Fines are in fashion in China as the boss of real estate listings site Anjuke seems to have been inspired by recent government action against Alibaba to call down government fury upon his larger competitor.
Singapore is also in the news with sales of second-hand condos reaching a one decade high in March and a mixed-use project on Beach Road being awarded a S$1.22 billion green loan.
Shortly after China’s State Administration of Market Supervision imposed an administrative penalty of 18.2 billion yuan on Alibaba for monopolistic behavior, 58.com CEO Yao Jinbo on April 10 posted in his WeChat Moments to call for a national antitrust fine of four billion yuan to be imposed on its own competitor Beike, China’s leading online real estate platform.
Yao Jinbo said that Anjuke, 58.com’s subsidiary, will enter the field of new house transactions as a challenger this year, hoping that healthy competition will make the industry fairer and easier for ordinary people to buy houses. Read more>>
Monthly condo resale volumes hit a 10-year high, with 1,662 units resold in March. This is more than double the number in the same period last year, and is 75.3 per cent higher than the five-year average volumes for the month of March.
The month also saw a 0.1 per cent increase in prices, extending the rise for the eighth month in a row. Read more>>
A unit of Eagle Hospitality Real Estate Investment Trust (EH-REIT) entered into a sale-and-purchase agreement on April 7 for the sale of one of the 18 hotels in Eagle Hospitality Trust’s (EHT) portfolio, DBS Trustee said on Monday.
In an exchange filing, DBS Trustee, in its capacity as trustee of EH-REIT, said that the subsidiary entered into the agreement with Lockwood Development Partners for the sale of Crowne Plaza Dallas Near Galleria-Addison (CPDG) property in Texas for US$18 million. Read more>>
A group of lenders – DBS, UOB, Maybank, SMBC and OCBC – has provided South Beach Consortium (SBC) with a five-year green loan totalling S$1.22 billion ($894 million).
Proceeds will be used to refinance SBC’s namesake integrated office, residential, hotel and retail development at Beach Road, known as South Beach. Read more>>
Evergrande is falling further behind the vast majority of its largest peers in meeting stricter Chinese borrowing limits, raising refinancing risks for the country’s most indebted developer.
China Evergrande Group remained in breach of all key measures for debt levels at the end of last year, even as almost half of the country’s 66 major developers met them, up from 14 six months earlier, according to data compiled by Bloomberg. Of those largest real estate companies, only four violated all three metrics. Read more>>
Coworking space player WeWork India on Monday said it has raised INR 2 billion ($26.5 million) in debt and equity from investors, also announcing that its flexible workspace products helped the company achieve its best quarter in terms of sales. The company did not disclose, from which investors it has raised capital from.
The company announced that WeWork India sold more than 7 lakh sq ft area during the March quarter. According to the company, strong demand from enterprises drove the growth, with WeWork’s enterprise portfolio seeing a 10 percent jump to now constitute 60 percent enterprise members. The demand also facilitated the opening of its new workspace in Bengaluru. Read more>>
Suning Retail Cloud, a smart shopping chain with a focus on smaller cities run by retailing giant Suning.com, has completed A-round financing and plans to open an additional 4,200 nationwide outlets this year to reach 12,000.
The financing was led by Chinese asset managers CITIC Private Equity Funds Management and ADV Partners, Suning.com said today. No information was given about the amount raised. Read more>>
Home builders have been on a spending spree on land in the nine mainland cities of the Greater Bay Area, a show of confidence that analysts say is likely to prop up house prices in the future economic hub.
Developers forked out 82.5 billion yuan (US$12.59 billion) to acquire land in the first three months of the year, 40 per cent more than in the same period of 2020, according to data from the China Real Estate Information Corporation (CRIC). It is the highest amount spent on land there since 2014. Read more>>