One of China’s most aggressive outbound investors has found a new frontier as Guangzhou R&F reveals plans to set up $3 billion worth of hotels in Cambodia. Also in the news today, the mainland’s currency situation continues to get murkier, and Singapore luxury home prices are expected to continue to slide in the new year. Read on for all these stories and more.
Chinese real estate developer Guangzhou R&F Properties planned to invest 3 billion US dollars within five years to build six-star hotels in Phnom Penh and coastal Preah Sihanouk province, a senior Cambodian official said Wednesday.
Zhang Li, chairman of Guangzhou R&F Properties, unveiled the plan during a meeting with Cambodian Prime Minister Samdech Techo Hun Sen, an assistant to the prime minister told reporters after the meeting. Read more>>
Private home prices fell for the third straight year, declining by 3 per cent in 2016, according to latest estimates from the Urban Redevelopment Authority (URA) on Tuesday (Jan 3). This is the smallest price drop over the last three years, compared with the 3.7 per cent decline in 2015 and 4 per cent fall in 2014.
URA’s data showed that overall private residential property prices dipped by 0.4 per cent from the third to fourth quarter last year – the 13th consecutive quarter of price decline. Read more>>
New rules that prohibit mainland Chinese residents from converting yuan into foreign currencies for overseas property purchases are unlikely to derail the rising interest in purchasing overseas homes — nor have a meaningful impact on foreign home transactions, according to experts.
While the curbs may deter some buyers, market watchers say investors will continue to find ways around the controls amid rising demand for offshore real estate. Read more>>
China’s new regulations on cash transactions and overseas transfers are not capital controls, according to a central bank researcher cited by the official Xinhua News Agency.
New requirements published by the People’s Bank of China Friday stoked concern that the government is imposing capital controls in a disguised form, Xinhua reported late Sunday. Read more>>
Sun Hung Kai Properties (0016) said it plans to hike rents at its 10 shopping malls 10 to 20 percent this year. Leasing department general manager Fiona Chung Sau-lin also said the firm will also help tenants boost sales revenue, part of which is shared with the developer.
The 10 malls include wtc more, Mikiki, East Point City, Landmark North, Park Central, PopWalk, K-Point, Chelsea Heights, and Tsuen Kam Centre. Read more>>
It might seem unusual that the first question people are asking after Chongqing Mayor Huang Qifan’s resignation on Friday is whether housing prices will surge in the southwestern municipality. Such was Huang’s hold on the city’s real estate market that his departure immediately sparked speculation about property prices.
Huang, who served as a vice mayor in 2001 and took over as the mayor of Southwest China’s Chongqing in 2010, implemented a series of measures to rein in the local real estate market at a time when property prices were surging in many first- and second-tier cities. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.