Evergrande boss Xu Jiayin formally thanks China’s first tier housing freeze for his 72% jump in sales
As we head into July Asia’s real estate investors are showing no signs of taking a holiday, with major activity popping up in Singapore, Beijing and points in between. Leading off today’s headlines, Evergrande sees its taste for lower-tier cities paying off through a 72 percent sales increase, while Singapore’s Mapletree Logistics Trust profits from the sale of a pair of its Japanese industrial assets. Read on for all these stories and more.
China Evergrande Sales Jump 72% in 1H as 2nd Tier City Strategy Pays Off
China Evergrande Group, the country’s largest homebuilder, said its first-half contracted sales rose 72 per cent from a year earlier to 244 billion yuan.
That’s 54 per cent of the company’s sales target of 450 billion yuan for the year. Evergrande achieved sales of 61.1 billion yuan in June, up 95 per cent from a year earlier. By floor area, the growth was 44 per cent to 6.05 million square metres. Read more>>
Mapletree Trust Sells Pair of Japan Warehouses for S$165M
Mapletree Logistics Trust (MLT) will sell two warehouses in Japan for a total of 13.5 billion yen (S$165.4 million) to Godo Kaisha Asset Toshi Jigyo 4 Go. The Zama Centre is a 10-year-old warehouse located in Kanagawa prefecture while Shiroishi Centre is a 43-year-old warehouse located in Hokkaido prefecture.
Both are four-storey warehouses served by cargo lifts, with gross floor area of 41,170 square metres and 11,181 sqm, respectively. Read more>>
Yu Liang Takes Over at Vanke With Shenzhen Metro in Background
Shenzhen Metro Group said the company had no plans to be involved in China Vanke’s daily operations at the Chinese developer’s annual general shareholders’ meeting in Shenzhen on Friday.
“We will not have a hand in Vanke’s day-to-day operations, but will play our part as the cornerstone shareholder,” chairman of state-owned Shenzhen Metro, Lin Maode told Vanke shareholders. Read more>>
Beijing Puts Five More Land Plots on Sale Amid Affordability Battle
The Beijing Urban Planning and Land Resources Commission is offering five new land parcels for auction, pushing the total amount of land put up for developers in the first six months of this year greater than that in all of 2016.
The capital’s land commission has been making affordable housing for lower-income people — so-called economy housing – a priority. Read more>>
SG Public Housing Owners Put Homes on Market for S$960M
Home owners of privatised HUDC estate Tampines Court have jumped on the collective sale bandwagon, with plans to put the property up for sale for S$960 million. If successful, this would be the biggest such deal for a former HUDC property in a decade.
Marketing agent Huttons Asia told The Straits Times that the tender will be launched on Tuesday (July 4), after securing approval from about 82 per cent of the owners for the collective sale. Read more>>
Greenland Unloads Property Management Business to Agile for RMB 993M
Shanghai-based Greenland Holdings, the mainland’s fourth-largest developer by sales, has agreed to sell its property management unit to its Guangdong rival Agile Property Holdings, raking in a one-time gain of 993 million yuan (US$146 million).
After the transaction, the two developers agree to strengthen their tie-up in the property management business in a fast-growing market that is likely to hit 1.2 trillion yuan in five years. Read more>>
Jiangsu Construction Firm Inks Deal to Invest $1B in India Housing
China Nantong Third Construction (CNTC) is entering the Indian real estate space through a joint venture with Bengaluru-based real estate developer Golden Gate Properties.
In two years, CNTC plans to invest as much as $1 billion in the JV that is named as Golden Gate CNTC, it said in a statement. The entity proposes to develop two high-end residential projects in Bengaluru with an investment of Rs 2,500 crore. Read more>>
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