Korea’s JR AMC is shopping for an Amazon facility in Ohio
Sheds lead today’s real estate news from around Asia again today as a Korean asset manager closes in a purchase of an Amazon fulfillment centre in Ohio.
South Korean investors may also get a chance to invest in another new economy-propelled asset class through an upcoming REIT IPO and China’s policy makers are again pushing rental apartments as a workaround for the country’s growing issues with home affordability.
Korea’s JR AMC Aims to Add Amazon Logistics Center for $61M
South Korea’s JR AMC Co. has been named as the preferred buyer of Amazon’s last-mile logistics center in central Ohio, for which the Seoul-based asset manager offered around 68 billion won ($61 million).
JR is expecting to close the purchase from a US developer around next month and to sell down 25 billion won worth of its equity interest to domestic investors, according to financial investment industry sources on Feb. 2. Read more>>
US Data Center Fund Seeks $90M Korean REIT IPO This Year
A South Korean real estate investment trust (REIT), backed by data centers in North America, is preparing an initial public offering worth 100 billion won ($90 million) this year, in what is set to become the country’s first data centers-backed REIT.
Its underlying asset is an equity stake in a $1.2 billion portfolio of data centers in the US and Canada, held by CBRE Caledon Capital Management, a Canadian investment fund of CBRE Global Investors, according to investment banking sources on Jan. 28. Read more>>
Shenzhen to Promote Rental Housing Market Development
China’s high-tech hub of Shenzhen has issued draft guidelines to promote the development of the local residential rental market, in an effort to address increased demand from people moving into the city and curb high-flying home prices.
Shenzhen will increase rental housing supply by setting aside land plots for the construction of rental housing and renovating some existing buildings into rental homes, the housing authorities said on its website on Monday. Read more>>
China Home Price Growth Quickens in January
New home prices in China rose at a slightly faster pace in January, with markets in the eastern and southern coastal regions remaining firm as prices in the north declined, a private survey showed on Monday.
New home prices in 100 cities rose 0.37% in January from a month earlier versus a 0.25% gain in December, according to data from China Index Academy (CIA), one of the country’s largest independent real estate research firms. Read more>>
Growth in China’s Home Prices Expected to Cool in 2021
China’s home prices are expected to rise at a slower pace this year while sales will likely remain steady, as Beijing shifts its focus to tackling rising debt risks in the sector as the economy recovers, a Reuters poll showed.
The residential property market recovered quickly in 2020 benefiting from lower mortgage interest rates and a marginal relaxation of some official curbs on buyers, offering much-needed support for an economy nearly fully recovered to pre-coronavirus levels. But the rebound has raised concerns about financial risk and policymakers have since then tightened screws on the funnelling of funds into the sector. Read more>>
January Home Sale Bonanza as HK Property Market Heats Up
Hong Kong’s property market heated up in January, with Midland Realty recording 1,450 primary market transactions, up by 150 percent month on month.
Midland Realty also said secondary market transactions at 10 blue-chip housing estates rose by 20 percent. Read more>>
Sino Group Adds Vegetable Gardens to HK Projects
Hong Kong is known for many things – gleaming skyscrapers, crowded spaces and cramped housing – but farming in the concrete jungle is not one of them. Now property developer Sino Group is pushing to change that with a programme under its sustainability agenda that it hopes will enhance the value of its numerous properties.
Spanning 23,000 square feet, the company’s Farm Together project currently operates six plots across Sino Group’s residential and commercial properties, including a hotel. Read more>>
PropNex to Sell Property Management Arm
Real estate agency PropNex on Monday announced that it is looking to sell its stake in its property management arm for just over S$1 million. PropNex Realty – along with shareholder Lawrence February Mila Manalac – entered into a sale and purchase agreement with Newman & Goh Property Consultants, to dispose its entire shareholding interest in PropNex Property Management Consultants (PPMC). Read more>>
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