Yujiapu in Tianjin now offers both commercial and leisure facilities
Hong Kong developers are borrowing a page from the US subprime crisis by boldly offering 95 percent mortgages without proof of income in answer to a falling housing market. One of the city’s biggest developers seems unfazed, however, with six new projects in the pipeline this year. Meanwhile, in northern China, Tianjin’s plan to become the Pudong of Beijing remains unoccupied after eight years. Read on for all these stories and more.
HK Developers Turn to 5% Down, No Proof Mortgages
Homes in Hong Kong are among the world’s most expensive, but getting a foot on the property ladder has become surprisingly easy recently, thanks to aggressive mortgage tactics by developers desperate to push sales in a falling market.
Offering home loans of up to 80 to 95 per cent of a flat’s value, without the need for proof of income, has become the sales tool of choice for many developers, allowing buyers to bypass strict guidelines on mortgages offered by banks but sparking concern that buyers may be setting themselves up for defaults and the loss of their homes should the economy remain sluggish. Read more>>
Knockoff Manhattan in Tianjin Struggles to Gain Traction
China’s US$50 billion replica of Manhattan in the northern port city of Tianjin still lies mostly unfinished and empty nearly a decade after construction began. Several reports have labelled the development in Yujiapu a ghost town. Others however argue that it could achieve its goals over time.
It is being billed as China’s version of the Big Apple. But 8 years after construction began, many of the buildings appear unfinished. Some construction sites have been abandoned, while the streets are deserted. Read more>>
SHK Plans Six New Projects This Year in Hong Kong
Sun Hung Kai Properties (0016), which has already taken around HK$15 billion from sales of flats this year, plans to launch at least six projects before the end of December, deputy managing director Victor Lui Ting said yesterday.
Most the sales in the past five months were at Twin Regency in Yuen Long, Ultima Phase 2 in Ho Man Tin and Ocean Wings in Tseung Kwan O. Read more>>
CapitaLand Tops Out Raffles City Shenzhen
CapitaLand has topped out Raffles City Shenzhen, its first Raffles City in south China, scheduled to open next year. Located in Nanshan district, Raffles City Shenzhen comprises a 70,000 sqm mall, a 23-storey office tower and 182 serviced residences.
One year ahead of its opening, more than half of the Raffles City Shenzhen shopping mall already has committed tenants. It will offer a curated mix of designer and fast-fashion brands as well as international cuisines, several of which will be new to market. Read more>>
Country Garden Talks New Town Project with Cambodian PM
Chinese property developer Country Garden Holdings Company has been exploring the possibility of building a high-end town in Cambodia.
Cambodian Prime Minister Samdech Techo Hun Sen Thursday met with Yang Guoqiang, chairman of the company, and expressed his hope to see the company invest in the country, according to Eang Sophalleth, a personal assistant to the prime minister. Read more>>
HK Regulator Says Chinese Developer Buyout Breached Code
The Securities and Futures Commission today publicly criticised China New Way Investment Limited, Mr Wei Judong, Mr Zhang Xiaoliang, Ms Yang Weizhi, Mr Wei Lidong and Mr Xu Jianhua for acquiring shares in China City Construction Group Holdings Limited, formerly known as Chun Wo Development Holdings Limited within six months after the close of an offer at above the offer price in contravention of the Takeovers Code.
The Parties submitted that the breaches were not intentional but accepted that they have breached the Takeovers Code and agreed to the current disciplinary action taken against them. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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