Investors are hoping investors will soon return to Wanda’s malls Getty Images)
In today’s roundup of regional news headlines, China’s Dalian Wanda finds ready buyers for another $300 million in offshore bonds, Poly Property of Beijing is preparing to sell off stakes in 12 joint ventures with Country Garden for around $340 million and Singapore’s GIC is in the chase for an Aussie life sciences real estate portfolio.
Investors Snap Up Wanda Bonds in Bet on China Property Revival
Dalian Wanda’s second dollar bond sale in less than a month was quickly oversubscribed on Monday, pointing to a renewed hunger from global finance after years of concern about the financial health of China’s highly indebted real estate groups.
The sale of a three-year dollar bond by Wanda received orders worth around $500 million, according to two people familiar with the deal, who said the developer had planned to raise as much as $300 million from the offering. Read more>>
Poly Property Seeks $340M for Stake in JV Projects With Country Garden
Poly Property is asking for RMB 2.3 billion ($340 million) for its stake in 12 project companies with Country Garden, according to data from China Beijing Equity Exchange.
Poly listed the stake of 12 subsidiary companies as a bundled transfer — all joint ventures between Poly Property and Country Garden. Read more>>
GIC, QIC Enter Healthscope Properties Contest
Bidders keen to get their hands on Healthscope’s A$1.2 billion ($830 million) property portfolio have found themselves some dance partners.
Well-known suitor Dexus Property Group is partnering with Queensland Investment Corporation to buy the hospital properties, while NorthWest Properties is now known to remain in the mix and is partnering with Singapore sovereign wealth fund GIC. Read more>>
Hong Kong Developers Rush 27,000 New Homes to Market as Sales Perk Up
Hong Kong’s major developers are rushing to put more than 27,000 new homes on the market this year, seizing on an uptick in buying sentiment and transaction volume after the relaxation of COVID measures and the reopening of the border with mainland China.
At least 14 developers, including Sun Hung Kai Properties, Henderson Land Development, New World Development, Sino Land and K Wah International, plan to launch some 36 developments with 27,350 homes this year, according to the South China Morning Post’s tracking of sales plans revealed in late January and early February. Read more>>
Singapore’s Soaring Rents Narrow the Gap With Pricey Hong Kong
Singapore is catching up with Hong Kong’s rental market, as the city-state’s prices are expected to soar on limited supply while the latter grapples with dwindling appetite from population outflows.
That’s the view of analysts, who say many factors impacting prices in the two cities remain intact. Singapore rents could rise another 10-15 percent in 2023, while those in Hong Kong may only post a 5 percent increase, according to Bloomberg Intelligence estimates. Read more>>
Wuhan Eases Key Homebuying Ban to Arrest China Housing Slump
A major city in China has eased a key restriction on housing purchases, paving the way for more cities to follow suit and prop up demand as the property slump in the world’s second-biggest economy drags on.
Wuhan, China’s eighth most populous city, will allow local families to buy an additional home in areas with purchasing caps, according to a local government statement. The city in central China where COVID-19 cases first emerged more than three years ago supports “reasonable” home purchases, according to the statement. Read more>>
Mumbai Homebuyers Hold Protest Demanding Possession of Houses
Homebuyers in Mumbai held a protest on Sunday demanding immediate possession of their houses.
The protesters consisted of homebuyers and their families in stalled residential complexes at Patra Chawl-Ekta Tripolis and The Luxor by Sangam Lifespaces. Read more>>
K Raheja Corp Homes Launches Raheja Modern Vivarea in South Mumbai
K Raheja Corp Homes, the residential development arm of K Raheja Corp, has entered into an agreement to build a luxury housing project spanning 1 million square feet (92,903 square metres) on a prime 3 acre (1.2 hectare) parcel in South Mumbai’s Mahalaxmi neighbourhood.
The project will be developed via an agreement for the sale of the land, which is currently owned by Modern India, a company with interests in infrastructure, power generation and real estate. 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.
Leave a Reply