Hong Kong’s government wants Mickey and the gang to hand over land for housing
Mickey Mouse leads the way in Mingtiandi’s roundup of real estate headlines today with the news that Hong Kong’s housing minister wants to build temporary housing on land held by the world’s most famous rodent near his Lantau island theme park.
In other news around the region, rising land prices in mainland China’s largest urban areas have forced developers to scour lower tier cities for cheaper land, while South Korean investors have paid $162 million for a trio of wind farms in Finland.
Elsewhere, developers in the world’s most unaffordable city are expected to cut prices of unsold units to avoid a looming vacancy tax.
Disney Pressed to Help Ease Hong Kong Housing Crisis
Walt Disney Co. is the latest company to come under pressure to help alleviate Hong Kong’s housing woes that have been partly blamed for months of unrest in the semi-autonomous Chinese territory.
The city’s housing minister has said he wants to build temporary homes on a 60-hectare patch of land the entertainment giant holds for potential expansion of its Disneyland. Disney, which has seen visitors to its Hong Kong theme park plunge over the past few months because of the political protests, hasn’t revealed any future plans for the facility. Read more>>
Chinese Developers Ramp Up Offshore Bond Pipeline
Chinese property developers kicked off the new year with a strong pipeline of bond issuance, in particular for long-tenor notes, taking advantage of easier regulatory approvals and robust market demand.
Analysts said there were signs of a slight loosening in granting quotas to developers with offshore refinancing needs, but cautioned that credit risks remained with property sales expected to be flat this year. Read more>>
High Land Prices in Shanghai and Beijing Force Developers to Lower Tier Cities
Skyrocketing land prices in Beijing and Shenzhen are forcing some of China’s biggest developers to scour for cheaper land in lower-tier cities in northern and western regions, while authorities rein in speculation in some hotter parts of the nation’s property market.
Taiyuan, the largest city in the northern province of Shanxi and historical seat of many dynasties, was the top choice in 2019, according to industry researcher Real Estate Foresight, which tracks the nation’s 23 biggest developers. Read more>>
Hana Fin, Korea Investment Pay $162M for 3 Finland Wind Farms
Hana Financial Investment and Korea Investment & Securities Co. Ltd. have acquired the entire equity interest of three wind farms in Finland for around $162 million, in an investment expected to deliver a steady dividend income for the next 20 years.
The two brokerage companies invested in the portfolio from Helsinki-based Taaleri Energia via funds of NH-Amundi Asset Management and IBK Asset Management. Read more>>
Hong Kong Developers Likely to Cut Prices to Avoid Looming Vacancy Tax
Hong Kong developers could come under pressure to reduce prices amid a spate of new project launches, according to market observers.
Centaline Property Agency said on Monday that six developers who hold 5,120 unsold flats since 2016 are likely to speed up sales to avoid the soon-to-be introduced vacancy tax. Read more>>
Singapore’s Former Marina Mandarin to Undergo S$45M Revamp
The Parkroyal Collection Marina Bay (formerly the Marina Mandarin) is undergoing a S$45 million ($33 million) renovation following its rebranding under the Pan Pacific Hotels Group’s (PPHG) new brand.
PPHG, which is a subsidiary of UOL Group, has also renamed the Parkroyal on Pickering, which is now Parkroyal Collection Pickering. The Parkroyal Collection brand is characterised by eco-friendly practices and a focus on well-being. Read more>>
South Korea to Limit Real Estate Firms’ Access to Loans
South Korea will push to exclude special purpose companies (SPCs) and real estate firms from the scope of small and medium-sized companies eligible for loans from brokerages, the chief financial regulator said Tuesday.
Loans from securities firms were meant to be funneled to venture firms and small and medium-sized companies, but some of the loans ended up in property development projects through SPCs that are usually considered smaller firms, according to the Financial Services Commission (FSC). Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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