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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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 […]
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 […]
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 […]
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 […]
CentraLand to tap into commercial property market
It says China’s anti-speculative measures won’t hit property prices CHINESE property developer CentraLand Ltd is poised to tap into the commercial property market in the city of Zhengzhou with its ongoing development of J-Expo, a wholesale commodities building located in the heart of Zhengzhou city. Yan Tao, executive director and chief executive officer of CentraLand, […]
Chinese property developer CentraLand launches IPO
Zhengzhou-based firm’s shares priced at 50 cents; offer closes on Jan 30 CHINESE property developer CentraLand Ltd yesterday launched its initial public offering (IPO) of 245 million new shares at 50 cents each for a mainboard listing on the Singapore Exchange. The company, based in the city of Zhengzhou in Henan province, expects to raise […]
Once-hot China real estate sector cools down
(SHANGHAI) After booming in recent years, China’s real estate market is finally starting to feel the pinch from sagging demand and tighter controls. One of China’s biggest real estate agencies, Chuanghui Real Estate, has shuttered dozens of outlets in Shanghai and other cities, leaving angry customers and employees, after an ill-timed expansion just as the […]
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 […]
Yanlord has landbank in 8 Chinese cities
For 9 months last year, value of pre-sold units doubled to $1.1 billion ONE of the companies whose shares are joining the STI this year is Yanlord Land Group, a top-tier property developer in China. Founded in 1993 by chairman Zhong Sheng Jian, who is now a Singaporean citizen, Yanlord has expanded its landbank into […]
Beijing to expand CBD fourfold
(BEIJING) Beijing is to relocate several thousand households to quadruple the central area of the Financial Street district, where many banks and insurers are headquartered. The district is to grow from the current 1.18 square kilometres to 4.77 sq km. Most of those to be relocated live in the western part of the area, the […]
China property bond risk rises to record
Analysts cite moves to cool market, curb loans to developers to fund expansion (SINGAPORE) The risk of property developers in China defaulting on their debt rose to a record, according to traders of credit-default swaps. The cost to protect bonds sold by Agile Property Holdings Ltd, Shimao Property Holdings Ltd and Hopson Development Holdings Ltd […]
Bond yields point to huge property bubble in China
HONG KONG – THE bond market is telling Asia’s richest man Li Ka Shing that he is sitting on a Chinese property bubble that is bigger than the one deflating in the United States. Bonds of China’s Agile Property Holdings yield 7.03 percentage points more than US Treasuries, double the premium in July and 1.65 […]
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 […]
Beijing cracks down on hoarding of land
(BEIJING) China took aim yesterday at real estate developers that hoard land in the latest government initiative to increase the supply of housing and curb property inflation. Land acquired from local governments that goes undeveloped for more than a year will be subject to an ‘idle land charge’ of 20 per cent of the purchase […]
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 […]
Factory, property spending growth slows on loan curbs
Industrial output in Nov grows slowest, while loans rose the least in 8 months (BEIJING) China’s factory and property spending growth has slowed – another sign that government lending curbs may be starting to cool the world’s fastest-growing major economy. Fixed-asset investment in urban areas rose 26.8 per cent in the first 11 months from […]
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 […]
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 […]
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. […]
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 […]
China acts to rein in prices and avert asset bubble
High-level meeting decides to shift monetary policy from ‘prudent’ to ‘tight’ next year IN BEIJING – CHINA moved to cool its sizzling economy and rein in rising prices when it said yesterday that it would shift its monetary policy from ‘prudent” to ‘tight’ next year. China’s leaders made the announcement at the close of an […]
China developer acquiring Spirit World
GUANGZHOU property developer China Yuanbang Property Holdings is acquiring Spirit World Holdings, one of the joint venture partners of its Aqua Lake Grand City project in Nanchang City, Hongjiaozhou for 200 million yuan (S$39 million). On completion of the proposed acquisition, Spirit World will become an indirect wholly owned subsidiary of the group, which will […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Park Hotel Group opens Kunming hotel today
SINGAPORE-BASED Park Hotel Group has added the five-star Harbour Plaza hotel in Kunming, China to its portfolio. The hotel, one of the best in Kunming, has been renamed Grand Park Hotel Kunming and begins operations today. It has a total of 300 rooms and suites, all with broadband access. Facilities at the hotel, which is […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Bubble fears growing with HK’s prolonged bull run
IN HONG KONG AS Hong Kong’s market continues to enjoy a bull run that has seen its benchmark Hang Seng Index (HSI) surge by more than 40 per cent in just two months, fears of a bubble are beginning to seep in. The HSI is trading at nearly 20 times earnings, with the H-share index […]
China plans to launch Reits on Shanghai bourse
BEIJING – CHINA plans to launch real estate investment trusts (Reits) on the Shanghai Stock Exchange as part of a bid to provide more financial products for investors, a senior official said yesterday. Mr Zhu Congjiu, the general manager of the Shanghai Stock Exchange, did not specify when the Reits would come to market. But […]
World’s wealthy still eyeing property
They are undeterred by the market turmoil triggered by the US sub-prime crisis (GENEVA) The wealthy have lost none of their appetite for property despite the market turmoil triggered by the sale of risky sub-prime mortgages in the US, according to some of the world’s top private bankers. Clients of wealth managers are, however, on […]
Yanlord projects draw strong response
It pre-sells 1b yuan worth of properties for three of its developments YANLORD Land Group, China’s high-end real estate developer, yesterday said it has pre-sold nearly one billion yuan (S$197 million) worth of properties in the month of September for three of its projects. The company, which was included in the PrimePartners China Index (PPCI) […]
HK man wins payout for China house
Local paper says amount was about 12m yuan, a record compensation (HONG KONG) A Hong Kong man whose refusal to sell his house in China held up a massive property development has won a record payout. Choi Chu-cheung and his wife held out for more than a year for more compensation for their house, blocking […]
China tries to cool property market
Downpayment for second homes, commercial properties raised (SHANGHAI) China has announced another package of measures to cool the country’s red-hot property market, including raising the the down payment requirement for second homes to 40 per cent. ‘Domestic property prices are rising quite fast and there are obviously irrational factors behind this,’ the central bank and […]
Marriott to double Beijing hotels
(NEW YORK) Marriott International Inc, the world’s largest hotel operator, said it plans to more than double the number of properties it has in Beijing by the 2008 Olympics. It will open another 20 hotels in China through 2010, Marriott said on Tuesday in a statement. The expansion in China, which has about 12,000 hotels, […]
China set to hike home rate
Expected mortgage rate rise to 8.613% aimed at reining in property prices (BEIJING) China’s central bank is expected to increase the interest rate of mortgage loans to 1.1 times the benchmark one-year lending rate this week to curb the property market, state media reported yesterday. If the rise goes ahead, the interest rate for five-year […]
Carlyle eyeing deals in India, Japan, China
It plans to focus on strategic partnerships as it expands in Asia (HONG KONG) The Carlyle Group hopes to seal its first property deal in India this year and is buying homes for the elderly in Japan, as the private equity firm’s real estate arm looks to make inroads in Asia. In an interview, Jason […]
Taipei housing market confidence dips
Rising prices push figure down to lowest in 4 years (TAIPEI) Taipei housing market confidence dropped to its lowest in almost four years because of rising prices, a Taiwan government-sponsored survey showed. The housing confidence index for Taiwan’s capital fell to 97.55 in the second quarter, slipping below 100 for the first time since the […]
Shanghai properties draw pension funds
JLL: Foreign insurers may buy in as yields dip see short-term investors exiting ( SHANGHAI) Overseas pension funds and insurers may become main buyers of premium office and commercial properties in Shanghai as shorter-term investors could sell due to falling yields, Jones Lang LaSalle (JLL) said last week. Property investors with a relatively short-term investment […]
Funding squeeze tightens as China reins in asset markets
Policy shift could spell trouble for stock, property markets: analysts (SHANGHAI) A massive squeeze in China’s money market suggests the authorities are getting serious about reining in soaring asset markets to control inflation. Funding squeezes have occurred a few times this year in response to initial public offers of equity and seasonal demand for money. […]
Sunshine to acquire China property firm for 61m yuan
Henan Jinjiang has 2 mixed-devt projects in Zhengzhou SUNSHINE Holdings is buying a China property company for 61 million yuan (S$12.2 million). The acquisition, Henan Jinjiang Real Estate Co Ltd, will be 90 per cent owned by Xinxiang Huilong Real Estate Co Ltd and 10 per cent by Henan Huilong Property Management Co Ltd. The […]
China property investment swells 29%
Investments total 1.4 trillion yuan in Jan-Aug 2007 (BEIJING) Investment in China’s property sector soared to 1.43 trillion yuan (S$285.5 billion) in the first eight months, 29 per cent up from the same period last year, according to the National Bureau of Statistics (NBS). Of the total, 1.02 trillion yuan went to commercial housing, an […]
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