China’s housing market is headed into the busy season, and one of the country’s top developers has taken steps this month to make sales a bit more active by cutting nearly a third off the prices of its properties nationwide.
Also in the news today, Singapore-listed Yanlord Land saw its sales double in August and Hong Kong retail landlords are starting to operate their own shops as tenants disappear.
Evergrande Slashes Property Prices by 30% for One Month
China Evergrande, the country’s biggest home seller, said it would slash 30 percent off the price of every real estate project nationwide for a month, in an unprecedented step that could kick off a spate of competitive discounts as cash-starved developers boost sales to raise cash in a slowing market.
The Shenzhen-based developer, founded and headed by China’s third-richest businessman Xu Jiayin, kicked off its month-long sales campaign on September 7. It aims to sell RMB 200 billion (US$29 billion) of property during the period, according to an Evergrande official who declined to be identified. Read more>>
Yanlord’s August Contracted Sales More Than Double to RMB 12.03B
Real estate developer Yanlord Land Group saw its contracted pre-sales from residential and commercial units as well as car parks more than double to RMB12.03 billion (S$2.41 billion) in August, from RMB4.81 billion a year ago.
Total contracted gross floor area (GFA) rose 75.6 percent year on year to 280,819 square metres (sqm) in the same month, according to Yanlord’s unaudited key operating figures it released on Monday. Read more>>
Savills Shifts SG Residential Brokerage to Huttons Unit
With the residential project marketing business becoming increasingly competitive, there has been a series of mergers and acquisitions among the various real estate agencies over the past three years.
The latest to go down that path is Savills Singapore and Huttons Asia. Over the weekend, a deal is said to have been struck, whereby all agents at Savills Residential will move across to Huttons Asia, which will solidify the latter’s position as the fourth largest agency in Singapore. Read more>>
Singapore’s Parkway Life REIT Included in FTSE Index
Parkway Life REIT is set to continue driving growth in asset recycling, as it looks to build a potential third pillar in matured markets, say DBS Group Research. As one of Asia’s largest listed healthcare REITs, Parkway Life surprised the market when it was included in the FTSE EPRA Nareit Global Developed Index last week, sending its share price above its pre-Covid-19 high of $3.74.
Parkway Life REIT invests in income-producing real estate and real estate-related assets used primarily for healthcare and healthcare-related purposes. Read more>>
Hangzhou Sets New Home Purchase Restrictions as Market Booms
China has taken another step to plug a hole in its household registration system to prevent excessive speculation in its RMB 16 trillion (US$2.3 trillion) housing market as the economy emerges from a historic slump.
After a pre-emptive strike in Shenzhen in July and Nantong in December, authorities have now tightened the so-called hukou system in Hangzhou in the eastern coastal province of Zhejiang, home to Alibaba and Ant groups and many of the nation’s newly-minted stock market billionaires. Read more>>
Condo in SG’s Bukit Timah Sells Third of Units at Launch
212 units, or one-third of the total, have already been sold at Qingjian Realty’s Forett project in Singapore’s posh Bukit Timah. The 633-unit freehold development by the local branch of the Qingdao-based builder was first launched on Aug 8.
“Close to 700 visitors have scheduled viewings with us at the Sales Gallery between Aug 11 and Aug 31,” Yen Chong, deputy general manager of Qingjian Realty says. Read more>>
HK Retail Landlords Open Their Own Shops as Tenants Fold
The collapse of retail rents and high vacancy rates in some of Hong Kong’s main shopping districts is forcing some landlords to get creative. Rather than leave their buildings standing idle, some are launching brand new, totally unrelated business ventures to fill the vacant space.
Two joint owners of a five-storey retail complex at 53 Carnarvon Road, Tsim Sha Tsui, for example, plan to open their first cosmetics store on the premises on September 17. Read more>>
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