Nicolai Tangen, CEO of Norges Bank Investment Management
The world’s largest sovereign fund reveals plans to shut down its Japan real estate office, with that closure leading today’s headline roundup. Also making the list, Hong Kong home prices snap a four-month skid and a local clan puts a Kowloon commercial property up for sale.
Norges Shutting Down Sole Asia Real Estate Presence After 10 Years
Norway’s sovereign wealth fund announced this week that it is closing its Japan real estate office after 10 years of operation. The outpost stood as the sole Asian property office for the world’s largest sovereign fund.
In a notice on its website, Norge Bank Investment Management said that, after completing two direct investments in Tokyo over the past decade, it has decided that further direct investments in Japan’s property markets are no longer a priority. The fund said that, while it will retain its existing portfolio, it will wind up its local presence, as the operation is no longer necessary. Read more>>
Hong Kong Housing Prices End Four-Month Slide
Hong Kong’s home prices ended four months of decline and edged up in April, government figures showed Wednesday, as falling mortgage rates helped lift buying sentiment.
Private home prices rose 0.4 percent in April from the month before, following a revised 0.3 percent fall in March, data from the Rating and Valuation Department showed. The prices have dropped 1.2 percent so far this year to their lowest level since 2016. Read more>>
Cash-Strapped Hong Kong Tycoon Marketing Mong Kok Commercial Block
The family of Ho Shung-pun, a low-key clan of Hong Kong developers, has put a commercial property on the block after selling several luxury houses on The Peak last year to repay debt.
Colliers is the sole agent for the five-storey building located at 18 Bute Street in Mong Kok. Ho is the director of Kowloon Investment, which bought the building in 1971 for HK$420,000 ($53,580), according to official records. Read more>>
Singapore’s URA to Roll Out Draft Master Plan in June
Singapore’s Urban Redevelopment Authority will be unveiling the Draft Master Plan 2025 on 25 June, according to Minister for National Development Chee Hong Tat.
The long-awaited document, which will map out Singapore’s detailed land plans for the next 10 to 15 years, is being introduced at an exhibition after city planners gathered public feedback following the launch of the engagement exercise in October 2023. Read more>>
Chinese Parents Seen Buying Homes Near Top Tokyo Schools
An increasing number of elite Chinese are fleeing their deteriorating home country in pursuit of a better life abroad. Some find better educational opportunities for their kids in Japan, where entrance exams are much looser as local birth numbers are in steep decline.
International schools in Tokyo are already witnessing an influx of children from the newly arrived, highly involved Chinese households. Chinese students are also more visible in cram schools, eyeing competitive junior high school entrance exams. Read more>>
Koreans Call for Curbs on Mainland Homebuyers
As Chinese investors increasingly dominate South Korea’s real estate market, purchasing luxury homes and prime redevelopment sites, concerns are mounting over speculation, tax evasion and loopholes in regulatory oversight. Critics are calling for reciprocal restrictions, pointing to the growing disparity between what foreign and domestic buyers face.
A 33-year-old Chinese national recently bought a two-story detached home in Seongbuk-dong, one of Seoul’s most exclusive residential neighborhoods, for KRW 11.97 billion ($8.6 million). Read more>>
South Korea’s Central Bank Cuts Rates for Fourth Time
South Korea’s central bank cut its policy interest rate by 25 basis points Thursday as the country faces a double-whammy of protracted political turmoil and the Trump administration’s sweeping tariffs.
The Bank of Korea reduced rates from 2.75 percent to 2.5 percent, the lowest level since August 2022, in line with expectations among economists polled by Reuters. That marked the central bank’s fourth cut in the last six meetings. Read more>>
Sister of Former Hong Kong Chief Executive Buys Home at a Discount
The sister of former Hong Kong Chief Executive Tung Chee-hwa bought a HK$119 million ($15.2 million) apartment in the Mid-Levels neighbourhood, joining a cohort of wealthy investors who have been taking advantage of depressed prices to snap up luxury homes.
A 3,349 square foot (311 square metre), four-bedroom unit in Grenville House, located at 3 Magazine Gap Road, was sold Tuesday, according to Land Registry records. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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