CapitaLand Investment to Double India Assets to $8B and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, Singapore’s CapitaLand Investment announces plans to double assets under investment in India, a Hong Kong official throws doubt on a potential waiver of the stamp duty on home purchases, and buyers snap up apartments at a Henderson development in the New Territories.

CapitaLand Investment India Looks to Double AUM to $8B

CapitaLand Investment’s India arm wants to double its assets under management in the country to $8 billion from $4 billion now, said a top company executive.

The Singapore-based company plans to expand its warehousing and data centre businesses, but the big push will be in its office business. Read more>>

Hong Kong Has No Plans to Waive Stamp Duty on Real Estate

Hong Kong said it had no plans to relax the stamp duty on home purchases, following comments from a top government advisor that it was among the policies under consideration to shore up the economy.

“Mainland professionals have been clamouring for the double stamp duty to be waived for them, even before they acquire the right of abode,” Regina Ip, convenor of the government’s advisory Executive Council, told Bloomberg TV on Tuesday. Read more>>

Mad Rush for Henderson Homes in Fanling

Henderson Land Development has received more than 8,000 checks for 185 units at One Innovale-Archway in Hong Kong’s Fanling area, making the batch nearly 43 times oversubscribed on Monday.

The second-round sales of 185 flats started Wednesday, including 182 units to be sold at fixed prices. Read more>>

Langfang City in Hebei Announces Relaxation of Property Curbs

Langfang, a city in China’s Hebei province situated between Beijing and Tianjin, has rolled back homebuying restrictions as it seeks to boost a housing market that is flagging amid rising economic headwinds.

The city lifted virtually all home purchase and resale measures on Tuesday, including those on non-local residents, and is offering equal treatment and even more housing loans for company executives and top talent not from the city, according to the city’s website. Read more>>

Banyan Tree Reverses H1 Loss as Travel Resumption Boosts Revenue

Resorts operator Banyan Tree on Tuesday posted a first-half net profit of S$514,000 (now $373,000), reversing a year-earlier loss of S$42.6 million, as the rising tide of travel lifted all business segments.

First-half revenue more than doubled to S$118.6 million, with the hotel investments segment seeing a S$38.3 million rise in revenue to S$60.8 million as international borders reopened. Revenue for the group’s hotels in the Maldives rose by S$8.7 million from the previous year. Read more>>

PropNex Q2 Profit Falls 20.7% on Fewer Launches

Singapore-listed real estate agency PropNex on Wednesday posted a 20.7 percent drop in net profit for the second quarter as revenue fell due to fewer marketing launches.

Net profit for the three months ended 30 June stood at S$13.1 million (now $9.5 million), compared with S$16.5 million a year earlier. Read more>>

Office Life Is Bustling Again in Hong Kong and Singapore

While major US cities are still struggling to lure employees back to their desks, workers are filling up office floors again in Asian commercial hubs like Hong Kong and Singapore.

Hong Kong’s small apartments, often housing multiple generations, and efficient transport help drive the office revival, said Simon Smith, senior research director at Savills. Offices also provide free air conditioning during the steamy summer months, snacks and after-hours entertainment nearby. Read more>>

Shanghai Luxury Home Prices Soar on Post-Lockdown Demand

The prices of high-end homes — those offered for more than RMB 10 million ($1.5 million) — have shot up in Shanghai amid increasing demand for more spacious flats after the city’s two-month citywide COVID-19 lockdown.

Asking prices have risen in the past few weeks because of demand, and owners in some cases have raised prices by RMB 1 million overnight. Read more>>

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