China South City’s trade and logistics park in Xi’an
In today’s roundup of regional news headlines, developer China South City sells down its stake in some Xi’an developments, India’s Phoenix Mills buys land for a future mall project, and Asia’s dollar-denominated junk bonds rally.
China South City Sells 70% Stake in Xi’an Projects for $717M
Logistics and commercial developer China South City Holdings said it had agreed to sell a nearly 70 percent shareholding in a business that holds its projects in the central city of Xi’an to a state-owned shareholder for RMB 5 billion ($717 million).
The developer said in a filing that it expected to record a gain of HK$8 million ($1.03 million) from the sale, and the proceeds will be used by the business — China South City Xi’an — for working capital and repayment of RMB 2.86 billion in shareholders’ loans it provided. Read more>>
Phoenix Mills Buys Land to Build Surat Mall for $61M
Phoenix Mills on Friday said it had completed the acquisition of a 7.2 acre (2.9 hectare) parcel in Gujarat state’s Surat for INR 510 crore ($61.7 million).
The land parcel has been acquired through Thoth Mall and Commercial Real Estate Private Ltd, an indirect subsidiary of the company. The subsidiary firm will develop a premium retail destination with gross leasable area of about 1 million square feet (92,902 square metres) and expects to complete the development by fiscal 2027. Read more>>
Chinese Property Bonds Are Suddenly a Huge Winner
After being mired in distress and defaults for more than a year, Asia’s dollar junk-bond market has staged one of its biggest-ever rallies following an about-face by authorities in China on COVID-19 and housing policies.
The jury is out on when — and whether — the market can recover to a point where most junk-rated companies can raise money again. Read more>>
China’s Weekly New Home Sales Rise Slowly: Survey
New home sales in 16 Chinese cities rose at a slower pace last week, held back by falling transactions in the biggest cities and by surging COVID-19 cases, despite government support policies and the easing of pandemic curbs.
Measured by floor area, sales for 11-17 December in 16 selected Chinese cities had been 1.4 percent greater than in the previous seven days, China Index Academy, one of the country’s biggest independent real estate research firms, said Monday. For 4-10 December, weekly growth was 4.9 percent. Read more>>
Swire, Hongkong Land Say Businesses Will Refocus on City as COVID Curbs Ease
International and Asian businesses will refocus on Hong Kong, as the recent easing of COVID-19 restrictions and expected reopening of the border with mainland China help the city retain its international financial hub status, according to Swire Properties and Hongkong Land, two of the largest commercial landlords in the city.
“Assisted by the easing of border and social-distancing restrictions, we expect international and Asian financial and professional services businesses to refocus their attention on Hong Kong because of the city’s continuing role as China’s international hub for capital and finance,” Neil Anderson, director and head of office at Hongkong Land, told the South China Morning Post. Read more>>
Ballooning Hong Kong Housing Supply Will Have Developers Slashing Prices
The supply of new homes on the market in Hong Kong next year could more than double compared with this year, driving developers to slash prices by 10 percent or more in hopes of attracting buyers amid historically high interest rates, according to property agents.
The potential supply of new homes in 2023, according to Centaline Property Agency, will be as high as 28,000 units — equivalent to at least twice that of Taikoo Shing, a sprawling Hong Kong Island development that has 61 residential buildings. Read more>>
Noida Authority Signs Tentative $1B Data Centre Deal With SLG Capital
In the run-up to the UP investor summit, the Noida authority has signed a $1 billion memorandum of understanding with Singapore’s SLG Capital for setting up a data centre in the Delhi suburb, CEO Ritu Maheshwari has said.
Maheshwari is part of the delegation led by Uttar Pradesh cabinet minister Swatantara Dev Singh that is visiting Singapore ahead of the investor summit in February 2023. Read more>>
PropertyGuru Sees Healthy Demand for 2023, No Plans to Cut Jobs
Talk of Singapore’s property sector slowing down as a result of successive cooling measures is still just talk, said PropertyGuru’s chief executive officer Hari Krishnan.
As a property listings platform, PropertyGuru occupies two spaces that are facing some headwinds: property and technology. The former is expected to see a slowdown as interest rates rise, cooling demand for big loans. The latter is shedding jobs, partly due to overly enthusiastic hiring. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply