Blackstone president Jonathan Gray is considering investments in Indian infrastructure
In today’s roundup of regional news headlines, Blackstone’s president gives assurances that India still figures prominently in the firm’s plans, and analysts dissect the fallout from an increase in buyer’s stamp duty for big-ticket property purchases in Singapore.
Blackstone Calls India One of Its Best Markets, Plans Infrastructure Deals
India is one of Blackstone’s best-performing markets and will continue to be the private equity giant’s biggest market in Asia, a top company executive said Tuesday, even as rising interest rates force investors to rebalance portfolios.
The US-based firm, which manages nearly a trillion dollars in assets globally, is bullish on India due to its faster growth than other large countries and a “government oriented towards growth”, president and chief operating officer Jonathan Gray said at a press briefing. Read more>>
Prepare to Pay Up to Enjoy the Safety of Singapore Real Estate
This year’s Singapore budget had some bad news for property buyers: a higher marginal buyer’s stamp duty for higher-value residential and non-residential properties.
The news follows higher property taxes that hit many homeowners. The new taxes, announced in Budget 2022, kicked in this year and will be raised again in 2024. Read more>>
Higher Buyer’s Stamp Duty Unlikely to Hurt Property Demand
Singapore introduced a higher marginal buyer’s stamp duty for higher-value residential and non-residential properties on Wednesday, but market watchers say the move will hardly put a dent in property demand.
Where the BSD hike might hit harder is in the en bloc market — where the higher duties could widen the current expectations gap between buyers and sellers — and in big-ticket billion-dollar deals. Read more>>
Tishman Speyer Office Fund With India’s Axis Hits $48M First Closing
Axis Commercial Real Estate Fund, a strategic partnership between India’s Axis Asset Management Co and New York-based developer Tishman Speyer, has raised nearly INR 400 crore ($48.3 million) through the first closing of a fund, according to people with direct knowledge of the development.
The fund is Axis AMC’s alliance with Tishman Speyer to develop commercial office properties across key cities of India. Read more>>
ESR Completes Second Phase of Yokohama Sachiura Logistics Park
ESR has completed construction of ESR Yokohama Sachiura Distribution Centre 2, which forms the second phase of the master-planned ESR Yokohama Sachiura Logistics Park.
The multi-phase development, providing 750,000 square metres (over 8 million square feet) of logistics space, is set to be the largest logistics park by value in Japan and in Asia Pacific when all four phases are completed. The second phase commenced construction in June 2021 and finished on schedule last month. Read more>>
Chinese Officials Uneasy With Early Mortgage Repayments
With residential real estate prices in decline for more than a year, the Chinese government has been in an uneasy dance with homeowners. From mortgage boycotts to a stampede of early repayments, the middle class is throwing out one problem after another.
The latest pressure point is a pickup in home-loan repayments. The wave of requests has been so strong lately, some banks had to impose caps on prepayments, according to local media. Even regulators took notice, checking on how the nation’s major lenders are coping with this stress. Early mortgage payments erode banks’ profitability. Read more>>
South Korea’s House Price Decline Slows in January on Policy Support
South Korea’s house prices fell for an eighth consecutive month in January, though the pace of decline slowed from the previous month on policy support measures, data released Wednesday showed.
The Korea Real Estate Board’s headline index for nationwide house prices fell 1.49 percent in January, slower than December’s 1.98 percent, which was the fastest since data releases began in late 2003. Read more>>
Australia’s Real Estate Boom is Running Out of Steam
Australia’s pandemic-induced property boom in coastal and regional markets is finally running out of steam, with values declining sharply as sellers offer discounts to entice buyers.
CoreLogic’s Regional Market Update, which examines the nation’s 25 largest non-capital city regions, shows that only 13 areas recorded an increase in house values over the year to January 2023, down from 21 over the year to October 2022. 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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