SHKP Ranks as Hong Kong’s Biggest Homeseller and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Sun Hung Kai Properties unseats rival New World Development as Hong Kong’s biggest residential developer by sales, South Korea’s Hana Alternative Asset Management seeks a buyer for NASA’s Washington headquarters, and China property stocks surge on hopes of a 2022 rebound.

SHKP Replaces New World as Hong Kong’s Biggest Developer by Sales

Sun Hung Kai Properties has replaced New World Development as the biggest seller of new homes in Hong Kong after the latter had to tear down and rebuild hundreds of flats under construction in Tai Wai.

Chaired by Raymond Kwok, SHKP recorded sales of HK$29.65 billion ($3.8 billion) in 2021, 15 percent higher than the previous year, according to Data Elements, which tracks new residential property in Hong Kong. Read more>>

Hana Alternative Plans Sale of NASA DC Headquarters

South Korea’s Hana Alternative Asset Management is looking for a buyer of Two Independence Square in Washington DC, the NASA headquarters.

Hana has selected real estate firm Cushman & Wakefield as a sales advisor, an official from Hana Financial Group’s alternative investment arm told the Korea Economic Daily. The details of the sales plan have not been confirmed, the official said. Read more>>

Hong Kong’s Young Homebuyers Snap Up Small Flats

Hong Kong’s first weekend property sale in 2022 saw strong demand on Sunday, as homebuyers made a beeline to purchase more than 200 new flats on offer, including many small units just days after the government set the minimum size for new homes, according to property agents.

“Overall, the first weekend sale this year showed a good start, as demand for residential property remains strong,” said Sammy Po, chief executive of Midland Realty’s residential division. “Many youngsters are keen on buying their own homes, despite the small size, as long as they are affordable.” Read more>>

China Property Stocks Jump on Hopes of Home Sales Rebound

Shares of major Chinese property developers jumped in Hong Kong on Tuesday as the sector picked up from earlier losses amid growing hopes for a sales rebound this year.

Both Shimao Group Holdings and China Aoyuan Group surged as much as 13 percent while Guangzhou R&F Properties soared 9.6 percent. Greentown China Holdings gained up to 7.7 percent after the developer said it would redeem $500 million worth of bonds, a sign that it has ample financial resources. Read more>>

India Residential Real Estate Investment Doubled in 2021

India’s residential real estate sector in 2021 saw the highest surge in four years in investments and a two-fold jump from 2020 at $0.9 billion, according to a report by Colliers India.

“Private equity funds are looking at providing capital for fresh investments in residential projects, and also for refinancing/restructuring existing loans of banks and NBFCs,” the report said. “The luxury segment accounted for about 35 percent of the total investments, with the rest in mid-income and affordable category projects.” Read more>>

Tax Authorities Raid Offices of Indian Developer ACE Group

The investigation wing of India’s income tax department is conducting searches at the offices of real estate company ACE Group and its promoter Ajay Chaudhary in Delhi, Noida, Greater Noida and Agra, sources said Tuesday.

According to sources, tax sleuths are also searching at the corporate office and some of the real estate projects of the company. The builder is a real estate developer with several projects in Delhi and the National Capital Region. Read more>>

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