Leading today’s real estate headlines, the Wall Street Journal rediscovers China’s property market, and WeWork follows up on its $500 million China fund raising by announcing plans to double the size of its India footprint. And one of Hong Kong’s richest men decided that, as the price of housing in the city rises out of reach of all but the wealthiest, this might be a good time to point out the adverse impact of new market curbs on the sale of his ultra-luxury homes. Keep reading for all these stories and more.
Chinese investors have been buying commercial property domestically at the fastest rate ever as new institutions and funds join the market and traditional players focus more on their home shores in response to government-imposed capital controls on offshore investment.
Domestic buyers purchased a record $564.9 billion worth of office buildings, shopping centers, development sites and other commercial property in China last year, according to real-estate data firm Real Capital Analytics. By comparison, domestic buyers did $395.8 billion in such deals in 2016, the firm said. The lion’s share of the deals each year involved development sites. Read more>>
New York-based shared workspace company, WeWork — which started India operations in July 2017 — expects to double its locations to 20 from present nine across Delhi, Mumbai, Bengaluru by the end of 2018. WeWork India also plans to expand its base to Pune, Chennai, and Hyderabad by next year, the company said in a statement on Tuesday.
In late 2016, WeWork announced its foray into India, through a joint venture with Bengaluru-based real estate developer Embassy Group. However, it started operations in July last year, with its first shared office space at Embassy’s Residency Road building in Bengaluru. Read more>>
JTC has launched one land parcel for tender, the first of six confirmed list sites for the second half of 2018 Industrial Government Land Sales (IGLS) programme.
The launch is part of the government’s efforts to offer more choices for industrial development, JTC said in a press statement on Tuesday (July 31). Occupying a land area of 0.5 hectare, the site has a gross plot ratio of 2.5, and a tenure of 20 years. It is zoned for Business-2 use. Read more>>
Chow Yei-Ching, the Hong Kong businessman who founded the Chevalier Group, has died at the age of 82. The Chevalier Group, which Chow established in 1970, confirmed that he died at home on Sunday night, adding that the arrangement for his funeral will be announced later, the Hong Kong Economic Journal reports.
Chow reportedly contracted liver cancer three years ago before he was stricken by stroke later and had recuperated at home since. Read more>>
Hong Kong’s decision to tax developers who hold unsold properties will fall disproportionately on builders of ultra-luxury apartments, which take longer to sell, said Ronnie Chan, chairman of Hang Lung Properties Ltd.
“We are in a sense, a sitting duck,” said Chan, referring to the Hang Lung’s Blue Pool Road development where houses cost more than HK$200 million ($25 million). “It is rather unfair for high-end luxury properties.” Read more>>
Architecture firm Lead 8 has been appointed Lead Designer for Beijing’s planned Daxing International Airport by the operator of the new commercial terminal, China Resources Land. Daxing International Airport terminal will become the world’s largest airport next year, after undergoing a fast-tracked construction schedule.
As part of a new “air transport-related economic zone”, the project brief calls for the purposeful design of a new generation of workspaces, with integrated retail, dining and entertainment offerings. Read more>>