China Home Price Growth Slows in September and More Asia Real Estate Headlines

China’s September housing market leads the way in Mingtiandi’s roundup of real estate headlines today with the news that home price growth in mainland China has slowed for a fourth month in a row, according to official data.

In other news around the region, a private equity giant has broken the $12 billion investment barrier in India, while a Temasek-backed developer is said to have received bids of up to $338 million for a Bangalore tech park.

Elsewhere, another retailer reports a Hong Kong-triggered plunge in sales, and mainland China’s largest developer has decided to offload a 3.6 million square metre Aussie residential site.

China Home Price Growth Slows for Fourth Consecutive Month

China’s home price growth slowed for a fourth month in September, as cash-strapped developers cut prices to speed up sales.

New-home prices, excluding state-subsidized housing, rose 0.53 per cent last month from August in 70 major cities, National Bureau of Statistics data showed Monday. That’s the smallest gain since February. Read more>>

Actis, Embassy, GIC Among Bidders for INR 24B Mapletree Office Park

Singapore-based real estate asset manager Mapletree Investment Pte. Ltd has received bids of up to INR 24 billion ($338 million) for its Global Technology Park in Bengaluru from Embassy Office Parks, UK-based Actis, and Singapore’s GIC, among others, three people familiar with the transaction said, reflecting significant global interest in rent-yielding office assets in India.

The bids, submitted in two rounds, are being shortlisted, the people mentioned above said on condition of anonymity. Read more>>

Blackstone Crosses $12B Investment Mark In India

Blackstone Group LP has invested $3.6 billion as of end-September in India, its record for a single year in the country, said a person directly familiar with the development.

With this, total investments by the New York-based firm across private equity (PE) and real estate deals have crossed $12.6 billion. Blackstone aims to surpass the $13 billion mark by December 2019, which will also mark its 13th year of operations in India. Read more>>

Hong Kong Home Sales Surge to 6-Month High

Sales of Hong Kong’s lived-in homes jumped by more than threefold over the weekend after the government last week raised the mortgage entitlements for borrowers, catching banks off guard with a sudden flurry of financing applications, brokers said.

Twenty used homes changed hands at ten housing estates in the city over the weekend, according to data by Centaline Property Agency, a six-month high. The surprise gain prompted brokers to advise buyers to allow an extra 30 days to two months for their paperwork to be approved. Read more>>

Giordano Sales Plunge across China and Hong Kong

Giordano sales slid by 8.6 percent in the three months to September, or by 7.1 percent if measured by constant exchange rates. Comparable same-store sales fell by 10.3 percent.

The damage to Giordano sales was largely borne in Hong Kong and Mainland China, where protests have hit inbound mainland tourist numbers since June and Chinese are spending less, spooked by the ongoing Sino-US trade war. Giordano sales in Hong Kong and Macau fell from $226 million to $169 million and in Mainland China from $251 million to $208 million. Read more>> 

Far East Consortium Breaks Ground on £470M London Development

Hong Kong developer Far East Consortium has given the go-ahead for work to start on its £470 million ($609 million) flats and hotel scheme at the Isle of Dogs in London Docklands.

The two buildings will rise to 65 and 35 storeys. The largest east tower will feature 370 luxury apartments, a four-star 231-room hotel and modern health centre, while the west tower will be home to 125 affordable apartments. Read more>>

Country Garden Puts 3.6M Sq M Sydney Site on the Market

Hong Kong-listed developer Country Garden Australia has listed a 364-hectare site in Sydney’s south-western fringe, with the potential for 1500-plus homes.

The developer, which has rebranded as “Risland”, acquired the significant site in 2017 for a rumoured A$80 million ($55 million). The site, in the rural community of Cawdor, is located about 20 kilometres from the A$5 billion Western Sydney Airport at Badgerys Creek. Read more>>

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