property, helping to produce dozens […]

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China house prices rise fastest in two years

Prices in 70 major cities surge 9.5% in Oct; property buys up as inflation soars (HONG KONG) China’s house prices rose in October at the fastest pace since 2005 as inflation outpaced returns on bank deposits, encouraging households to invest in property. Prices in 70 major cities jumped 9.5 per cent from a year earlier […]

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China developer plans 3.9b yuan rights issue

(SHANGHAI) Shanghai Zhangjiang Hi-Tech Park Development Company said yesterday that it plans to raise 3.9 billion yuan (S$760 million) through a rights offer. The developer of Shanghai’s major high-tech industrial park will use the proceeds from the rights issue to buy assets from its parent, develop property projects and supplement its working capital, the company […]

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Obayashi plans to invest 200b yen in real estate

It seeks to gain from rising property value, reduce dependence on building business (TOKYO) Obayashi Corp, Japan’s second-largest construction company by market value, plans to invest 200 billion yen (S$2.6 billion) in property to take advantage of rising values and reduce its dependence on the building business. The company’s construction operations have suffered from soaring […]

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NZ housing market slowing: central bank

Remarks seen as signal that bank won’t raise rates, now at record high (WELLINGTON) New Zealand’s housing market is slowing in response to record-high interest rates, Reserve Bank governor Alan Bollard said, adding to signs the central bank won’t raise borrowing costs again. ‘We’re now seeing monetary policy having its impact on the housing sector […]

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JLL sees Asia as safe haven amid sub-prime debris

Region could benefit as investors reallocate funds from US, Europe (LONDON) Asia provides a ‘safe haven’ for property investors as returns decline on US and European assets because of sub-prime mortgage losses, said commercial real estate broker Jones Lang LaSalle. ‘The region could be a beneficiary of the fallout as investors reallocate funds from the […]

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Bakrieland plans 1t rupiah bond issue

(JAKARTA) Indonesian property developer PT Bakrieland Development Tbk plans to issue 1 trillion rupiah (S$157.8 million) worth of bonds early next year, to finance the development of its property projects, a local newspaper reported yesterday. Bisnis Indonesia said the bonds will have a maturity of 5-10 years and the funds will be used to develop […]

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NZ house sales down 23%

(WELLINGTON) New Zealand house sales fell 23 per cent in October from a year earlier, adding to signs the property market is slowing after interest rates rose to a record. House sales dropped to 6,854 homes, from 8,857 a year earlier, according to a report from the Real Estate Institute of New Zealand Inc. Sales […]

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JLL to take control of Japanese Reit eAsset

The Tokyo Stock Exchange Reit index has declined 11% this year (TOKYO) Jones Lang LaSalle Inc (JLL), the world’s second-largest commercial real estate broker, will gain control of eAsset in the first takeover in Japan’s 4.9 trillion yen (S$63 billion) Reit market. LaSalle Investment Management Inc will buy Asset Realty Managers Co, the asset manager […]

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ART buys rental apartments in Tokyo

ASCOTT Residence Trust (ART) is acquiring more than 500 rental apartments in 18 blocks in Tokyo for 12.2 billion yen (S$158.6 million). The properties, the subject of a conditional sales and purchase agreement, are being acquired from a private equity firm. There are a total of 509 units in eight wards in Tokyo – Shinjuku, […]

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HK property sector set to grow up to 30% in next 12 months

Flow of cash into city and cheaper financing options fuelling growth IN HONG KONG HONG Kong’s property market is tipped to see growth of up to 30 per cent over the next 12 months amid a flow of hot money into the city and a favourable interest rate environment. This week saw HSBC cut its […]

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HSBC raises US$1.5b for fund, eyes Indian realty

(MUMBAI) Hongkong and Shanghai Banking Corp (HSBC), which recently raised US$1.5 billion, aims to invest 40 per cent of that in Indian realty, the Business Standard reported yesterday. This is in addition to its growth fund investments of about US$600 million in India, it said. ‘At the Asia PE (private equity) fund level, we have […]

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Ciputra Property slumps on trading debut

(JAKARTA) Shares in Indonesian property firm PT Ciputra Property Tbk plunged nearly 13 per cent on their debut yesterday, wiping out early gains, as investors feared interest rates might have reached bottom, dampening demand for new homes. The stock hit an intraday low of 600 rupiah, compared to an initial public offering (IPO) price of […]

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SP Setia to go into commercial, luxury projects

Group to sell 15 high-end bungalows at RM30 million each next year (KUALA LUMPUR) Property developer SP Setia Bhd, which currently has 2,160 hectares of undeveloped landbank worth RM30 billion (S$13 billion) in gross development value (GDV), plans to focus on luxury and commercial development projects. Its group managing director and chief executive officer, Liew […]

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Dream of other shores for a villa by the sea

For those who find beachfront living in S’pore costly, there are options in Bali, Phuket (SINGAPORE) Don’t let your dream of owning a beachfront home get washed away by rising prices. Sure, an exclusive beachfront home at Sentosa Cove will cost anywhere in the region of $15 million to $20 million these days, but there […]

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KepLand’s 2 new Viet projects make it 7 for year

Latest joint ventures involve villa and condominium developments KEPPEL Land has entered into two separate joint ventures (JV) to build a luxury villa development and a condominium development in Vietnam. This takes the number of projects in Vietnam announced by Keppel Land this year to seven. In a statement yesterday, Keppel Land said that the […]

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$308.5M INVESTMENT – KepLand in 2 tie-ups to build Viet homes

KEPPEL Land (KepLand) has bought more residential sites in Ho Chi Minh City to ride on the rapid growth of Vietnam’s property market. The developer announced yesterday that it has entered into two separate joint ventures with local developer An Phu to develop luxury villas and condominiums in an upmarket area of Ho Chi Minh […]

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Mitsubishi Estate earnings down 14% in first half

(TOKYO) Mitsubishi Estate, Japan’s largest developer by market value, said first-half profit fell 14 per cent on rising costs at its office and commercial building segment and declining sales from development. Net income was 25.4 billion yen (S$320 million) in the six months to Sept 30 from 29.4 billion yen a year earlier, the Tokyo-based […]

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Indonesian firm to list retail Reit on SGX

Venture with M’sian firm to have 7 malls worth US$250m INDONESIA’S eighth largest real estate developer, PT Perdana Gapuraprima, part of the Gapuraprima Group, is looking to list a retail real estate investment trust (Reit) on the Singapore Exchange in early 2008. Speaking at a press conference here yesterday, president director Rudy Margono said that […]

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Sub-prime losses up to 30b yen: Mitsubishi UFJ

IN TOKYO EVIDENCE of increasing international fallout from the US sub-prime mortgage crisis mounted yesterday as Japan’s biggest bank, Mitsubishi UFJ Financial Group, said it would need to write down the value of sub-prime-related investments by up to 30 billion yen (S$379 million) – six times more than previously announced. The bank is expected to […]

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PROPERTY – Penang’s luxury homes market plays catch-up

Home values set to rise as big-name players race to build high-quality developments on Malaysian island WHEN it comes to Malaysian property, foreign investors seldom set their sights beyond Johor, Kuala Lumpur (KL) and Malacca. But the island of Penang in the north is starting to come into its own. Malaysia’s foreigner-friendly policy means that […]

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M’sian US$200m Reit may list in Q12008

IN KUALA LUMPUR A US$200 million real estate investment trust (Reit) of regional malls by Malaysia’s Amanah Raya and Indonesia’s Gapura Prima Group is likely to list on the Singapore Exchange in the first quarter of 2008, rather than by year-end. Amanah Raya director Ahmad Kamal Abdullah Al-Yafii says Macquarie has been hired to look […]

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Vietnam drafts law to control property prices

People having more than one home will be subject to annual real estate taxes (HANOI) Vietnam is drafting a real estate ownership tax law to curb skyrocketing property prices and speculation amid scenes of people queuing overnight to join lotteries for apartments, property dealers said. They said overall property prices have gone up about 50 […]

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Global property investment expected to fall

Mortgage defaults in US may prompt lenders to tighten credit, says JLL (TOKYO) Global direct real estate investment may fall this year as concerns about defaults on US mortgages prompted lenders to tighten credit, said Jones Lang LaSalle Inc, the world’s second-largest commercial real estate broker. Asia may be the only market to experience an […]

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Second busiest port: Shanghai may replace HK

Its box volume likely to top 25.5m TEUs in 2007, next only to S’pore’s 27.6m (SHANGHAI) Chinese city Shanghai is expected to overtake Hong Kong as the world’s second-busiest container port this year, helped by rising throughput at the multibillion-dollar Yangshan deep-water port, a senior port official said yesterday. The city port’s container volume is […]

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Genting seeking $3.2b loan for Sentosa resort

GENTING International plc, a unit of Asia’s biggest casino operator by market value, is seeking to borrow a record S$3.2 billion to fund a casino resort in Singapore, three people with knowledge of the transaction said. The overseas unit of Kuala Lumpur-based Genting Bhd is adding to S$2.17 billion raised in a rights offer in […]

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High rents drive big firms out of HK’s Central

DBS Bank (HK) moves to Quarry Bay; Morgan Stanley, Kowloon IN HONG KONG BLUECHIP tenants are retreating from Hong Kong’s central business district as rents climb beyond reach. The latest move away from the high-rent Central area is by lender DBS Bank (Hong Kong), which has just leased more than 220,000 square feet of office […]

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CapitaLand buys China site for $203m

CAPITALAND has secured a piece of prime commercial land in Hangzhou, China for $202.8 million. The 40,355 sq m site in Qianjiang New Town was acquired through a government land tender. The price tag works out to about $715 per sq m per plot ratio. CapitaLand plans to build a mixed development on the site […]

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CapitaLand to build sixth Raffles City in Hangzhou

It has acquired a 40,355 sq m site for $202.8m CAPITALAND has acquired a site in the Chinese city of Hangzhou for $202.8 million and says that it will be the location for its sixth Raffles City after those in Singapore, Shanghai, Beijing, Chengdu and Bahrain. The 40,355 sq m Hangzhou site is in Qianjiang […]

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Luxury apartment sold for record HK$109m

New 3,205 sqft flat cost HK$34,000 psf: report (HONG KONG) A new Hong Kong apartment has sold for a record US$14.1 million, a report said yesterday, as the city’s booming market for luxury homes continues to strengthen. The 3,205 square foot duplex apartment on Hong Kong island fetched HK$109 million (S$20.56 million), or HK $34,000 […]

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ProLogis to double Japan investment

CEO expects firm to own or manage 1.2t yen of assets in Japan by 2010 (TOKYO) ProLogis, a US property firm that operates distribution centres, aims to double its investment in Japan despite concern about the impact of sub-prime problems on the economy, its CEO said yesterday. ‘One thing about our business is that when […]

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