Will more kids mean bigger homes in China?
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Will China’s Two-Child Policy Boost Housing Demand?
China’s latest move to scrap its one-child policy buoyed property developer stocks Friday on hopes it could provide a boost to housing demand.
All Chinese couples will be allowed to have two children, Chinese official media said Thursday, after a meeting of top officials. While a timetable hasn’t been established, there are prospects that an increase in the size of Chinese households could raise demand for larger homes. Read more>>
GLP Posts 27.4% Jump in Q2 Net Profit
Singapore-listed Global Logistic Properties (GLP) announced a 27.4 per cent jump to US$114 million in net profit for the second quarter ended Sept 30 from US$89.47 million for the year-ago period.
The provider of modern logistics facilities said its results were driven by growth in China, and development gains in Japan, as well as GLP’s entry into the US market and the absence of foreign exchange losses compared to the previous year. Its Japan earnings were up 44 percent on the back of higher development gains. China earnings excluding revaluations were up 27 per cent year-on-year. Read more>>
CSCEC Housing Project in Bahamas Held Up After Resort Halted
A Chinese contractor building a luxury beach-front scheme in the Bahamas has been ordered to stop work because it overstepped construction permits, prompting calls for the government of the Caribbean nation to resign.
China Construction America (CCA) is the contractor on the stalled $3.5bn Baha Mar mega resort, but it is also developing a leisure and residential scheme dubbed The Pointe on Bay Street in Nassau. Read more>>
Philippine Developer Buys Chengdu Site for $200 Mil
Gokongwei-owned Robinsons Land Corp. on Tuesday said it acquired land use rights to an 8.5-hectare (ha) property in Chengdu, becoming the third major local property developer to venture into China’s real estate market after SM Prime Holdings, Inc. and Ayala Land, Inc.
Robinsons Land is spending $200 million to secure the land and may spend “a few hundred million dollars” to build a residential project on the property catering to the upper-middle market, company President Frederick D. Go told reporters on the sidelines of the 17th Asia Pacific Retailers Convention and Exhibit in Pasay City yesterday. Read more>>
Kaisa Claims Progress in Talks with Offshore Bond-Holders
Debt-laden property developer Kaisa Group Holdings, the first Chinese developer to default on offshore bond coupon payments, has pushed ahead with a possible deal with offshore bondholders, a spokesman said on Friday.
Kaisa spokesman Smith Li also said an agreement with onshore bondholders could happen “as soon as possible”, without providing details. Kaisa owes almost $11 billion in debt, of which $2.5 billion is owed to offshore creditors. Read more>>
Melbourne’s Alto Hotel Sells to Private Chinese Investor
A boutique hotel in downtown Melbourne, Australia has sold to a private Chinese investor for an undisclosed sum.
The 50 room, six-star Alto hotel, which opened in 2006, has won several tourism awards from Conde Nast, Qantas, Trip Advisor, RACV and Tourism Victoria. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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