You can buy a Hong Kong home for $361 mil, but you can’t do much about the haze
It’s February, its the rooster year, and it’s time to get back to work, so here are today’s headlines to help you get your bearings. A Finnish pension fund is anchoring a new Aberdeen fund covering the whole region, while in Hong Kong western multi-nationals are ready to let Central offices be the playground of starry-eyed mainland SOEs, and up on the Peak another home sells for a paltry HK$2.8 billion. Read on for all these stories and more.
Finland’s Keva Anchors $151M Aberdeen Asia Fund
Finnish pensions provider Keva is the anchor investor in the latest fund to be launched by Aberdeen Asset Management’s real estate multi-manager arm.
Aberdeen said it raised US$151m (€141m) for a fund focused on Asia-Pacific and that Keva, which has invested in previous multi-manager funds, was the cornerstone investor. Read More>>
Freshfields Shifts From Central to One Island East as HK Office Rents Rise
More European and US companies operating in Hong Kong are moving out of the city’s Central district, relocating their offices to outer suburbs to save on rent in the world’s costliest major urban centre.
In the latest sign of the change, legal firm Freshfields Bruckhaus Deringer and asset manager Alliance Bernstein will both move out of Central to relocate to Quarry Bay, where the average rental rate is listed at less than half of their current leases. Read More>>
iPhone Screen Maker Buys HK Home for $361M
Yeung Kin-man, whose private company Biel Crystal Manufactory makes screens for two out of every three iPhones sold in the world, has paid HK$2.8 billion (US$361 million) for a luxury home on The Peak, in a purchase that underscores how Hong Kong’s uber wealthy continue to defy the city’s market-cooling measures.
A property at No. 1 & 3 Pollock’s Path, measuring 51,000 square feet, was sold Thursday to a company called High Grand Development, according to Land Registry data. High Grand is owned by Yeung and his wife Lam Wai-ying, government data shows. Read More>>
Chongqing’s CC Land Buys London Office Building for £290 Mil
CC Land Holdings, chaired by Cheung Chung-kiu, dubbed the ‘Li Ka-shing of Chongqing’, has paid £290 million for a prime office building in London to mark its first overseas investment.
The nine-storey Grade-A office, with a net internal area of about 265,000 square feet, is located at 1 Kingdom Street, in the city’s West End. The building comes with two basement levels. Read More>>
Singapore Home Prices Stayed Flat in December
Overall prices of completed private homes were unchanged in December from the previous month, after dipping 0.8 per cent in November.
This was according to the Singapore Residential Price Index (SRPI) flash estimates, released yesterday. The SRPI is compiled by the National University of Singapore’s Institute of Real Estate Studies. Read More>>
Hong Kong Home Prices Reach Record Highs in December
Hong Kong home prices rose to a record in December after nine consecutive months of gains, even after the government unveiled higher stamp duties to curb investment demand and as new home supply is expected to jump over the next two years.
The monthly price index for private homes stood at 306.8 last month, higher than the previous record of 296.2 hit in September 2016, according to data released by the Rating and Valuation Department on Friday. 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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