A Beijing resident in her windowless apartment
Average rentals in Beijing now exceed average incomes by 23 percent, while down in Hong Kong, the number of homeowners suffering from negative equity has jumped by 14 times. Meanwhile China’s biggest construction firm is backing plans for a new megacity in the Egyptian desert, and much more. If you’ll only read on.
Beijing Rental Rates Now at 123% of Average Salary
When it comes to renting an apartment, Beijing ain’t cheap. According to UK-based Global Cities Business Alliance, the average apartment in the city costs 123% of the average monthly salary.
“Beijing’s average housing costs accounts for more than 100 percent of net earnings, suggesting that a worker on an average salary cannot live alone in typical city accommodation,” the group wrote in a recent report on the economic impact of high housing costs throughout the world. Read more>>
China’s CSCEC Backs $45B Plan for New Egyptian Capital
When President Abdel Fattah Al Sisi announced an ambitious plan to build a new administrative and business capital for Egypt on 270 square miles of desert land, many were understandably skeptical about the $45 billion project.
Today some of the skepticism over that March 2015 announcement has eased. One reason: an alliance announced in January between Egyptian authorities and China State Construction Engineering Corp. giving the Chinese-state owned business a major role in the project. Read more>>
Poly Real Estate Fast-Tracks Phase Two of Sydney Project
Poly (Australia) Real Estate is launching the second stage of its landmark development, ‘Poly Horizon’ in Epping on 7th May at the project’s Display Suite at Level 2, 16-18 Cambridge Street in Epping.
Designed by architects PTW, the second stage of Poly Horizon features 266 apartments across two striking towers. It will also feature 1000sqm of ground level retail including a proposed childcare centre and 3,500sqm of community and green space. Read more>>
Negative Equity Cases Jump by 14X in Hong Kong
Hong Kong’s tottering residential market was hit by a gust of negative news on Friday, with the supply of new private homes projected to rise to a record high of 92,000 and negative equity cases rising alarmingly as home prices continue to fall.
The Rating and Valuation Department’s latest data showed home prices fell in March for the sixth straight month, by 1.3 per cent. With that, Hong Kong’s once-sizzling property prices have now lost 11.7 per cent in the last six months. Read more>>
Bank of China Plants a Flag in Manhattan
One of China’s biggest lenders is planting its flag in the middle of Manhattan, a symbolic move for a bank with ambitions to challenge Wall Street on its home turf.
Bank of China is preparing to move its U.S. headquarters this fall to a new 450-foot-tall glass tower overlooking Bryant Park, leaving the low-slung brick building on New York City’s East Side that has been its home for 35 years. The bank will occupy more than half of the 28-story building, which it acquired for nearly $600 million in 2014. 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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