Frasers CEO Panote Sirivadhanabhakdi is going green
Environmentally friendly developers lead the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that a Singapore developer has secured $528 million in green financing.
In other news around the region, builders in the city with the world’s priciest homes are said to be selling flats at a loss as buyers shun the sales rooms, and residential sales in the US have plunged following an exodus of Chinese buyers.
Elsewhere, almost 20 million square feet of office space in a major mainland China city currently stands empty.
Frasers Property Secures A$750M In Green Financing
Frasers Property has secured a A$500 million ($353 million) term loan, according to an announcement by the company.
The loan comprises a A$500 million green loan tranche and a A$250 million five-year component. The A$500 million tranche is Singapore’s first green loan with a pricing structure linked to the BCA Green Mark. Read more>>
US Home Sales Plunge As Chinese Buyers Exit the Market
Foreign purchases of US homes have dropped by half over the last two years, a fresh blow to the top end of the market in New York City, Miami and cities in California.
Foreigners bought less than $78 billion worth of US residential real estate in the year that ended in March — a 36% decline from $121 billion the previous year, according to a report released Wednesday by the National Association of Realtors. Read more>>
Big Discounts on Hong Kong Flats as Developers Sell at a Loss
Mainland property developers that arrived late to Hong Kong are discovering not everything always ends well when it comes to risk taking in the world’s least affordable market for home ownership.
Chinese developer Jiayuan International Group appears on track for a slim profit or even a loss in its first residential property investment in the city. The developer gave discounts of up to 37.6 per cent at T-Plus, a residential development in Tuen Mun featuring “micro homes”. Read more>>
Office Vacancy Rises in Shenzhen, Shanghai and Beijing
A building frenzy in southern China’s answer to Silicon Valley has driven the vacancy in Grade A offices to a record high, putting the squeeze on part-time developers whose blind inexperience have led them into the industry.
A record 1.79 million square metres (19.27 million square feet) of vacancy, equivalent to ten of Hong Kong’s IFC towers, stood in Shenzhen at the end of June, requiring about two years to fill up, according to the real estate consultancy CBRE. Read more>>
Hong Kong Home Prices Drop 0.2%
The average price of second-hand homes in 50 major residential estates in Hong Kong dropped 0.2 percent last month from a record high in May, brokerage Ricacorp Properties said on Wednesday.
Protests in the special administrative region against a controversial extradition law depressed prices, which fell from an average of HK$15,593 ($1,995.6) per square foot in May to HK$15,555 per square foot in June, according to Ricacorp, which tracks prices across these 50 residential estates. Read more>>
3 Sentenced for JPY 5.5B Sekisui House Tokyo Land Swindle
Three people were given prison terms Wednesday over a bogus Tokyo land sale in 2017 that targeted home builder Sekisui House Ltd.
In the first ruling related to the case, in which 10 people were indicted, the Tokyo District Court sentenced Masami Haketa, 64, and Koko Akiba, 75, to four years in prison each and Yoshihiro Tokoyoda, 68, to a term of four years and six months. All of them had pleaded guilty. 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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