New home prices perked up across China in January (Getty Images)
In today’s roundup of regional news headlines, a survey finds an increasing number of Chinese cities reporting a rise in new home prices amid a string of stimulus policies and the relaxation of COVID containment measures.
More Chinese Cities Post Gains in New Home Prices: Survey
New home prices in more major Chinese cities extended gains in January, a private survey showed on Wednesday, offering tentative signs of improving market confidence as a flurry of property policy easing steps take effect.
New home prices rose in 12 cities, up from 10 in December, according to the survey by China Index Academy, one of the country’s largest independent real estate research firms. Read more>>
Web Werks-Iron Mountain JV to Invest Further $488M in Maharashtra Data Centres
Maharashtra Deputy Chief Minister Devendra Fadnavis on Tuesday said a Web Werks-Iron Mountain joint venture is mulling an additional INR 4,000 crore ($488 million) investment to create data centre capacity in the Indian state.
At present, the state is home to 65 percent of the overall installed data centre capacity in the country, Fadnavis said, adding that at the recent World Economic Forum summit in Davos, Maharashtra signed a memorandum of understanding envisaging a further INR 20,000 crore of investment in the sector. Read more>>
NPS Underperforms Global Peers by Returns for Q1-Q3 2022
South Korea’s National Pension Service, the world’s third-largest pension fund, ranked 10th out of the global 42 state-owned investors by rate of return for the first three quarters of last year, according to Global SWF’s Year 2022 in Review.
Last November, NPS’s fund management arm posted a 7.1 percent loss for the first nine months of 2022. It outperformed some global pension giants like the California Public Employees’ Retirement System, which posted a 15.9 percent loss during the same period, as well as Dutch pension fund ABP and Norges Bank Investment Management, which respectively saw 16.6 and 18.2 percent losses. Read more>>
JLL Arranges $250M Credit Facility for United Hampshire US REIT
JLL Capital Markets has arranged a $250 million credit facility for United Hampshire US REIT, a Singapore-listed trust with 23 properties across America’s East Coast.
The credit facility consists of term loans and a revolving credit facility containing important flexibilities to accommodate long-term growth and is supported by a covenant structure consistent with REIT corporate financings. Read more>>
Chip Eng Seng Subsidiaries Win S$562M MRT Extension Contract
Two subsidiaries of Singapore-based Chip Eng Seng Corporation have been awarded a S$562 million ($428.2 million) contract from the Land Transport Authority to design and construct Elias MRT station and tunnels under the Cross Island Line-Punggol Extension.
The LTA said Monday that the contract had been awarded to CES-SDC/Chip Eng Seng Contractors (1988) joint venture. Both CES-SDC and Chip Eng Seng Contractors (1998) are indirect wholly owned subsidiaries of Chip Eng Seng Corporation. Read more>>
Kitchener Road Shophouse for Sale With S$12M Guide Price
A shophouse along Singapore’s Kitchener Road has been put up for sale via an expression of interest exercise with an indicative guide price of S$12 million ($9.1 million).
While the address of the property was not disclosed, exclusive marketing agent PropNex on Wednesday said it is a three-storey freehold property sitting on a 1,440 square foot (134 metre) plot of land. Read more>>
Property Registration in Mumbai Up 7% in January: Knight Frank
Mumbai is witnessing an uptick in registration of properties as a 7 percent year-on-year rise in January was reported by Knight Frank India.
The property consultancy said Mumbai city (area under BMC jurisdiction) saw property sales registration of 8,694 units last month, contributing more than INR 658 crore ($80 million) in state revenues. Read more>>
Billionaire Zhang Li No Longer Subject to Electronic Monitoring in London
Billionaire Chinese developer Zhang Li will no longer be subject to electronic monitoring while out on bail or have to wear handcuffs to visit the pool in his luxury tower in London as he fights extradition to the US, a judge has ruled.
The co-founder of debt-stricken Guangzhou R&F Properties was arrested by London police last November, as US authorities are seeking to extradite him to face bribery charges related to Z&L Properties, a California-based company R&F has said is owned by Zhang and his affiliate. Read more>>
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