In Mingtiandi’s latest roundup of regional news headlines, a luxury Hong Kong apartment changes hands for a record-breaking price, a Chinese provincial court gives the go-ahead to HNA Group’s restructuring, and Singapore notches its strongest January home sales in eight years.
CK Asset Sells Asia’s Priciest Apartment at HK$459M
Hong Kong tycoon Victor Li’s CK Asset Holdings sold a luxury apartment for a record-breaking HK$459 million ($59.2 million), another sign that the city’s upscale housing market is recovering.
The price for the five-bedroom apartment at the 21 Borrett Road project spanning 3,378 square feet (314 square metres) translates into HK$136,000 per square foot, sale materials show. It broke the record made by another luxury development in Mount Nicholson in 2017, making it the most expensive apartment in Asia, according to Bloomberg Intelligence. Read more>>
Mainland Court Approves HNA Restructuring
Ten affiliates of Chinese travel conglomerate HNA Group will be restructured after a high court moved forward with creditors’ bankruptcy petitions.
A Shanghai Stock Exchange filing confirms that the requests were approved by China’s Hainan provincial high court following a failure to repay debts. Read more>>
Analysts See Gradual Recovery for Lendlease Global Commercial REIT
Analysts are positive on Lendlease Global Commercial REIT after its latest H1 FY2021 results announcement, which saw distribution per unit increase by 0.8 percent year-on-year to 2.34 Singapore cents ($0.02), with distributable income increasing by 1.4 percent year-on-year to S$27.5 million ($20.8).
Gross revenue increased by 3.2 percent year-on-year to S$41.6 million, bringing net property income for the first half ended December to S$30.4 million, up 1.6 percent year-on-year. Read more>>
Brookfield REIT Makes Flat Debut in India
Brookfield REIT made a flat debut on stock exchanges. The initial public offer of Brookfield India Real Estate Investment Trust, which opened on 3 February, got oversubscribed 8 times. The units on Tuesday were trading flat at INR 275.30 on the BSE. The IPO had a price band of INR 274-275.
REITs are aimed at attracting investment in the real estate sector by monetising rent-yielding assets. They help unlock the value of real estate assets and enable retail participation. Read more>>
Singapore’s Strongest January Private Home Sales in 8 Years
New private home sales last month notched the highest January figure in eight years, as developers went all out with new launches that included Normanton Park and The Reef at King’s Dock, both of which accounted for more than 50 percent of all units sold.
Speculation about another possible round of property curbs also helped boost last month’s sales by more than 32 percent to 1,609 units from 1,217 in December, some analysts say. Read more>>
HK Home Sales Soar Over Lunar New Year Holidays
Property sales in Hong Kong soared to eight- and 10-year highs in the primary and secondary markets respectively over the four-day Lunar New Year holiday.
New home sales doubled to an eight-year high with at least 32 transactions, compared with 14 in the same period last year. The market had recorded less than 20 deals from 2014 to 2020 over the four-day holiday. Read more>>
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