In today’s roundup of regional news headlines, CapitaLand Malaysia Trust reveals plans to buy its second logistics asset, and a sharp drop in China property investment casts doubt on a robust recovery. Also making the list is a 40 percent drop in Ho Chi Minh City apartment prices and another mainland developer loses its auditor.
CapitaLand Malaysia Trust on Monday said its trustee MTrustee has entered into a sale and purchase agreement to acquire a freehold logistics warehouse for MYR 39.7 million ($8.8 million).
The property is a single-storey detached warehouse with an annexed three-storey office building and a built-up area of 84,755 square feet (7,874 square metres). The property is located at the Hicom Glenmarie Industrial Park in Shah Alam, Selangor. Read more>>
A slide in China’s property investment and sales more than doubled in pace in April, a sharp decline in a sector crucial to the health of the world’s second-biggest economy that will undermine confidence in its recovery.
Property investment fell 16.2 percent year-on-year last month, the fastest clip since November 2022, according to Reuters calculations based on data from the National Bureau of Statistics. It had fallen 7.2 percent in March. Read more>>
The prices of some luxury apartments in Ho Chi Minh City’s District 1, the central business district, have fallen by almost 40 percent.
Chau, a veteran real estate broker, said many owners are willing to take such a big cut since they need cash. Read more>>
CIFI Holding on Tuesday announced the resignation of Deloitte Touche Tohmatsu as auditor after the accounting firm had received an anonymous letter “raising a number of unsubstantiated challenges to certain transactions”.
The developer’s board appointed Prism Hong Kong and Shanghai as the new auditor of the company, according to a filing with the Hong Kong stock exchange. Read more>>
China’s economic recovery is losing momentum after an initial burst in consumer and business activity early in the year, prompting calls for more policy stimulus to bolster growth.
Official data Tuesday showed that industrial output, retail sales and fixed investment grew at a much slower pace than expected in April. The figures were disappointing even though the low base of comparison from last year, when Shanghai was in lockdown, helped boost the data. Read more>>
Moody’s Investors Service has for the first time in about two years projected a favourable outlook for China’s property sector, based on better sales and funding conditions for developers, according to a report released on Monday.
Home sales are expected to report flat growth in the next 12 months after a gradual recovery in sales volume from a 28 percent drop last year, thanks to China’s economic recovery and favourable government policies stimulating home demand, the rating agency said. Read more>>
At the end of last year, the lease on Eva Teh’s flat in central Singapore came up for renewal.
The Singaporean and her husband were expecting their monthly rent to rise. What they weren’t prepared for was the 60 percent hike proposed by their landlord. Read more>>
A combination of multiple supportive factors has driven high-quality defensive REITs in Singapore up by double-digits year-to-date compared with the overall REIT sector, which gained just 2 percent over the same period, according to UBS.
The investment bank expects these tailwinds to continue to drive outperformance for the rest of 2023. Read more>>