Being obscenely rich just continues to get tougher in China’s erstwhile party paradise as Beijing has now shut down 100 golf course in the last five years. Also in the headlines today, the mainland real estate market bounced back to 6.9 percent growth in 2016 and Tokyo will soon have its biggest warehouse facility. Read on for all these stories and more.
China has shut more than 100 golf courses in the last five years amid a campaign against a sport which has been vilified by Beijing’s Communist rulers but enjoyed by local officials.
The building of golf courses was banned in China in 2004, but demand from the growing ranks of wealthy and local-level cadres has seen numbers rocket from fewer than 200 to 683 over that time. Read More>>
China’s real estate investment rose 6.9 percent in 2016, official data showed on Friday, as national sales posted their strongest annual growth in seven years thanks to a furious property boom in top-tier cities.
Real estate investment, which directly affects about 40 other business sectors in China, is considered to be a crucial driver for the economy. China’s economy expanded 6.7 percent in 2016, meeting expectations, official data showed on Friday. Read More>>
ESR (e-Shang Redwood), a leading logistics fund developer and operator in Asia, announced that it will develop a large-scale, multi-tenant logistics facility in Ichikawa City, Chiba prefecture (Greater Tokyo), Japan with an expected value of over US$1bn upon completion.
Construction of the expansive 4-storey building is scheduled to commence September 2017 with completion in December 2018. Read More>>
The Ascott Limited, races ahead by securing contracts to manage six properties with more than 1,200 apartment units in China, on the back of record growth last year.
The new properties entrench Ascott’s presence in Changsha, Shenzhen, Tianjin and Wuhan (below), while extending its footprint to two more cities – Handan and Xuzhou. Ascott is also poised to boost its fee income by opening an all-time high of more than 30 properties worldwide this year, of which 16 will be in China, as it further cements its leading position in the industry. Read More>>
Chinese developers flocked to the offshore US dollar-denominated bond market in the past month, pushing January’s issuance to the highest single monthly level since October 2013, according to data compiled by Bloomberg.
After an already high US$1.3 billion issuance in December, another record was set with a total of US$3.785 billion issued by Chinese homebuilders in January, almost four times that from the same month a year ago. Read More>>
Hong Kong Airbnb members take longer to rack up rental proceeds matching their property’s value than those in every other major city in the world apart from Beijing, a survey shows.
They would need to rent out their properties for 38 years using the popular website, and nearly 48 years if they let them the conventional way, to get a 100 per cent return on their investment, the survey of property values and rents in 75 cities by London-based agency Nested found. In Beijing, owners need to let properties via Airbnb for nearly 60 years to achieve the same. Read More>>
A corporate buyer is set to pay the highest stamp duty ever on a property in Hong Kong, after forking out HK$1.08 billion for Asia’s most expensive house per square foot.
The buyer, named as Giant Victory Holdings in a filing with the Land Registry on Tuesday, is likely to be charged a total of 30 per cent in stamp duty for the luxury home on The Peak, which works out at HK$324 million. It follows the government’s move to almost double the levy on November 5. Read More>>
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