GLP co-founder and CEO Ming Z Mei
Discussions on the sale of a stake in GLP’s China arm to a state-owned firm hit a snag, with that story leading today’s headline roundup. Also making the list, a residential plot in Hong Kong’s New Territories draws six bids and Blackstone’s Mindspace REIT posts a profit drop.
GLP Talks to Sell Stake in China Business Said to Stall
Negotiations on the sale of a stake in GLP’s China operations to Guangdong Holdings have stalled due to disagreements over deal terms, according to people familiar with the situation.
GLP may hold talks with other potential buyers or consider different options after negotiations with state-owned Guangdong Holdings hit an impasse, the people said, asking not to be identified discussing private information. GLP is facing less pressure after the recent $5.2 billion sale of a large chunk of its fund management arm gave it more time to sort out its debt load and leverage future deal talks, the people said. Read more>>
SHKP, Wheelock, CK Join Bid for Shatin Residential Plot in Hong Kong
Top Hong Kong developers have submitted bids for a government land tender in the New Territories, but experts believe the response could be lukewarm because of high inventory levels and rising construction costs.
The tender for the only residential land to go on sale in the second quarter of the current financial year closed at noon on Friday. The Lands Department said it had received a total of six bids. Five developers confirmed submitting bids: Sun Hung Kai Properties, Wheelock Properties, Chinachem Group, CK Asset Holdings and Sino Land. Read more>>
Blackstone’s Mindspace REIT Suffers 10% Profit Slide
Mindspace Business Parks REIT reported a 10.3 percent year-on-year drop in net consolidated profit for the September-ended quarter. The Blackstone-backed Indian trust’s profit after tax stood at INR 1.35 billion ($16 million) for the period, the company said in a stock filing.
The REIT’s net consolidated total income and gains rose 1.9 percent year-on-year to INR 6.5 billion. Read more>>
Hong Kong Aims to Sell Northern Metropolis Site to Support Govt Priorities
Hong Kong authorities aim to sell the first sizeable parcel of land in the Northern Metropolis next year in a bid to encourage the private sector to expedite development of the megaproject in the New Territories, a minister has said.
Secretary for Development Bernadette Linn also hinted Sunday that the government could separately sell more land in the city in the last quarter of the 2024-25 financial year, after Chief Executive John Lee earlier announced fresh measures to boost the property market. Read more>>
Sunac Shanghai Project Sells Out in Three Hours
China’s struggling property market is showing signs of recovery after Beijing’s measures to boost the sector, as hundreds of buyers snapped up units in a new luxury residential project in Shanghai.
All 158 units in the third batch of Sunac China’s One Sino Park were sold out within three hours of the sale starting at 1pm, generating RMB 5.88 billion ($825.8 million). With the project’s first two phases sold out, the developer has raked in a total of RMB 21.5 billion. Read more>>
Chinachem Cheung Sha Wan Development Sells Out in Hong Kong
Chinachem Group and the Urban Renewal Authority sold out all flats in Echo House on Sunday, the latest project to receive a warm reception from homebuyers after an easing of mortgage financing and a cut in interest rates. All 198 units in the Cheung Sha Wan project were sold after sales started at 9am, according to agents.
Hong Kong’s property market has seen rising home sales in recent weeks after the policy-easing cycle by the Hong Kong Monetary Authority last month. This was followed by the HKMA increasing the loan-to-value ratio to as much as 70 percent of the property’s value and raising the debt-servicing ratio from 40 percent to 50 percent for both residential and non-residential properties. Read more>>
Hong Kong Home Sales Seen Facing Headwinds Despite Rebound
Hong Kong’s home sales uptick is expected to struggle with momentum due to the city’s weak economic outlook and elevated interest rates.
The number of new home transactions in the seven days after Chief Executive John Lee’s policy address rose 20 percent compared with the same period earlier, according to data from broker Midland Realty. This comes amid several major launches, such as Sun Hung Kai Properties’ new project in Kai Tak. Prices of second-hand transactions rose 0.5 percent in the week of the policy address, according to Centaline data. Read more>>
Frasers Launches $3.2B One Bangkok Mega-Project
A $3.2 billion mixed-use project co-developed by Frasers Property and TCC Assets called One Bangkok launched Friday after it was first announced in 2018.
The project is one of Thailand’s largest private-sector development projects, connecting the business districts of Sathorn and Silom with Rama IV Road. The development comprises luxury and lifestyle hotels, residential towers, offices and malls. Read more>>
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