Developers from around the region are announcing 2018 results that range from good to bad this month, but few developers had it as tought as a major Hong Kong player which only sold one home last year, earning this story the top spot in Mingtiandi’s headline roundup. Also in the news, China’s financially trouble Tahoe Group is offering million dollar discount on luxury homes and Shanghai’s Greenland Group faces a challenge to a project on Korea’s Jeju island. All these stories and more await you in Mingtiandi’s roundup of news from around the region.
Chinese Estates Holdings, the Hong Kong real estate developer controlled by the family of tycoon Joseph Lau Luen-hung, reported its biggest profit plunge since 2010, as it sold a single apartment unit amid a cooling property market last year.
The company, chaired by Lau’s 38-year-old son Lau Ming-wai, had a tough year in 2018, selling a single home at its 55 Conduit Road luxury project. The 4,170-square-foot (387 square metre) Mid-Levels luxury apartment, which transacted for HK$286.2 million (US$36.5 million), contributed HK$125.4 million to Chinese Estates’ bottom line. Read more>>
As the ongoing US-China trade war weakens appetite of deep-pocketed mainland buyers for luxury homes, some developers have been offering massive discounts of up to nine million yuan ($1.3 million) to make sales.
Just a few days after Lunar New Year, mainland developer Tahoe Group began offering aggressive discounts for four luxury projects in Beijing, property agents said. A 410 square metre four-storey home at Cathay Courtyard in the south of the Chinese capital was being offered at 24 million yuan, nine million less that the price of a unit in the same project sold last year. Meanwhile flats at the company’s The Noble Mansion in Chaoyang district, was being offered at a discount of nearly 30 per cent. Read more>>
A for-profit medical facility may become another business concept that cannot penetrate into the Korean market as what would have been the first for-profit hospital in Jeju island may never open due to local regulations and civilian opposition.
The Jeju Special Self-Governing Provincial Government has begun a process to call off the operating license because the medical centre failed to open by the date designated by law.
The Korea government may face another investor-state dispute case from the Chinese capital if the license is called off. Read more>>
Home prices have suddenly shot up in Yanjiao, a boom-to-bust commuter town near Beijing that got a lifeline from two strokes of luck: it’s been picked for a key subway station, and a long-awaited move by the Beijing municipal government to a neighbouring city is finally under way.
In the past three months, amid the subway and relocation news, home prices have jumped seven per cent. That follows nearly two years of recession. Read more>>
Euro Properties, an international real estate development firm with 30 years of experience investing in various real assets and building luxury homes in major cities around the world, announced the completion of the sale of its managing stake in the development site at 118 East 59th Street in New York. The buyer is a company related to Yuzhou Properties Group, who continue to manage this development
Euro Properties acquired the development site in 2014 for $55 million. The company sold its position in the investment in December for $25.9 million – reflecting a total value in excess of $74 million. Read more>>
Colliers has teamed up again with US accelerator, TechStars, to launch a 2019 programme for global proptech startups.
The three-month accelerator connects startups with experts from around the world to help them develop and deliver technology solutions that solve problems across the property and commercial real estate industry. Read more>>