China’s housing market leads Asia’s real estate headlines today as mainland optimism sees consumers continuing to drive up home prices as Singapore’s sovereign wealth fund jumps into the trend with its latest middle kingdom development joint venture.
Also in the news, a Singapore-based co-living operator is trying its hand and creating a rental housing portal and the Lion City rolls out its first smart car park.
New home prices in China rose at a slightly faster monthly pace in August, as consumer demand showed signs of picking up in a boost to an economy recovering from the coronavirus crisis.
Average new home prices in 70 major cities climbed 0.6 per cent in August from a month earlier, a touch better than a 0.5 per cent increase in July, according to Reuters calculations based on data released by the National Bureau of Statistics on Monday. Read more>>
Chinese property development and investment firm CIFI Holdings has entered into an agreement with Singapore’s sovereign wealth fund GIC to launch a 7-billion-yuan ($1.025 billion) investment platform for residential projects in eastern China’s Yangtze River Delta.
Hong Kong-listed CIFI will hold 51 per cent and GIC will hold a 49 per cent stake in the investment platform, the former announced in a statement on September 11. Read more>>
Hmlet Listed, developed by lifestyle accommodation operator Hmlet, launched its platform for landlords, agents and tenants last month across Singapore, Thailand and Malaysia.
Hmlet Listed already represents more than 5,000 property owners who are leasing condos, apartments and coliving properties and plans to offer landlords and developers a range of value-added services such as interior design and furniture rental. Read more>>
China is tightening rules and imposing capital demands on sprawling empires such as Ant Group and China Evergrande Group in its latest attempt to curb risks in the nation’s $49 trillion financial industry.
The new regulations will require licenses for non-financial companies that do business across at least two financial sectors, and which are designated as “financial holding companies,” the State Council said Sunday on its website. Any application must be submitted within 12 months after the rules take effect on Nov. 1. Read more>>
Chinese investment to Australia roughly halved in 2019 on a shift toward investment in emerging markets and negative perceptions in China of doing business with Australia, a report said on Sunday.
Investment dropped some 47% to A$2.5 billion ($1.8 billion) from A$4.8 billion in 2018, the third straight decline from a 2016 peak of A$15.8 billion, according to the Australian National University’s Chinese Investment in Australia database. Read more>>
Nanyang Technological University (NTU) and Singapore Technologies Engineering (ST Engineering) have launched Singapore’s first barrier-free smart car park, they said in a joint statement on Monday.
The new system has started operating at three car parks on the university’s main Jurong campus. It will be progressively rolled out to all 59 car parks on NTU’s campuses including Novena and one-north, and will cover more than 4,000 parking lots when completed by the end of 2021, the statement said. Read more>>
Hong Kong’s shopping centres are rolling out various promotions and discounts to attract shoppers back, as city authorities begin a gradual process to relax some of their social-distancing rules amid positive signs that the spread of the infectious Covid-19 disease is easing.
New World Development’s K11 Musea, Swire Properties’ Pacific Place, Cityplaza and Citygate have all launched various promotions to lure shoppers. At the Pacific Place in Admiralty, customers can enjoy up to 15 per cent rebate when shopping on weekends until October 4, with accumulated same-day spending of at least HK$5,000 (US$645). At the Cityplaza in Taikoo Shing, shoppers who spend at least HK$800 can redeem a HK$100 coupon for food and beverages. Read more>>