Evergrande Discounts Boost February Sales

Evergrande has been cheered by its February sales performance

Online promotions lead the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that mainland China’s third largest developer by sales had a bumper February after offering buyers big incentives.

In other news around the region, Singapore’s F&B operators have accused landlords of dragging their heels over promised rent rebates, while some investors in Hong Kong are said to be eyeing opportunities in the Asian financial hub’s property slump. Elsewhere, Singapore’s sovereign wealth fund is said to be mulling a $400 million co-investment in an Indian property developer.

Evergrande Online Discounts Boost February Sales

China Evergrande Group , the country’s third largest developer by sales, surprised the market on Sunday when it said it sold more than 99,000 units worth RMB 102.7 billion ($14.7 billion) online in February, boosted by aggressive promotions, despite the coronavirus outbreak.

Initiatives including allowing a deposit of as little as RMB 5,000 – with the option to cancel and get a refund – helped Evergrande record bumper transactions in a nearly frozen property market. Read more>>

Singapore Landlords Said Dragging Heels Over Rent Rebates

Commercial landlords and their tenants are at odds over Singapore’s property tax rebate intended for landlords to pass on to renters.

The Restaurant Association of Singapore (RAS) fired the first salvo on Monday, calling out landlords for not delivering on their publicly announced rental rebates for food and beverage (F&B) operators, adding that it was “deeply disappointed”. Read more>>

Hong Kong’s Property Insiders Are in Buy Mode

A deadly virus outbreak following months of anti-government protests might seem like a toxic cocktail for the world’s least affordable property market. Yet Hong Kong’s real estate insiders are in buy mode.

The plan by the family of Peter Woo to take Wheelock & Co private suggests that those with the most privileged vantage point see a limit to any virus-induced decline in property prices, and consider there’s value to be extracted by removing assets from the public markets. It may not be the last such maneuver. Read more>>

GuocoLand to Sell Menara Guoco to Tower REIT for RM242M

GuocoLand (Malaysia) Bhd is selling Menara Guoco in Damansara Heights here to Tower Real Estate Investment Trust (Tower REIT) for RM242.1 million ($58 million) cash, in a related party transaction (RPT).

It is expected to realise an estimated net gain on disposal of RM6.8 million for GuocoLand, which represents a consolidated earnings per share of one sen. Read more>>

GIC Among Sovereign Funds Said Looking to Invest in India’s Prestige

Singapore’s sovereign wealth fund GIC, Qatar Investment Authority (QIA) and Abu Dhabi Investment Authority (ADIA) are in talks with Prestige Estates to invest about $400 million as part of the property developer’s plan to monetise some of its commercial office space and mall assets before it attempts a REIT listing by the end of this year.

GIC is almost certain to be a participant, according to a person familiar with the matter. Read more>>

Singapore Buyers Snap Up Homes Despite Virus Worries

Property buyers in Singapore continue to plonk down serious money for new private homes despite worries over the ongoing COVID-19 outbreak.

Luxus Hills announced over the weekend that it was completely sold out, while buyers also snapped up another 32 units at The M. Read more>>

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