In today’s roundup of regional news headlines, China Oceanwide unloads a Hawaiian development site at an amended price, Goldin’s Guangzhou commercial project fails to sell at auction for a second time, and Singapore’s SPH REIT gets a rebranding.
China Oceanwide has completed the sale of a residential site on the Hawaiian island of Oahu to a US company for $95 million.
The closing took place on 23 December (Hawaii time) in accordance with the terms and conditions of an amended and restated purchase and sale agreement announced on 9 November. Read more>>
Hong Kong-based developer Pan Sutong failed to sell his half-completed Guangzhou commercial real estate project for the second time this month, which bodes ill for the one-time property magnate and his cash-starved company Goldin Group.
The twin towers of Fuda Real Estate Development at Guangzhou Science City were offered for sale on Monday at a starting price of RMB 1.64 billion ($25 million), a 36 percent discount to its RMB 2.56 billion valuation, but failed to secure a single bid on Taobao. Read more>>
SPH REIT will change its name to Paragon REIT to better reflect the trust’s vision and mission to capture unique opportunities in the Asia Pacific retail landscape, its manager said Thursday.
The names of the REIT’s security, counter and manager — along with its logo and website — will reflect the new name with effect from 3 January at 9am. Read more>>
US-based Greystar has closed on the acquisition of Student Roost, the UK’s third-largest purpose-built student accommodation provider, from a Brookfield private fund through a joint venture with Singapore’s GIC, a global institutional investor.
The JV will continue to trade Student Roost under its widely recognised existing brand. The new management structure will be led by Jess Gallop as managing director of Student Roost, having previously been director of people and organisational effectiveness. Gallop will lead the operational business and corporate functions within Student Roost. Read more>>
Vacancies have been rising and rents falling in Beijing’s office buildings in the fourth quarter as businesses cut back on spending amid fallout from the pandemic, according to industry data.
China’s deteriorating commercial property shows how the country’s real estate crisis has gone beyond the residential market, which has suffered from a protracted sales slump since last year. Read more>>
The market for big-ticket sales of Singapore office assets is heading for a slow start in 2023 after a weak performance in the last two quarters of this year.
A significant buyer-seller price gap will continue to be a major hurdle in sealing deals — especially for income-generating office assets. Read more>>
South Korea’s National Pension Service will play a more active role in corporate management to encourage responsible and sustainable growth, its newly appointed chief investment officer said.
“National Pension Service as a public fund operator has strived to encourage corporates on responsible management practices while seeking stable returns for the long term, and it will continue its efforts with responsible investment,” Seo Won-joo said in his first news conference as chief of the investment management arm of the KRW 900 trillion ($709 billion) fund. Read more>>
China’s housing affordability problem is so entrenched that the massive crackdown on the once-frothy real estate sector has made little difference for residents such as Qian, a teacher in the high-tech centre of Shenzhen.
For nine years, she’s been sharing a two-room school dorm while saving to buy an apartment in one of China’s most expensive cities. Although prices came down about 10 percent after the recent market crash, her salary has been cut by 9 percent. She needs to save for a few more decades to afford her own place. Read more>>