In today’s roundup of regional news headlines, Hong Kong leader Carrie Lam has second thoughts about a rental deferment plan for the city’s business tenants, debt fundraising slumps to a four-year low among China’s developers, and Singapore hikes the charges paid by builders for the right to enhance certain properties.
A rental deferment proposal by Hong Kong’s finance secretary to help struggling business tenants may be in jeopardy, as the chief executive is consulting her cabinet on whether to support or abort the scheme amid mounting opposition from developers and landlords, the South China Morning Post reported.
Sources said Carrie Lam is seeking an informal meeting soon with her Executive Council to gauge their views on Paul Chan’s budget proposal to allow tenants of commercial properties to postpone rental payments for up to three months. Read more>>
Hongkong Land, which owns the high-end Landmark shopping centre in Hong Kong’s Central business district, said Thursday that it will fully waive rents for tenants subject to mandatory closures imposed by the government to stop the spread of COVID-19 in the city.
Tenants from the food and beverage sector will only pay turnover rent for a six-month period ending 30 June, the company said. Read more>>
The financial squeeze on China’s property developers shows little sign of easing, with total fundraising by 100 of the country’s largest builders monitored by consultancy China Real Estate Information Corp slumping to its lowest in four years in February.
The 100 companies, which include China Vanke and Hong Kong-listed Sunac China Holdings, raised a combined RMB 39.8 billion ($6.3 billion) last month, 58.8 percent less than a year earlier and down 58.9 percent from January, CRIC said. Read more>>
Singapore has raised development charge rates for the first time since March 2019 for residential, commercial and industrial use for the six months starting Tuesday.
This came on the back of a broad-based recovery in Singapore’s property market, except for the hotel segment, which is still weighed down by the pandemic. Developers pay development charges to the state for the right to enhance the use of some sites or to build bigger projects on them. Read more>>
A total of 23 terrace factories in Singapore’s Hillview, including 14 units whose previous tender was withdrawn 2 months ago, have been put on the market.
The 999-year leasehold land parcel at 26-38D Hillview Terrace is available for sale by tender with a reserve price of S$255.4 million ($188 million), sole marketing agent Colliers said Wednesday. Read more>>
A portfolio of 23 strata retail shops has been put up for sale via expression of interest, sole marketing agent ERA Realty announced Thursday.
The set includes two Housing and Development Board shops in Toa Payoh and Ang Mo Kio and 21 strata shops in Far East Plaza, Sims Lim Square, Peninsula Plaza and People’s Park Complex. Read more>>
The manager of EC World REIT on Wednesday announced the trust’s entry into an expropriation and compensation agreement with the Chinese authorities in relation to the compulsory expropriation of Fu Zhou Industrial.
In a bourse filing, the manager said the Chinese authorities will provide a compensation package of RMB 108.5 million ($17.2 million) for the compulsory expropriation of the Hangzhou port property, which comprises berths and office buildings. Read more>>