There was good news for China Overseas Land as the firm saw third quarter profits more than double from last year
Today’s news features China Overseas Land reporting a 110 percent rise in third quarter operating profit thanks in part to China’s hot housing market. Additionally, Singapore recorded an 8.8 percent increase in home sales while mainland homebuyers looking to avoid domestic buying restrictions are scooping up luxury units in Hong Kong.
China Overseas Land’s Operating Profit More Than Doubles
China Overseas Land reported a 110 percent rise in third quarter operating profit to HK$8.32 billion when compared to last year’s numbers thanks to China’s surging property market.
The developer said contracted sales reached HK$171.46 billion in the nine months to September 30, equivalent to 81.6 percent of the annual target which was revised to HK$210 billion in August this year. Read more>>
Keppel Land Ditches Stake In Chengdu Township Project
Keppel Land announced that it has entered into an agreement to divest their stakes in Chengdu Century Development Co (CCDC) to Sichuan Zhong Tie Wen Rui Property Co., for RMB342.08 million.
Keppel formed the joint venture in 2003 to develop The Botanica township project in Chengdu. All residential units at the project have been sold and handed over to homebuyers. Read more>>
Singapore Home Sales Rebound, Up 8.8 Percent
Sales of new private homes in Singapore climbed to 509 units last month despite a dearth of fresh project launches by developers. The monthly total was a jump of 8.8 percent from August, which traditionally sees slower market activity due to to the Hungry Ghost Festival.
Year on year, new home sales were up 49.3 percent from the 341 new homes sold in September last year, Urban Redevelopment Authority data showed. Read more>>
Mainland Homebuyers Target HK Luxury Projects
The pace at which mainland capital is flowing into Hong Kong’s luxury residential market has increased after more Chinese cities introduced or tightened curbs on house buying, according to industry experts.
For the first two weeks of this month, realtors said about 30 percent of Hong Kong’s new luxury homes were purchased by mainland buyers. According to data from Centaline Property Agency, mainland buyers accounted for 14.8 percent of total home sales in the second quarter of the year. Read more>>
City Developments Acquires Stake In Posh Tokyo Project
Singapore-based City Developments has stepped up its overseas expansion push with the acquisition of a 20 percent stake in a residential project in one of Tokyo’s most posh areas.
The Singapore-listed developer said it had bought the stake in Park Court Aoyama from Mitsui Fudosan Residential for a sum that could not be disclosed owing to a confidentiality agreement. Read more>>
HK Mega Mall Prepares For Take Off
Airport officials in Hong Kong revealed details of a plan to build a mega retail, hotel, dining and office complex, which is set to start operating by 2021.
The 25-hectare commercial district on north Lantau Island will be developed in phases. Phase one will include retail, dining and entertainment facilities, as well as a hotel with 450 to 750 rooms. It is expected to be completed by 2021. 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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