In today’s roundup of regional news headlines, government support delivers a boost to Chinese property firms’ fundraising efforts as Asia’s biggest economy tries to jump-start its ailing real estate sector.
Chinese property companies raised a total of RMB 101.8 billion ($15 billion) in December, up 33.4 percent year-on-year, driven by more state support for the highly indebted sector, according to CRIC.
Based on a survey of 100 companies, the figure for the whole of 2022 fell 38 percent to RMB 824 billion, the market researcher said. Read more>>
China is pushing hard to prop up its embattled property market to help reignite growth in the world’s second-largest economy that has been crippled by years of COVID restrictions.
The start of the year has opened with a barrage of measures, including a plan to ease restrictions on borrowing by developers and addressing the risk of “capital chain breaks” in the sector. Authorities are also looking at extending lower mortgage rates to fuel home purchases and capping commissions for real estate agents. Read more>>
Three floors of strata office space at 20 Cecil Street in Singapore’s Raffles Place have been put up for sale with an asking price of S$110 million ($82.5 million), or about S$36 million to S$37 million per floor.
The strata offices, which are located on high floors, have a combined gross floor area of 33,648 square feet (3,126 square metres), or 11,216 square feet per floor, joint marketing agents PropNex and Colliers said Monday. Read more>>
A three-storey freehold industrial building in Singapore was put up for sale via tender on Monday at the reserve price of S$65 million ($48.8 million), said sole marketing agent Edmund Tie.
The 18-strata-unit GS Building sits at 16, 18 and 20 Lorong Ampas, along the Whampoa River and Whampoa Park Connector, and has a land area of 3,426.7 square metres (36,885 square feet). Read more>>
It has been a busy couple of months for CapitaLand India Trust.
At a time when most of its Singapore-listed REIT peers have seen muted activity due to uncertainty from surging inflation and interest rates, CLINT is on the warpath. Read more>>
Hong Kong’s first weekend property sales of the year got off to a relatively good start with buyers snapping up more than 40 percent of the flats offered by Henderson Land, while local residents flocked instead to the border after China officially scrapped quarantine requirements.
The developer had sold 45 of 108 units on offer in the third phase of the One Innovale development in Fanling, New Territories as of 6.30pm local time, according to sales agents. Read More>>
The vacancy rate of shops in Wan Chai and Tsim Sha Tsui fell in December in a sign that Hong Kong’s retail trade may be picking up.
This came as shopping malls said they expected visitor numbers to rise significantly now that China has reopened its borders. Read more>>
The first batch of nine China REITs made their public debut on the Shanghai and Shengzhen bourses in June 2021. These onshore C-REITs, with an aggregate value of RMB 31.2 trillion ($4.6 trillion), hold infrastructure assets ranging from toll roads and waste treatment plants to logistics and industrial parks.
Since 2021, the C-REIT market has grown exponentially, raising total capital of more than RMB 75 billion, with the listing of 24 infrastructure and rental housing REITs as of December 2022. Read more>>