Henderson’s Lee Shau-kee and other top developers are staying on the Hong Kong land sale sidelines in 2016
China’s 2016 housing boom continued to taper off in June as growth in average home prices slowed again following purchase restrictions in the largest cities. Also, one of the mainland’s biggest developers signs up to invest $5 billion in India, and two leading builders team up for a RMB 4.8 billion project in Nanjing, as second-tier markets catch the China land fever.
China New Home Price Growth Slows to 1.3% in June
The cost of Chinese new homes rose at a slower rate in June from the previous month, figures showed Friday, as measures to tame prices in the world’s second-largest economy took hold.
The average price for new houses in 100 major cities increased 1.32 percent month-on-month in June to 11,816 yuan (US$1,776) per square meter, the China Index Academy (CIA) said in a statement, down from April’s 1.7 percent. Read more>>
China Fortune Land Signs MOU for $5B India Project
India’s Haryana would develop a new industrial township with Chinese help at a cost of USD 5 billion dollar spread over 1,500 acres of land in Sohna and Manesar in Gurgaon district.
A Memorandum of Understanding (MoU) to this effect was signed between Haryana Government and China Fortune Land Development (CFLD) Company in the presence of Chief Minister Manohar Lal Khattar here today. Read more>>
HK’s Biggest Developers Stay on Site Sale Sidelines as Prices Slide
The Hong Kong government is expanding land supply amid muted demand from the city’s biggest developers, signaling that prices have more room to drop.
Builders including Sun Hung Kai Properties Ltd., the city’s largest by market capitalization, Cheung Kong Property Holdings Ltd. and Henderson Land Development Co. have been absent from the list of winning bidders for the eight parcels of land tendered by the government in the first half, as average land prices fell. Read more>>
Yanlord, China Merchants Team Up for RMB 4.8B Nanjing Site
Yanlord Land is joining hands with China Merchants Property Development (CMPD) and Poly Real Estate Group to develop a housing site located in the heart of Nanjing, the second largest city in east China with a population of well over 8 million.
The site, yielding a gross floor area of about 170,000 sq metres, is located in Nanjing’s Gulou district and was acquired through a public land auction for about 4.8 billion yuan (S$971 million). Under the terms of the agreement, Yanlord will hold a 33 per cent stake in the project company, the Singapore Exchange-listed Chinese developer said on Thursday (June 30). Read more>>
Marriott, CDL JV Announces Two New Singapore Hotels
Marriott International and South Beach Consortium (a joint venture between City Developments Limited (CDL) and IOI Properties Group Berhad) announced that The South Beach hotel, a 634-room luxury property designed by the renowned Philippe Starck, located on Beach Road and adjacent to Suntec Singapore Convention & Exhibition Centre, will become JW Marriott Hotel Singapore South Beach.
In addition, Ian Schrager together with Marriott and Granmil Holdings Pte. Ltd. (a joint venture by Hong Leong Holdings, CDL and Lea Investments) also announced the introduction of The Singapore EDITION, the first to the city. The 8-storey boutique hotel, with 190 rooms, will be located on the former Boulevard Hotel site on Orchard Boulevard and Cuscaden Road. Read more>>
Wharf to Convert HK’s Murray Building into 336-Room Hotel
Wharf Holdings is redeveloping the iconic Murray Building in Central, Hong Kong into a “sophisticated urban chic hotel”, which is a near giveaway that the property will be branded Niccolo by Marco Polo.
The hotel, with 336 rooms, will open by the end of next year, but Marco Polo Hotels’ president, Jennifer Cronin, declined to confirm it would be flagged a Niccolo, only saying it would be “a new flagship for the group” and an “iconic, luxury landmark hotel in Hong Kong”. Read more>>
Beijing Developer Tries New Retail Approach in Sanlitun
A mere few weeks after experience center Mercedes me made its debut in Beijing’s trendy Sanlitun district, its retail neighbor Topwin Center opened its doors last month with clear ambitions to draw China’s art and lifestyle-minded cool kids to its selection of mostly homegrown independent shops. The shopping mall is part of an ongoing trend by Chinese developers, landlords and retailers to meet consumers’ demands for not only products, but lifestyle-oriented experiences, and also suggests Chinese high-end brands are on the rise.
The mall, managed by Beijing Topwin Real Estate Development Co., Ltd, is connected to both Mercedes me and the five-star InterContinental Beijing, which according to its website, is set to open to the public in September. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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