A Hong Kong developer leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the company controlled by the family of the city’s richest man posted a 26 percent drop in underlying profit to HK$14.6 billion ($1.9 billion) for 2019.
In other news around the region, a mainland China developer reported that its sales for the first three months of the year plunged by 40 percent, while a Japanese pension fund has earmarked $120 million for US housing.
Elsewhere, buyers snapped up 30 percent of the units at a condo development in Singapore in an encouraging sign for the city’s housing market.
Henderson Land Development, the third largest developer in Hong Kong, sees a “challenging” year ahead after posting a 26 percent drop in core profit to HK$14.6 billion ($1.9 billion) for 2019.
Chairmen Peter Lee Ka Kit and Martin Lee Ka-shing on Monday reported the company’s first set of annual results since taking over last year from their father, Lee Shau-kee, the city’s richest man. Read more>>
Agile’s first quarter property sales slumped by around 40 percent amid the COVID-19 outbreak and the mainland developer is setting a sales target of around RMB 120 billion ($17 billion) in 2020, about the same as its pre-sale value last year, chairman and president Chen Zhuolin said.
The developer is reportedly planning to spin off its construction arm Agile City to list in Hong Kong this year. The company said it does not have an initial public offering plan yet, but did not rule out the possibility. Read more>>
DBS Bank has provided a A$212 million ($125 million) five-year sustainability-linked term loan to Hong Kong-listed Link Real Estate Investment Trust (Link REIT).
Loan proceeds will be used for general corporate funding purposes, including sustainability initiatives. The loan was taken in Australian dollars to match the currency of Link REIT’s acquisition of 100 Market Street, an office tower in Sydney. Read more>>
The Public Officials Benefit Association (POBA) will commit $120 million to a US single-family housing development fund worth about KRW 750 billion ($600 million) run by JPMorgan Asset Management, the retirement fund said.
The housing fund has also attracted a number of US institutional investors to make joint investment in single-family rental homes across the US. Read more>>
The slide in Hong Kong’s rents is getting steeper as the coronavirus crisis and protests lead to job losses and an exodus of expats and students fleeing the city.
Rents in high-end districts have been hit hardest, tumbling by up to a quarter from their peaks, according to agents, while data showed the average rate across the whole city slumped to the lowest in almost three years in February. Read more>>
Three in 10 of all units in executive condominium (EC) OLA in Sengkang have been snapped up within the first weekend of sales on Sunday, property developer Anchorvale said in a statement yesterday.
One executive said these figures were encouraging despite a lower-than-expected turnout. Read more>>
A Chinese driver has slammed his car into a shopping centre after he refused to prove to local health officers that he doesn’t have the coronavirus.
Shocking video shows the angry driver crashing his car into the entrance of a shopping mall yesterday in the Chinese central city Luoyang. The front bumper is seen falling off the wrecked car as the resident dashes off. Read more>>