Singapore’s condo market is experiencing a full-scale boom, but that upswing hasn’t been enough to cure the ills of the city’s largest non-government-backed developer, as City Developments Ltd revealed its second quarter financials today.
Also in the headlines, Keppel DC REIT is raising cash to fund its first mainland China data centre acquisition, Alibaba’s Ant Group shows signs of life with a new land buy in Hangzhou and more mainland cities are cutting back on land sales as government housing policy tightens further.
Singapore property giant City Developments Limited sank into the red for the first half of 2021 from a year ago, due to higher tax expenses and the prolonged impact of the ongoing Covid-19 pandemic, the company said on Thursday.
Net loss for the six months ended June 30, 2021 stood at S$32.1 million, reversing from a net profit of S$3.1 million posted the same period a year ago. The results translate to loss per share (LPS) of 4.2 Singapore cents, against LPS of 0.4 cent for the year-ago period. Read more>>
Keppel DC REIT’s manager announced on Thursday that it has proposed a private placement of 81 million new units in the REIT at an issue price of between S$2.47 and S$2.522 per new unit to raise gross proceeds of between approximately S$200.1 million and S$204.3 million.
The REIT’s manager said that about S$67.9 million of the gross proceeds will be used to partially fund the REIT’s previously announced proposed acquisition of a data centre at No 5 Bluesea Intelligence Valley in Guangdong, China, together with the facilities and equipment built and installed there. Read more>>
Beijing’s regulatory firestorm is hitting large swathes of China’s economy, but global investors including Blackstone and Warburg Pincus are ramping up bets on Chinese rental properties, judging the political wind is blowing in their favour.
China has cracked down on private tutoring, brought monopolistic tech giants to their knees, and stepped up curbs on home buying. But Beijing is wooing capital to help provide rental housing and is attracting plenty of institutional interest. Read more>>
Ant Group, controlled by Chinese billionaire Jack Ma, on Tuesday won a large commercial site in Hangzhou, its second in its hometown for 1.31 billion yuan (US$202 million), according to the city government records.
The price of the land in Zhijiang National Tourist Resort Area, West Lake district, which can yield a total gross floor area of 325,795 square metres, works out to 4,035 yuan per square metre. Ant, an affiliate of Alibaba Group Holding, the owner of this newspaper, paid about 22 per cent less than it did for a nearby site it acquired last year. Read more>>
Qingdao in East China’s Shandong province announced today it will halt the centralized auction of 100 lots of land, joining numerous other cities including Shenzhen and Tianjin that have suspended or postponed land sales this year. Industry insiders believe the move is part of government efforts to tighten land auction rules to stabilize the market and avoid price surges.
The auction of 100 centrally offered land plots, which was announced on July 30, has been suspended and the new auction date will be revealed later, Qingdao’s Bureau of Natural Resources and Planning said in a statement today. The total area of the 100 construction sites is 5,474 mu (3.6 square kilometers), with 79 of the sites intended for residential development. Read more>>
OVER a year on, fears that the pandemic would roil the property market appear to be unfounded, and property developers aren’t the only ones benefiting from buoyant demand.
Real estate agencies are also seen to be turning in a strong report card this earnings season, thanks to a steady stream of deals across the private residential market as well as the HDB resale market. Read more>>
NYSE-listed Ke Holdings reported today that its net revenue for the second quarter came to RMB 24.2 billion ($3.7 billion) an increase of 20 percent from the same period one year ago.
The parent company of China’s Lianjia real estate agency said that its profitablity also improved during the period from April through June, with net income attributable to shareholders reaching RMB 1.1 billion during the quarter. That figure was a 5.6 percent increase over the same period one year ago. Read more>>