In today’s roundup of regional news headlines, China’s sprawling Chongqing joins the list of mainland cities easing homebuying restrictions, and NYSE-listed Xinyuan Real Estate posts a ballooning loss for the first half of 2022.
Chongqing Joins Dongguan, Foshan in Easing Homebuying Restrictions
The megacity of Chongqing has become the latest Chinese city to relax homebuying restrictions, as authorities pull out all the stops to revive a moribund market.
Families can now own more than one property if one of them is rented out on a long-term lease, the city’s housing authorities said Wednesday. However, “only one home will be excluded for each household in principle” to calculate ownership of homes, a statement said. Read more>>
Xinyuan Real Estate’s H1 Loss Balloons to $172.5M
New York-listed Xinyuan Real Estate reported a net loss of $172.5 million for the first half of 2022, widening from a loss of $70.2 million in the year-earlier period.
The Chinese developer’s total revenue fell 25.6 percent year-on-year to $584.1 million in the first half of 2022. Read more>>
CK Asset Rings Up Strong Sales at Shanghai Residential Project
Li Ka-shing’s CK Asset sold 181 units of its residential project in Shanghai in two hours, cashing in more than RMB 800 million ($115.2 million).
Located in Jiading district, a historical suburban area in Shanghai, the Lake Como project is claimed to be one of the city’s rarest lakeside residential complexes. Read more>>
Manulife US REIT’s Portfolio Value Falls 10.9% in 2022
The manager of Manulife US REIT announced Friday that the real estate valuation of its portfolio declined by 10.9 percent to $1.95 billion for the full year.
The lower valuations were attributed to the higher discount rates and capitalisation rates for some of the REIT’s properties. This is on the back of the volatile macroeconomic environment and “idiosyncratic” risks at the property level such as higher vacancy rates and weak submarket fundamentals. Read more>>
Aussie Developer VIMG Sets Sights on Hong Kong Listing
The sky’s the limit for property group VIMG.
The local residential and commercial property developer is gearing up for an initial public offering. But, despite being headquartered in Australia, the ASX looks set to miss out. Read more>>
‘Not Meaningful’ for Pacific Star Development to Resume Trading, Board Says
Singapore’s Pacific Star Development will not seek to resume trading of its shares yet, as its board believes it is “not meaningful” to do so now. Trading of the company’s shares has been suspended since 24 March 2020.
In its response on Thursday to queries from the Securities Investors Association (Singapore), Pacific Star Development said its board views that it is not meaningful to submit a resumption-of-trading proposal until the group is able to complete the bulk sale of unsold units at Puteri Cove Residences and Quayside, and to determine the group’s future growth prospects. Read more>>
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