Asking prices for Tokyo apartments surpassed a record set last October (Getty Images)
In today’s roundup of regional news headlines, the average price of an apartment in Tokyo breaks a four-month-old record, and Chinese officials investigate the former boss of a state-owned conglomerate.
Average Price of a Tokyo Apartment Hit Record High in February
The average asking price for a 70 square metre (753 square foot) apartment in Tokyo’s 23 wards was JPY 69.77 million ($531,000) in February, up 0.5 percent from the previous month and up 4.1 percent from a year earlier, according to data provider Tokyo Kantei. The price exceeded a previous record high set last October.
In Tokyo’s central six wards of Chiyoda, Chuo, Minato, Shinjuku, Bunkyo and Shibuya, the average price reached JPY 100.38 million, up 0.7 percent from the previous month and up 4.4 percent from last year. Read more>>
China’s Banking Crackdown Picks Up Pace With Fresh Probe
Chinese authorities have launched a probe into the former chairman and party chief of state-owned China Everbright Group, the latest sign that the country’s crackdown on corruption in the financial sector is picking up pace.
Li Xiaopeng is suspected of “serious violations of discipline and law”, the Central Commission for Discipline Inspection and the State Supervision Commission said in a one-sentence statement. Read more>>
Risks Loom Over China’s Top-Tier Banks From Property Downturn, Higher Costs
China’s largest banks will see near-term revenue and margin pressures on a persisting property sector downturn, higher costs and a worsening global macro outlook, analysts said, clouding growth prospects for the world’s second-largest economy.
Some of the challenges the lenders face were evident last week when five of the country’s largest state-owned banks reported annual results. Read more>>
The Executive Centre to Add Four Flexible Workspace Facilities in India
Flexible workspace provider The Executive Centre plans to add four locations in India in 2023 across Bengaluru, Gurugram, Hyderabad and Mumbai, the company said Tuesday.
The expansion will take the number of centres in the country to 40 across seven cities and bring the office space footprint to 1.4 million square feet (130,064 square metres). Read more>>
Rents Double in Bangalore as Engineers Fight for Flats in India’s Silicon Valley
Rents in India’s technology hub of Bangalore have nearly doubled since the start of last year, making it the country’s hottest residential market.
Landlords in the city, often referred to as India’s Silicon Valley, now charge the highest proportion of their property’s value as rent, edging out financial centre Mumbai, according to data from market researchers. Read more>>
Indian Property Market Steady in First Quarter: Knight Frank
Indian real estate witnessed steady demand during the January-March period, with housing sales rising 1 percent and gross office space leasing up 5 percent year-on-year across eight major cities, Knight Frank India said Monday.
Housing prices rose in the range of 1-7 percent annually in the first quarter as office rentals grew 2-9 percent, according to the real estate consultancy’s India Real Estate report. Read more>>
Construction Starts on Commercial Building in Tokyo’s Yaesu District
Daibiru began construction of a new commercial building in Tokyo’s Yaesu district last month on the site of the former Yaesu Dai Building.
The new building will have 11 floors, three basements and a total floor area of 22,700 square metres (244,000 square feet). It is slightly smaller than the 26,000 square metre building it is replacing. Read more>>
Kai Tak Residential Project Dubbed The Knightsbridge
The Site 2 Development in Kai Tak Area 4C has been officially named as The Knightsbridge.
The residential project at 22 Shing Fung Road offers 566 flats and is being jointly developed by Henderson Land, China Overseas Land & Investment, New World Development, Wheelock Properties, Chinachem and Empire Group. Read more>>
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