New home prices in 70 Chinese cities fell 31% year-on-year in November (Getty Images)
In today’s roundup of regional news headlines, China’s home price slump shows no signs of a turnaround, R&F co-founder Zhang Li fights extradition to the US, and global investors bid for ownership of a Hyderabad office complex.
China’s Home Price Slump Persists as Buyer Demand Remains Weak
China’s housing market slump persisted in November as prices and sales fell, underscoring the challenge for authorities as they seek to revive the beleaguered property sector.
New home prices in 70 cities, excluding state-subsidised housing, slid 0.25 percent last month from October, when they fell 0.37 percent, National Bureau of Statistics figures showed Thursday. Sales dropped 31 percent from a year earlier, worsening from a 23 percent decrease in October, according to Bloomberg calculations based on official data. Read more>>
R&F Boss to Fight Extradition From Luxury Flat Once Touted as London Showcase
Billionaire developer Zhang Li will be staying in a luxury flat under tight security in a development that was once one of his company’s showcase projects in London as he fights extradition to the United States.
The co-founder of debt-stricken Guangzhou R&F Properties was arrested by London police on 30 November, as US authorities are seeking his custody to face bribery charges related to Z&L Properties, a California-based firm that R&F has said is owned by Zhang and his affiliate. Read more>>
CPPIB, GIC, Mapletree Bid for Shapoorji-Allianz Property in Hyderabad
Canadian pension fund CPPIB, Singapore sovereign fund GIC, Temasek-owned Mapletree and other global investors have bid for Waverock, a 2.4 million square foot (222,967 square metre) office complex in Hyderabad.
The complex is owned by a joint venture of Shapoorji Pallonji Investment Advisors, the real estate investment arm of Shapoorji Pallonji Group, and Allianz Real Estate, a division of the German insurer. Read more>>
No Proposals Received for Jurong Lake Integrated Tourism Development
The Singapore Tourism Board did not receive any proposals for its tender to develop tourism in Jurong Lake district.
The request for proposals was launched on 15 March and closed on 18 October. Read more>>
Housing Prices in Asia Pacific ‘Misaligned’, at Turning Point: IMF
Housing markets in Asia Pacific are slated for a decline in many countries, with some seeing a marked increase in downward risks on the order of 5-20 percent, according to the International Monetary Fund’s latest paper.
Housing prices across the region are “misaligned”, having surged during the pandemic — especially in the region’s advanced economies, the IMF said. Read more>>
Venture Firm Fifth Wall Raises Record Proptech Startup Fund
Fifth Wall Ventures Management has raised the largest-ever venture fund focused on real estate technology companies, the company said, a sign that some major investors are still bullish on property startups despite this year’s surge in interest rates.
The $866 million fund, which closed last Friday, will invest in both early- and late-stage startups. Annaly Capital Management, Arbor Realty Trust, CBRE, Equity Residential and a number of other major property companies invested in the fund. Read more>>
Logan Appoints Kroll as New Financial Advisor
Logan Group has hired Kroll Hong Kong as co-financial advisor to work together with previously appointed Haitong International to communicate with creditors.
The Chinese developer said Tuesday in a filing with the Hong Kong stock exchange that it has also appointed Kroll Hong Kong’s head of Asia Pacific and offshore structuring, Cosimo Borrelli, as chief restructuring officer to come up with a holistic debt extension plan. Read more>>
Japanese Group Buys Hawaii’s Queen Kapiolani Hotel
The 315-room Queen Kapiolani Hotel in Hawaii’s Waikiki has been acquired by Financial Products Group, a financial services firm in Japan that is publicly traded on the Tokyo Stock Exchange.
The hotel was built in the 1960s and underwent a $35 million renovation in 2018 to upgrade and modernise the guest rooms with retro-chic styling and art while honouring Queen Kapiolani through an art gallery above the lobby. No price was disclosed for the purchase. Read more>>
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