China Home Prices Fall at Fastest Pace in 9 Years and More Asia Real Estate Headlines

China’s new home prices continue their slide despite signs that stimulus measures are having a stabilising effect, with that story leading today’s headline roundup. Also making the list, Singapore developer home sales reach a 2024 high and Japan’s Itochu Corp reportedly backs a plan to privatise 7-Eleven’s parent group.

China Home Prices Fall at Fastest Pace in 9 Years

China’s new home prices fell the most year-on-year in October since 2015, but a narrowing monthly rate of declines suggested the property sector was beginning to stabilise with a barrage of support from the government.

In annual terms, new home prices slid 5.9 percent in October, a 16th consecutive month of declines, after a 5.8 percent drop in September. But month-on-month, new home prices were down 0.5 percent in their slowest decline since March, after dipping 0.7 percent in September, according to Reuters calculations based on National Bureau of Statistics data. Read more>>

Singapore Home Sales Hit 2024 High

Singapore home sales rose to the highest level in nearly a year, after developers released more inventory in suburban districts to capitalise on a pickup in demand.

Developers sold 738 new private units in October, according to data released Friday by the Urban Redevelopment Authority. That compares with 401 in September and is the most since last November. The increase comes after an otherwise tepid year for home sales. Singapore’s government has been trying to cool the real estate market by introducing policies including a sharp hike in stamp duty for foreign buyers. Read more>>

Itochu Seen Backing Privatisation of 7-Eleven Parent

Seven & i Holdings is considering a management buyout to take itself private with funding from banks, Itochu Corp and the founding Ito family in a transaction that could be worth around JPY 9 trillion ($58 billion), people with knowledge of the matter said.

Any deal could be presented as an option for shareholders in the event that Alimentation Couche-Tard becomes more aggressive with its pursuit of Seven & i and makes a tender offer, the people said, asking not to be identified because the negotiations haven’t been made public. Seven & i confirmed the family’s non-binding proposal without giving specifics, including a price. Read more>>

Hong Kong Politician Bunny Chan Revealed as Buyer of Tin Hau Hotel

A Hong Kong businessman and deputy to China’s legislature has acquired a hotel at a third less than the price paid by the previous owner, betting on the long-term resilience of the city’s tourism sector.

Twenty One Whitfield Hotel in Tin Hau changed hands for HK$268 million ($34.7 million) on Monday, Land Registry records showed. Bunny Chan and Paggy Chan are the registered directors of the buyer, Huge Fame Ltd, according to the Companies Registry. Read more>>

Singapore’s First Sponsor Reveals Plans for $517M Sydney Project

The long-awaited tower above Sydney’s City Tattersalls Club is closer to fruition with the joint Singapore and Melbourne developers announcing that the A$800 million ($517.3 million), 50-level hotel and residential tower fronting Pitt Street will be completed within three years.

To be called Sydney House, the tower will offer 241 units positioned above a 136-room hotel in a joint venture between Singapore-listed First Sponsor Group and Melbourne-based ICD Property. Read more>>

Blackstone Said Now Aiming for Minority Stake in India’s Haldiram’s

Blackstone has dropped plans to acquire a majority stake in the snacks business of Haldiram’s and instead is discussing purchase of a 20 percent stake at a valuation of $8 billion, which is still a sticking point, Reuters reported, citing sources.

There is a disconnect over valuation, though, with Haldiram’s wanting to value the snacks business at $12 billion, but Blackstone aiming to seal the deal at $8 billion, the report said. Read more>>

Goodman Investors Buck Remuneration Plan

Investors have registered their discontent with the pay practices at industrial powerhouse the Goodman Group as it was hit with a first strike against its remuneration report on Thursday.

Proxy votes revealed at the group’s annual meeting in Sydney showed that the company was hit by a near 35 per cent protest against its report, despite investors backing its ambitions to dramatically grow in data centres. Read more>>

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