China home prices dropped at the fastest pace in almost a year during September
Chinese consumers are defying government attempts to revive the housing market, with reports showing that home prices fell at their fastest pace this year leading today’s collection of real estate headlines. Also in the news, UK asset manager M&G plans to close its flagship open-ended fund, data centre operator Princeton Digital Group is borrowing $1 billion to finance growth and Singapore’s Keppel raises cash for urban redevelopment.
China’s Home Prices Drop at Faster Pace in Blow to Sentiment
China home prices fell at the fastest pace in almost a year in September, adding to doubts over whether Beijing’s steps to prop up the property market are enough to revive the sector.
New home prices in 70 cities, excluding state-subsidised housing, declined 0.3 percent last month from August, when they slipped 0.29 percent, National Bureau of Statistics figures showed Thursday. That was the steepest monthly decline since October 2022. Read more>>
China Home Sales Weaken Despite Policy Support
China’s home sales worsened in the first three quarters of the year despite Beijing’s measures to reverse a prolonged real-estate downturn.
Home sales by value fell 3.2 percent from a year earlier in the first nine months of the year, compared with a 1.5 percent fall in the January-to-August period, data released Wednesday by the National Bureau of Statistics showed. Read more>>
M&G to Close Flagship Open-Ended Property Fund
M&G Investments is seeking to close its 565 million pounds ($685 million) M&G Property Portfolio due to declining interest in open-ended strategies from UK investors, the company said on Thursday.
Launched in 2005, the fund was set up to provide retail investors access to returns from high quality commercial property that had previously been out of reach to all but the wealthiest of buyers. Read More>>
Warburg Pincus-Backed Princeton Digital to Raise $1B in Debt
Princeton Digital Group said it’s looking to raise $1 billion in debt across multiple projects as the Singapore-based data centre operator seeks to expand its business.
“Given the business momentum and planned growth, the company constantly assesses its capital needs, including raising equity,” a representative for the company said in a statement. Read more>>
Keppel Raises $218M for China-Focused Urban Renewal Venture
Keppel Corporation has raised RMB 1.4 billion ($191 million) initial investment from an undisclosed global institutional investor.
Together with RMB 160 million of a sponsor stake by Keppel, the total RMB 1.6 billion fund marked the closing of its China-focused sustainable urban renewal programme, the company said Thursday. Read more>>
SGX-Listed Parkway Life REIT Buying Two Japanese Nursing Homes
Parkway Life REIT announced Wednesday the acquisition of two nursing homes in Osaka for a total purchase price of JPY 1.8 billion ($12 million).
The healthcare-focused trust is buying the properties from K.K. FDS, a Japanese developer. The purchases will take PLife REIT’s portfolio in Japan to 59 properties valued at S$710.7 million ($517 million). Read more>>
Ambani’s UK Real Estate Bet Gets HSBC Financing Boost
HSBC has nearly doubled the size of a loan arrangement to part of Indian billionaire Mukesh Ambani’s business empire, bolstering its bet on Asia’s richest person.
The London-based bank originally provided a €60 million ($73 million) loan facility to a subsidiary of Reliance Industries shortly after it acquired the Stoke Park estate in southeast England for €57 million in 2021, according to UK registry filings. Read more>>
Keppel REIT’s 9-Month Property Income Rises 5% to $172.6M
Keppel REIT ended the first nine months of financial year 2023 with property income of $172.6 million, up 5 percent year-on-year.
In a bourse filing, the trust attributed the increase to “higher rentals achieved and portfolio occupancy”. Read more>>
Indian Developer NeoLiv Raising $150M for 12 Residential Projects
Residential investment and development platform NeoLiv has initiated a fund raise of $150 million, with a green shoe option of $60 million. The company plans to develop 12 residential and plotted development projects in Delhi-NCR and the Mumbai Metropolitan Region.
“We have identified 12 land parcels for our residential projects and our first launch will commence operation by 2024,” said founder and CEO Mohit Malhotra. “For investors, the platform provides an opportunity to invest at land stage. For customers, our aim is to provide security of timely delivery.” The company is targeting a topline of INR 100 billion ($1.2 billion) from its projects. Read more>>
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