In today’s roundup of regional news headlines, CapitaLand’s development arm agrees to acquire a mixed-use site in Ho Chi Minh City, China Vanke readies a Hong Kong IPO of its property management division, and reports emerge of Evergrande’s EV unit pricing cars at below cost.
CapitaLand Development is acquiring a prime mixed-use site in Thu Duc City in Ho Chi Minh City with a total gross development value of S$1 billion ($714 million). The property is to become home to 1,100 high-end residential units and shophouses.
The development arm of CapitaLand Group said the acquisition will be completed by the fourth quarter of 2023, with the project expected to be launched in 2024 and completed by 2027. Read more>>
China Vanke is looking to kick off the Hong Kong initial public offering of its property management arm as early as September, according to people familiar with the matter.
Onewo Space-Tech Service aims to raise at least $2 billion in a listing, the people said, asking not to be identified discussing private information. The unit of the Shenzhen-based real estate developer could seek a hearing with the Hong Kong stock exchange as soon as August, one of the people said. Read more>>
China Evergrande is reportedly selling its first electric vehicle at below cost to boost sales, a state-owned newspaper under the People’s Daily said.
China Evergrande New Energy Vehicle started taking pre-orders for the Hengchi 5 earlier this month, with the starting price of the vehicle at RMB 179,000 (HK$209,210) after the state subsidy. Read more>>
Chinese investors dumped banking and real estate stocks on Thursday, fearing that the country’s property sector woes would start to hit the financial system as a growing number of homebuyers threaten to stop making mortgage payments to lenders.
Over the past weeks, a rising number of homebuyers have collectively threatened to halt mortgage payments to banks if developers do not resume construction of pre-sold homes, according to official media. Read more>>
An eyesore construction site in Sydney’s famous harbour gateway that went up in flames four years ago and has sat empty since will be turned into an upmarket apartment tower and the country’s first Waldorf Astoria hotel in a A$3 billion ($2 billion) venture.
Development giant Lendlease and joint venture partner Mitsubishi Estate Asia have resolved the future of Circular Quay’s last development puzzle, striking an A$800 million deal to buy a 4,000 square metre (43,056 square foot) block at 1 Alfred Street, empty since 2017. Read more>>
Nam Tai Property this week announced that the Shenzhen Qianhai Cooperation Zone People’s Court has granted its subsidiary’s request that Wang Jiabiao and Zhang Yu — who were terminated by the company’s reconstituted board of directors — be prohibited from using the corporate chops and business licences, during ongoing litigation.
Wang and Zhang, who are long-standing affiliates of Kaisa Group Holdings and have spent the last seven months purporting to represent Nam Tai Investment, will be restricted from dissipating assets of Nam Tai Investment and entering into new corporate arrangements on behalf of Nam Tai Investment. Read more>>
Singapore’s Condominium and Housing Board rental prices continued their upward trajectory in June, climbing by 2.1 percent and 2.3 percent from the previous month, respectively.
The readings represent the 18th consecutive month of rental growth for condos as HDB rents rose for the 24th straight month, according to the latest flash figures from SRX Property and 99.co released Thursday. Read more>>
The commercial real estate market in Seoul slowed this year, according to a report by South Korean online property platform RSquare.
The sum of the market transactions during the first half of 2022 is estimated to have reached KRW 14 trillion ($10.6 billion), the report said, based on data from property appraisal firm Korea Real Estate Board. Although the sum of the transactions didn’t include some deals made in June, it plunged by 27.4 percent compared with the deals in the same period of 2021. Read more>>