China’s power-buyers are now becoming America’s super-sellers as mainland investors unloaded $1 billion in US real estate in the most recent quarter, according to an account in the Wall Street Journal. Those Chinese investors show up again in today’s roundup of real estate headlines from around the region, as buyers from north of the border stay away from Hong Kong’s luxury residential market. Meanwhile, a Singaporean developer is raising $250 million for new residential projects in India, and there are still more stories if you just keep reading.
Chinese investors unloaded more than $1 billion in US real estate in the third quarter, extending their recent retreat from hotels, office buildings and other foreign property under pressure from Beijing to reduce debt and curb money sent abroad.
Insurers, conglomerates and other big investors from China sold $1.05 billion worth of US property in the quarter, while purchasing $231 million of property, according to data firm Real Capital Analytics. Read more>>
Fewer deep-pocketed mainland Chinese buyers are showing an interest in Hong Kong’s luxury homes amid rising economic uncertainty brought by the US-China trade war, with market observers saying enquiries for property over HK$100 million (US$12.8 million) has fallen by half.
“Most of the buyers from the mainland are business owners whose businesses might be directly affected by the tariffs, while some are just holding off on their offers because of the uncertainties,” said Patrick Chau, senior director of residential development at Savills. Read more>>
Hong Kong’s biggest land site earmarked for development as a data centre is expected to draw intense bidding as the growth of cloud computing drives demand for such purpose-built facilities.
The 295,405 square foot site at Wan Po Road in Tseung Kwan O will close for tender on Friday. Under a plot ratio of 4.5 times, the site will house a structure with a gross floor area of up to 1.33 million square feet, or roughly the size of more than 19 football pitches. Read more>>
Singapore-headquartered real estate developer Assetz Property is floating a $250 million fund to invest across mid-income residential projects in India. “We are reasonably institutionalized and have the capability to provide transparency and higher fee to investors. The fund-raising will be completed in the next one year,” Akshay Dewani, chief executive officer, residential, Assetz Property, told ET.
The fund will be used to buy land parcels to develop 15 million square feet of residential projects across Bengaluru apart from venturing into newer geographies like Pune, Chennai and Hyderabad. The new fund will invest in building properties between 3,700 rupees and 5,500 rupees per square feet, with the majority of money earmarked for Bengaluru. Read more>>
Work has ground to a halt at Yuhu’s Jewel development on the Gold Coast, with three men rushed to a local hospital following a serious incident at the beachfront site.
The accident occurred Wednesday morning when a steel tray carrying “hundreds of kilos” of electrical cable collapsed onto the three men. A Queensland Ambulance spokesperson said that three male patients, aged 27 and 28, were transferred to the Gold Coast University Hospital. Read more>>
Chinese retail-chain Yonghui Superstores, which has tech giant Tencent Holdings as an investor, will be purchasing a minority 1.5% stake in Wanda Commercial Management Group for RMB 3.5 billion.
The share purchase will be made in two cash installments at a purchase price of RMB 52 per share. Due to the cash purchase, Yonghui will be incurring a 6% interest annually, or RMB 210 million, which will lead to a contraction in profits for the company by about 10%. Read more>>