George Soros says China’s property crash could be big trouble
In today’s roundup of regional news headlines, billionaire investor and activist George Soros says China faces an uphill climb to restore its real estate sector to health as the country’s home prices continue to slide, while a report shows that commercial property sales in Australia hit a record high in 2021.
George Soros Warns of China Economic Crisis
China is facing an economic crisis after a real estate boom ended with a bang last year, according to investor George Soros.
The billionaire said in a speech at Stanford University’s Hoover Institution on Monday that President Xi Jinping may not be able to restore confidence in the troubled industry, which has been hit by a series of defaults by developers and falling prices for land and apartments. Read more>>
China New Home Prices Slid Again in January
China’s new home prices in January fell by less than in the previous month, data released by a private sector research firm showed on Tuesday, pointing to slightly improved sentiment in the property market.
New home prices in 100 cities fell 0.01 percent in January from a month earlier after a 0.02 percent drop in December, according to data from China Index Academy, one of the country’s largest independent real estate research firms. Read more>>
China Property Slide Puts Some Beijing Area Buyers Underwater
Buying property in the small town of Yanjiao was once the first choice for many white-collar workers who did not have a permit to buy a house in Beijing.
Like New Jersey is to New York, Yanjiao is less than two hours to downtown Beijing across the Chaobai River to the west and offers competitive property prices with a reasonable commute. Read more>>
Chip Eng Seng Enters Hotel Management JV With Ariva Hospitality
Chip Eng Seng has entered a joint venture with Ariva Hospitality to provide management, marketing, training and advisory services to hotels and serviced residences, the company said Monday in a filing with the Singapore Exchange.
“The group has been exploring opportunities to broaden its hospitality business portfolio by acquiring hospitality assets as well as by building up its capability to provide management services to hotels and serviced residences,” Chip Eng Seng said. Read more>>
Australian Commercial Property Activity Hit Record High in 2021
Australian commercial property sales activity set a new annual record in 2021 of $70.8 billion, climbing 69 percent on a subdued 2020 deal total as industrial megadeals and sizeable retail transactions returned some vigour to the market, the latest Australia Capital Trends report from Real Capital Analytics showed.
Office and retail buildings dominated the list of biggest single-asset transactions for the year, but it was portfolio deals that took the spotlight in 2021. Read more>>
India’s 2022 Budget Set to Support Affordable Housing
Hit hard by the pandemic and some policy reforms, India’s real estate sector had high expectations from the national budget for 2022. But while most of its hopes were belied as the budget failed to do much for the sector as a whole, there was some good news for affordable housing.
“Affordable housing has always been the focus of the incumbent government,” said Adhil Shetty, CEO of BankBazaar.com. “In the budget speech today, Finance Minister Nirmala Sitharaman announced the allocation of INR 48,000 crore ($6.4 billion) under PMAY urban and rural schemes. Around 80 lakh (8 million) houses are expected to be completed by 2023 across the country.” Read more>>
Huawei to Develop 16MW Data Centre for Aesler in Batam, Indonesia
Huawei is to develop three data centres across Indonesia for Aesler, with the two companies having already begun work on the first facility.
The Chinese technology company and the Filipino architecture firm signed an agreement to develop the facilities late last year. The company aims to launch the first facility later in 2022. Read more>>
Indian Developer DLF Reports Quarterly Net Profit of $51M
DLF Ltd reported a net profit of INR 381.50 crore ($51 million) during the third quarter ended December due to strong demand in the residential business.
The company had reported profit of INR 450.10 crore for the third quarter ended December in 2020, due to the pandemic-induced lockdown. 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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