CapitaLand acquired Borui Plaza in Beijing during the third quarter
Encouraging results from Singapore’s biggest real estate enterprise lead today’s news as CapitaLand reports rising earnings across its lodging, fund management and property investment divisions. Also in the news, China makes more moves to prop up its property sector and a set of Singapore bungalows received at least three bids in a recent tender.
CapitaLand Earnings Jump on Lodging, Fund Management Wins
CapitaLand Investment’s fee-related earnings rose 16 percent year to date to S$760 million ($537 million), from S$656 million in the corresponding period last year – its property management earnings slipped slightly to S$231 million from S$236 million, while its lodging management earnings rose to S$190 million from S$128 million.
Revenue from its real estate investment business also increased 48 percent to S$1.6 billion year to date, from S$1.1 billion in the same period last year. Read more>>
Mainland Government Set to Guarantee $2.7B in Developer Bonds
The state-owned China Bond Insurance Company is expanding support to a dozen private developers by guaranteeing bonds worth RMB 20 billion (US$2.7 billion).
The company, together with the central bank-backed National Association of Financial Market Institutional Investors (NAFMII) and the China Real Estate Association, met 21 private property companies on Tuesday, state-run media Securities Daily reported. Read more>>
China’s Central Bank Vows to Support Property Market
China is ramping up monetary support to consolidate the country’s economic recovery, with the property market showing signs of a pickup while pro-investment measures are set to take effect in the fourth quarter, said Yi Gang, the country’s central bank governor.
“China’s monetary policy will stay accommodative to support the real economy,” Yi said in an interview at the three-day Hong Kong Monetary Authority’s Global Financial Leaders’ Investment Summit, which opened on Tuesday. The interview was published on Wednesday by the People’s Bank of China, the nation’s central bank. Read more>>
At Least 3 Bids Offered for Central Singapore Bungalows
At least three bids came in for the freehold good class bungalows (GCBs) in Nassim Road owned by Cuscaden Peak Investments, formerly Singapore Press Holdings, according to marketing agent Realstar Premier.
The expression-of-interest exercise for the three properties, which were put on the market with an asking price of S$5,200 per sq ft (psf) on land area, closed at 4pm on Nov 3. Read more>>
Charges of Attempted Rape for Former Evergrande Director Dropped
Hong Kong prosecutors have dropped a charge of attempted rape against a former senior executive of real estate giant China Evergrande after revealing the alleged victim was so “disturbed and heartbroken” she could not give evidence.
The case is linked to a controversial hotpot dinner attended by three senior Hong Kong officials, with guests later fined for breaking Covid-19 social-distancing rules. Read more>>
Morgan Stanley Said Mulling Cuts of 50 Asia Bankers as China Deals Drop
Morgan Stanley is considering cutting about 50 investment banking jobs in the Asia Pacific after dealmaking in the region plunged this year, people familiar with the matter said.
The New York-based bank plans to reduce a significant number of its China-focused banking roles, mostly from sector teams, and may involve a handful of capital markets positions, the people said, asking not to be identified because the matter is private. The cuts could start this month, they said. Read more>>
Vietnam Financial Markets Wobble After Van Thinh Phat Case
Financial markets in Vietnam, Asia’s fastest-growing economy, are in an unsettling slide as a crackdown on property lending, a falling currency and rising interest rates heap pressure on banks and rattle confidence.
The Vietnamese dong and the benchmark stock index are heading for their worst annual performance since the 2008 financial crisis, with only Hong Kong and Russian stock markets poised for more losses globally this year. Read more>>
India’s Godrej Buys Land in Vacation Home Destination Near Mumbai
Real estate developer Godrej Properties Ltd has entered into an agreement for outright purchase of a land parcel in the micro market of Manor, Palghar – a popular weekend destination about 100 km from Mumbai. Spread across 50 acres, the proposed project is estimated to have a developable potential of approximately 1.2 million square feet of saleable area comprising primarily of residential plotted development, the company said.
Manor, Palghar, Boisar, and Wada are popular weekend destinations of historic and religious significance and have become popular investment micro-markets. Read more>>
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