China Easing Property Rules as Home Sales Drag and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Chinese developers struggle to sell homes despite the government’s recent relaxation measures, a freehold residential building in Singapore changes hands for $20 million, and listings firm PropertyGuru posts strong revenue growth as profit remains elusive.

China Expected to Ease Property Restrictions as Home Sales Drag

China’s biggest property developers are struggling to sell homes despite the introduction of some relaxation measures by Beijing.

The value of the combined contracted sales at the country’s top 100 developers fell 47.2 percent year-on-year in February to RMB 401.6 billion ($63.6 billion), widening from a slump of 41 percent in January, according to China Real Estate Information Corporation. Contracted sales or presales, which account for about 90 percent of new home sales, are the primary cash stream for China’s homebuilders. Read more>>

Chinese Developers Are Buying Back Their Bonds at a Discount

China’s stressed developers are taking advantage of spiralling prices to repurchase their dollar bonds at discounted levels.

Times China, Powerlong Real Estate and Agile Group disclosed a combined $132 million worth of additional buybacks in filings late Monday with Hong Kong’s stock exchange. The involved notes all mature in March or April. Read more>>

Singapore Residential Building Sells for $20M

The freehold Baode Building in Singapore has been sold via a private treaty for S$27 million ($20 million) after a relaunch of tender last December, property agency Colliers said Tuesday.

The eight-storey residential building on 8 Lorong 35 Geylang, which comprises 14 apartment units on a site area of 1,031.4 square metres (11,102 square feet), was acquired by Amitabha Buddhist Society as part of its expansion plans. Read more>>

KKR, TPG-Backed PropertyGuru Grew Revenue by 22.7%

Singapore-based real estate firm PropertyGuru posted a 22.7 percent increase in fiscal 2021 revenue to S$100.7 million (now $74.2 million), up from S$82.1 million a year earlier.

In a press release Monday, the group said the reported revenue exceeded its fiscal 2021 forecast of S$97.5 million by 3.3 percent and reflects rising confidence in the property market. Read more>>

SPH to Hold Takeover Scheme Vote on 22 Mar

Singapore Press Holdings on Monday said it would hold a scheme meeting on 22 March to vote on the takeover offer from consortium Cuscaden Peak.

The news comes after a court order granting SPH leave to convene the Cuscaden scheme meeting and to withdraw the application to convene the scheme meeting in relation to the Keppel scheme. Read more>>

Ho Bee Land Says 2021 Net Profit More Than Doubled

Ho Bee Land reported Monday that its 2021 net profit jumped 141 percent year-on-year to S$330.51 million (now $243.7 million) on higher development earnings.

Revenue for the 12 months ended 31 December increased 61.2 percent year-on-year to S$347.69 million, the property developer said in an SGX filing. Read more>>

UOL Group Profit Grew 127% to $159M in 2021 2H

UOL Group’s net profit grew 127 percent year-on-year to S$216.1 million (now $159.3 million) for the second half ended 31 December 2021, up from S$95.3 million for the corresponding period in 2020.

With this, the SGX-listed property company reported a 2,239 percent jump in full-year earnings from S$13.1 million to S$307.4 million, and the group proposed a first and final dividend of 15 Singapore cents per share for fiscal 2021. Read more>>

IREIT Global’s 2021 2H Net Property Income Up 34%

IREIT Global reported Friday that its second-half net property income rose 34.4 percent year-on-year to €23.16 million on the consolidation of the Spanish portfolio and the completion of the acquisition of the French portfolio and Parc Cugat.

Gross revenue for the six months ended 31 December increased 43.6 percent year-on-year to €28.52 million, the Europe-focused REIT said in an SGX filing. Read more>>

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