China Home Sales Fall Further Despite Support and More Asia Real Estate Headlines

The unstoppable slide of China’s housing market leads today’s look at real estate headlines from around the region, as home sales in October fell nearly 42 percent from a year earlier. Singapore also makes the news with the republic seizing the assets of a Cambodian scam lord after a US reminder on what appears to be a significant KYC concern, and a Korean private equity firm shows faith in Hong Kong’s commercial market. 

China Home Sales Slump Steepens Despite Policy Support

China’s new home sales extended a slump in October, despite recent easing measures introduced by major cities to revive the struggling property market.

The value of new home sales from the 100 largest property companies stood at RMB 253 billion ($35.6 billion), preliminary data from China Real Estate Information Corp on Friday showed. The reading represents a 41.9 percent drop from a year earlier, according to data compiled by Bloomberg. It also snaps a brief stabilisation in sales seen a month earlier. Read more>>

Singapore Seizes $115M in Assets From Cambodian Scam Lord

Singapore has seized more than S$150 million ($115 million) in assets linked to alleged money laundering and forgery in an operation involving Cambodian conglomerate Prince Holding Group and its founder Chen Zhi.

Among the assets seized were six properties and financial assets such as bank accounts, securities accounts and cash, the Singapore Police Force said Friday. Other assets subject to so-called prohibition of disposal orders include a yacht, 11 cars and multiple bottles of liquor. Read more>>

Seoul’s MBK Aims to Build Commercial Project in Hong Kong’s Quarry Bay

A mega waterfront commercial site in Hong Kong’s Quarry Bay that has been left idle for nearly two decades by a now-bankrupt local businessman may finally be poised for a revival.

The current owner, Marine Riches, majority owned by Seoul-based private equity group MBK Partners, has applied to amend plans for the site to the Town Planning Board — a move that comes amid signs of recovery in Hong Kong’s retail sector and property market. Read more>>

Singtel’s Nxera, Telekom’s NeutraDC Top Out Batam Data Centre

Telkom Indonesia’s NeutraDC and Singtel’s Nxera have topped out a data centre in Batam, Indonesia.

Construction for the facility began in June of last year, and it is set to go live in the first half of next year. Located at Kabil Industrial Estate, a tech park on the island of Batam across the strait from Singapore, the facility is expected to provide more than 50 megawatts of capacity. Read more>>

Swire Sells More Taikoo Shing Parking Spots

Swire Properties sold nearly 85 percent of its 453 private car parking spaces on sale at the Taikoo Shing Phase 10 project, generating HK$420 million ($54 million) in total proceeds.

The developer initially offered the spaces to Taikoo Shing residents, and the total release, including the latest batch, comprised 453 private car spaces and 18 motorcycle spaces, a company spokesperson said. Read more>>

Malaysia’s Sunway Aims to Lead Singapore Joint Ventures After MCL Land Buy

Sunway Group will take a more active role in Singapore’s property market following its acquisition of Hongkong Land’s MCL Land, strengthening its foothold in the city-state. 

Explaining the move, executive deputy chair Sarena Cheah said the conglomerate has historically taken a more passive approach in Singapore, partnering with local developers like Hoi Hup and Sing Holdings. Read more>>

Wealthy Mainlanders Boost Hong Kong Luxury Leasing

The number of luxury flat rental deals in Hong Kong continues to rise this year, buoyed by demand from wealthy mainland Chinese and Western expatriates, amid the city’s stock market rally and the government’s efforts to attract more affluent investors, according to agents.

In the first nine months of the year, there were 168 deals for rentals that cost HK$100,000 ($12,870) a month — a 10 percent increase over the same period in 2024 — at The Peak and in the Southern district, two of the city’s most exclusive enclaves, according to data compiled by Centaline Property Agency. Read more>>

Wheelock Sells Out Wan Chai Condo Project as Speculators Buy Whole Floors

Wheelock Properties sold all 60 units on offer within two hours at its latest residential project in Wan Chai on Sunday, as lower borrowing costs and improving sentiment continued to draw buyers back to Hong Kong’s primary housing market.

The developer sold the entire project at Spring Garden within the first two hours of the first round of sales, with most of the transactions involving 10 groups of big-ticket buyers snapping up full floors of four units each, according to brokers involved in the project. Read more>>

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