China’s Belt and Road Initiative leads the news today as one of the biggest players in the global infrastructure drive kicks off talks with potential investors for an estimated $4 billion in real estate deals linked to a Sri Lankan port project. On a slightly greener note, one of Singapore’s largest developers has managed to cut carbon output by a third in just over a decade, while China’s Ministry of Commerce has figured out a formula for using government market guidelines to drive more mall construction in the mainland’s smaller cities. Read on for all the facts on these stories and more.
A Chinese-backed real estate project near Sri Lanka’s main port is in discussion with investors for up to $4 billion in investments in its first phase, the developer said on Wednesday.
Work on the $1.4 billion Port City project by China Communication Construction Company (CCCC) (601800.SS) started in 2016 as part of Beijing’s ambitious plans to create a modern-day “Silk Road” linking Asia to the Middle East and Europe. Read more>>
Singapore property giant City Developments Limited (CDL) said it hit a range of targets last year as it stepped up its campaign to improve sustainability.
It noted in its latest report out on Monday that it had reduced its carbon emissions intensity by 32.8 per cent from 2007 levels, putting it on track to meet the 38 per cent target set for 2030. CDL also achieved a 27.3 per cent reduction in energy use intensity from 2007 levels, exceeding its 25 per cent target for 2030. Read more>>
The Ministry of Commerce said on Saturday that it would encourage cities with a permanent resident population of more than 10 million to each build at least 10 “multi-functional” shopping centers this year, which could include childcare, entertainment and restaurants.
Cities with a permanent resident population of five to 10 million might build five such centers or more, it said in a statement posted on its website. Read more>>
China’s property developers are less optimistic about the outlook this year as authorities across the country tighten restrictions on buyers and banks make mortgages more expensive, with the boom in smaller cities that had previously fuelled growth also set to cool.
So far this year more than 90 measures to curb property buying have been implemented by cities nationwide, including eligibility restrictions for buyers, increases in down payments and direct price caps, according to property agency Centaline. Over 60 cities have also banned the reselling of homes within two or five years. Read more>>
Department store operator Parkson Retail Asia posted a third-quarter net loss of S$7.8 million, narrowing its net loss by 14 per cent from S$9.1 million a year ago.
This translated to a loss per share of 1.16 Singapore cents, versus a loss of 1.35 Singapore cents last year. No dividend was declared for the current financial period, unchanged from the preceding year. Read more>>
Found said on Wednesday (May 2) that the rebrand concludes the company’s tenure with the global Impact Hub network, and marks its next steps in establishing itself as an independent, home-grown and South-east Asian brand.
Found added that it continues to be supported by longstanding partners and investors, including Lee Han Shih, the Pangestu family of Barito Group and RB Group. The company has built a community of 2,500 members and alumni, who collectively have raised more than S$380 million. Read more>>
Hong Kong retail rents will recover more quickly in Kowloon than on Hong Kong Island according to projections by Colliers analyst Melanie Kotschenreuther.
Kotschenreuther predicts high-street Kowloon retail rents will rise 5 per cent in Mong Kok this year and 3 per cent in Tsim Sha Tsui, while across the harbour, high-street rents will rise by 2 per cent in both Causeway Bay and Central. Read more>>