Hong Kong’s housing market is rebounding but so is the coronavirus, leading to competing recovery stories at the top of Asia’s real estate headlines today.
A flare-up of the coronavirus has led to the shutdown of Hong Kong Disneyland, yet Wheelock properties over the weekend managed to sell 85 out of 165 flats at its new project in Kowloon East.
Also in the headlines, Hong Kong’s Legislative Council passed the Limited Partnership Fund Bill, enabling a new regime for investment fund registration, and the Philippines is ready for its first REIT. Keep reading for these stories and more.
Walt Disney Co (DIS.N) is temporarily closing its Hong Kong Disneyland theme park from July 15 amid rising coronavirus cases in the Chinese-ruled city, the company said Monday.
The announcement came two days after Disney reopened its biggest resort, Walt Disney World in Orlando, Florida, as coronavirus cases surged in the state. The Hong Kong Disneyland Resort hotels will remain open with adjusted services. They have put in place enhanced health and safety measures, the company said. Read more>>
On 11 July, Wheelock Properties sold 85 out of 165 flats on offer at Koko Hills in Cha Kwo Ling, and secondary market transactions at ten major housing estates also surged 40 percent week-on-week over the weekend.
Meanwhile, CK Asset (1113) sold 97 out of its 285 flats offered at Sea To Sky in Tseung Kwan O on Saturday. Wheelock will moderate its launch of new flats in the near term, due to the COVID-19 pandemic, said managing director Ricky Wong Kwong-yiu. Read more >>
Ayala Land Inc. has secured initial approval from the Philippines’ Securities and Exchange Commission to launch the first real estate investment trust in the country.
Ayala Land, one of the country’s largest property developers, said Tuesday that it obtained pre-effective approval for an initial public offering of the trust, known as AREIT. Read more>>
Real estate investment in Shanghai plunged in the first half of 2020 to around 40 billion yuan (US$5.7 billion), with owner occupiers being active players, global property adviser Savills said in a recent report.
Between April and June, 11 en bloc deals valued at 14.8 billion yuan were concluded in the city, bringing the six-month total to 39.8 billion yuan, a 48-percent drop from the first half of 2019. Read more>>
On 9 July, Hong Kong’s Legislative Council passed the new Limited Partnership Fund Bill, establishing a new regime for investment funds to be registered in Hong Kong in the form of limited partnerships.
The Limited Partnership Fund Bill was introduced in March, to provide an alternative investment vehicle for private fund managers raising funds or investing in Asia Pacific, and requiring a regionally domiciled fund vehicle. Read more >>
Cirque du Soleil and its secured creditors are close to reaching an agreement on a second stalking horse bid for the financially strapped entertainment group.
On Friday, lenders opposed a deal with shareholders including TPG Capital and Fosun International. Canada’s once high-flying Cirque has received protection from creditors as its restructures during the COVID-19 pandemic forced it to cancel shows and lay off artists. The Montreal-based entertainment company filed for bankruptcy in late June. Read more >>
A growing proportion of the working population in Bengaluru — primarily techies — are leaving the city and moving back to their hometowns amid work from home scenarios, heightening demand for storage houses, where household and office belongings are stocked securely for low rentals.
Firms like Safe Storage, Storagians, StowNest Storage, Orange Safe Storage and MyRaksha, which provide the service, are witnessing a spike in the number of clients. Storage houses are a go-to solution for people who want to vacate their homes, save up on the high monthly rent and move out of the city for at least a few months in the time of the pandemic. Read more >>