KITEC reflects the low-key persona of its developer, Gordon Wu
The swings and roundabouts of Asia’s longtime financial hub lead today’s digest of regional news headlines. Non-residential property investment in Hong Kong is set to double this year by one estimate, but that didn’t stop the heir to one of the city’s biggest real estate fortunes from lashing out against the local government’s “obsolete” land policies. Meanwhile, the Biden administration is expected to warn US firms about the risks of doing business in the territory.
Hong Kong Non-Residential Property Investment Set to Double This Year
Big-ticket investment in Hong Kong property is set to more than double this year and approach HK$100 billion ($12.9 billion), the highest since 2018, as local investors and international funds make a beeline for non-residential properties.
The number of non-residential sales worth more than HK$100 million each is expected to reach about 200, at a volume of HK$90 billion to HK$100 billion, according to consultancy Cushman and Wakefield. Last year, just 79 deals generated HK$48.8 billion. Read more>>
SHK Scion Rips Hong Kong’s ‘Obsolete’ Real Estate System
A Hong Kong property heir criticised the local government’s land policies as housing problems become the priority for leaders in the world’s least-affordable residential market.
Adam Kwok, an executive director and a third-generation heir at the city’s biggest developer, Sun Hung Kai Properties, lambasted the local authority’s processes to procure land for housing development at a forum hosted by a pro-government party on Thursday. Read more>>
Biden to Warn US Companies on Doing Business in Hong Kong
The Biden administration is expected to issue a blanket warning to US firms about the risks of doing business in Hong Kong as China continues to clamp down on political and economic freedoms in the territory.
US officials say the advisory could be issued as soon as this week. President Joe Biden told reporters Thursday that the alert would point out deteriorating free-market conditions in Hong Kong, which was once one of Asia’s main financial hubs, and the potential for further erosion. Read more>>
China Property Investment Growth Slows in H1
Real estate investment in China rose 15 percent in January-June from the same period a year earlier, official data out Thursday showed, slowing from 18.3 percent growth in the first five months of the year.
Property sales by floor area increased 27.7 percent in the first six months, according to data from the National Bureau of Statistics, versus a rise of 36.3 percent in the first five months of the year. Read more>>
China’s Shaking Skyscraper Called ‘Safe to Use’ After Quick Patch
A shaking skyscraper in southern China that sent crowds fleeing in panic earlier this year was rocked by wind currents, experts concluded on Thursday.
The 300 metre (984 foot) SEG Plaza tower in Shenzhen began to wobble suddenly on 18 May, prompting the evacuation of hundreds of occupants and causing pedestrians to run for safety. Read more>>
EHT Securityholders Unlikely to See Compensation
Proceeds from the sale of Eagle Hospitality Trust properties are unlikely to reach minority investors, DBS Trustee said Thursday.
Though the sale of 14 of EHT’s properties yielded $478.6 million in net proceeds, the claims of unsecured creditors are unlikely to be satisfied in full after accounting for various secured claims, the trustee said. Read more>>
BlackRock Profit Jumps as Assets Grow to a Record $9.5T
BlackRock, the world’s largest asset manager, reported a better-than-expected quarterly profit on Wednesday as investors poured more money into the company’s funds, driving robust fee growth and boosting its assets under management to a record high.
BlackRock’s AUM jumped to a record $9.49 trillion in the second quarter from $7.32 trillion a year earlier. Read more>>
Singapore Shophouses Up for Sale
A pair of adjoining freehold three-storey conservation shophouses at 83 and 85 Keong Saik Road are for sale, exclusive marketing agent CBRE said Thursday.
To be sold together, 83 and 85 Keong Saik Road command an indicative price of S$30.8 million ($22.7 million), which works out to S$3,507 per square foot of total floor area. The sale will be conducted through an expression of interest exercise that closes on 18 August at 3pm. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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