Today’s headlines are all about going against the grain. Despite most people being put off by a Donald Trump presidency, Chinese homebuyers don’t seem to mind one bit, while new home sales in Singapore hit a 15-month high even if the property outlook isn’t so hot. Finally, someone in China has spoken out against the beloved Singles’ Day. Be sure to keep reading for all of today’s headlines.
Donald Trump Hasn’t Derailed Chinese Homebuyers’ Obsession With US
Donald Trump’s presidency won’t hurt the rising tide of Chinese investment into the United States – in fact, the level of cash may actually increase, according to Knight Frank.
Trump’s shock election last week rattled markets around the world and analysts continue to disagree on what the Republican candidate’s victory means or how it will affect the US property market, the No 1 destination for Chinese capital. Read more>>
Vanke Delays Restructuring Plan As Evergrande Keeps Its Hand Hidden
China Vanke Co., the prize in a boardroom tussle that’s gripped the country, said it postponed a shareholders’ meeting to discuss a restructuring plan, as its third-largest shareholder kept its hands hidden as to whether it intends to be a friend or foe in the hostile takeover.
The announcement follows the disclosure by China Evergrande Group on the same day that it had amassed 10.2 percent of Vanke’s Shenzhen-traded A shares. Evergrande began accumulating Vanke shares in August, starting with a 4.7 percent stake that increased to 7 percent, and then to 8.3 percent by October. Still, Guangzhou-based Evergrande hadn’t said what it intends to do with its stake, equivalent to the third-largest voting bloc in Vanke. Read more>>
New Launches Drive SG Home Sales to 15-Month High
Sales of new private homes hit a 15-month high in October, thanks to strong demand for units at newly launched projects. Developers sold 1,252 units last month, more than double the 509 transacted in September, the Urban Redevelopment Authority said.
It was the highest monthly sales since July last year, when 1,655 units were sold. The surge in sales – up 128 percent from last October – came despite property-cooling measures and a weaker economic outlook. Read more>>
World’s Biggest Real Estate Frenzy Is Coming to a City Near You
If they were anywhere else in Beijing, the five young women in cowboy hats and matching red, white, and blue costumes would look wildly out of place. But here at the city’s biggest international property fair — a frenetic gathering of brokers, developers and other real estate professionals all jockeying for the attention of Chinese buyers — the quintet of wannabe Texans fits right in.
As they promote Houston townhouses (“Yours for as little as $350,000!”), a Portugal contingent touts its Golden Visa program and the Australian delegation lures passersby with stuffed kangaroos. Read more>>
Wanda Finally Gets Approval For US Movie Theatre Merger
Carmike Cinemas Inc. shareholders on Tuesday approved a merger with AMC Entertainment Holdings Inc., creating the world’s largest movie-theater chain. More than 86 percent of votes cast by Carmike shareholders approved the $1.2 billion deal, which initially faced shareholder resistance when it was announced in March.
AMC, which is majority-owned by China’s Dalian Wanda Group Co., offered $33.06 a share and some AMC stock in the deal. AMC had been the nation’s second-largest theater chain with about 388 locations; Carmike was No. 4 with 273. The previous No. 1 exhibitor, Regal Entertainment Group, has 565 theaters. Read more>>
Chinese Shopper Speaks Out Against Singles’ Day
Statistically speaking, so-called Singles’ Day sales have become more popular year by year. But behind the statistics, does it live up to all the hype? Personally speaking, my own 11.11 online shopping experience was far from satisfying. The most disturbing thing I found was that many of the discounted products being sold on major retail websites were not of good quality and were even fake.
For instance, this year I bought some discounted Japanese facial masks from a Taobao shop. The masks had a very high rating and positive comments. But when I received them and used two for my face, I found the smell and sensation of the masks were quite different from ones I had once tried direct from Japan. I guess all those glowing reviews were fakes as well. Read more>>
Tax Man Rejoices as HK Villa Buyer Hit With HK$90.54M Stamp Duty
A corporate buyer is likely to be asked to stump up the highest stamp duty on a residential property in Hong Kong since the levy was nearly doubled earlier this month, after splashing out HK$301.8 million on a new luxury semi-detached home in Happy Valley.
The buyer looks set to be charged a total of 30 per cent in stamp duties by the Inland Revenue Department, which works out at HK$90.54 million. Hang Lung Properties said the 4,571 square-foot semi-detached house – number 25A, within a development comprising 18 semi-detached houses at 23-39 Blue Pool Road in Wong Nai Chung – was sold to a corporate buyer through tender. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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