Investors in a finance unit of China’s troubled HNA may be hoping that the company manages its planes better than it has their money, after the defaulting finance provider began offering them airplane tickets in lieu of principal and interest. Also in the news today, prices for second-hand condos fell for the third straight month in Singapore and Asia’s biggest REIT is looking for a place to spend a spare $1.8 billion or so. Read on for all these stories and more.
A cash-strapped unit of Chinese conglomerate HNA Group Co. is trying to repay investors in the form of air tickets.
Qianhai Air & Shipping Exchange, a financing platform that previously sold high-yielding investment products to individual investors in China, last month offered them bundles of airline vouchers in lieu of what it owes them, according to notices on its website. The vouchers can be used to pay for domestic flights or international travel to destinations as far away as California. Read more>>
Resale prices of private non-landed homes in Singapore declined for the third straight month in October after the latest round of property cooling measures, flash estimates by real estate portal SRX Property on Tuesday showed.
Condominiums and private apartment resale prices weakened by 0.4 per cent last month from September. This follows the 0.5 per cent drop in September, a figure revised up from an earlier estimated decline of 0.2 per cent. Resale prices also dipped 0.2 per cent in August. Read more>>
The Link Real Estate Investment Trust is considering the acquisition of shopping malls and office properties in Hong Kong and top cities in mainland China, as tightening credit conditions point to an ideal period for bargain hunting physical assets.
“We are always looking at opportunities in Hong Kong and China,” said Nicolas Charles Allen, chairman of Link Asset Management, the manager of the Link Reit, who added the proportion of investment in mainland China would increase from 12.5 to 20 per cent. Read more>>
China Vanke and its top real estate peers acquired 63.1% less land in July-September than in the year-ago period, as the trade war with Washington clouded economic outlooks and a slowdown in price growth dampened expectations for demand.
The country’s 20 leading property developers, including names like China Evergrande Group, acquired 56.34 million sq. meters during the quarter, domestic think tank China Index Academy says. Read more>>
Two prime three-storey conservation shophouses in Chinatown are on the market.
One is a freehold unit at 31 Pagoda Street; the other is a 99-year leasehold property down the road at number 76. Both are zoned “commercial” and have been approved for use as food and beverage outlets.
Foreigners are eligible to buy the properties and no additional buyer’s stamp duty or seller’s stamp duty will be imposed on their purchases. Read more>>
JLL India, the local arm of global real estate consultancy JLL, has appointed Jaideep Dang as the managing director of its hotels and hospitality business.
Dang joins from luxury hotel chain The Oberoi Group, where he was senior vice president of strategic development for the Indian subcontinent, Asia and Africa. Read more>>