Joint Treasure International paid £135 mil for 3 St Jamescont
Brittania continues to be hot with Hong Kong property investors this year, as buyers from the former colony have purchased a second office block on toney St James Square within the past month. Also in the headlines, Mapletree has been seen shopping for office assets in Sydney, and China home sales growth
HK Investors Buy Office Building on London’s St James Square for £135M
Joint Treasure International, which is backed by a number of major Hong Kong names, paid £135 million (US$ 174.33 million) for an office asset on London’s St James Square, bringing total Hong Kong purchases there to £579 million (US$747.66 million) since January, property sources told South China Morning Post.
As Hong Kong asset prices continue to break all-time highs, some of the city’s richest families and listed firms are believed to be scrapping it out for trophy assets in one of London’s most prestigious office locations: St James’s Square, home to the headquarters of a number of well-known businesses including BP and Rio Tinto. Read more>>
Singapore’s Mapletree Eyes A$140M Sydney Office Tower
Singapore’s Mapletree Investments is circling a $140 million office tower on Melbourne’s leafy St Kilda Road as the value of properties in the area surges.
Singapore’s CEL and local fund manager Fort Street Capital have put towers on the boulevard on the market but Mapletree has struck early, going into due diligence on a building owned by a Newmark Capital-run trust. Read more>>
HKMA Tightening Opens Door for Finance Firms
The Hong Kong banking regulator’s move to dampen developers from providing generous mortgage schemes has created new business opportunities for non-banking institutions and money lenders.
Ego Finance, one of the major finance companies in Hong Kong, said the new measures would generate more business opportunities for money lenders. With nearly 2,000 new units to come on stream for pre-sale, there is without doubt, a demand for loans. Read more>>
China Home Sales Growth Slows to 16% in April
Growth in new home sales continued to slow down across the country in the first four months of this year as rein-in measures remained strictly in place.
Nationwide, more than 2.79 trillion yuan (US$403.4 billion) of new residential properties, excluding government-funded affordable housing, were sold between January and April, a year-on-year rise of 16.1 percent, the National Bureau of Statistics said in a statement today. Read more>>
Mainland Cities Selling More Land in 2017
The real estate market may have lost some of its heat as China’s local governments have ratcheted up restrictions on home buying, but that hasn’t stopped developers from snapping up land at premium prices.
Through Wednesday, at least 21 domestic real estate companies, including Longfor Properties Co and China Poly Group Corp, had each spent more than 10 billion yuan ($1.45 billion) on land in 2017, according to a report by the 21st Century Business Herald on Sunday. Read more>>
Kushner Controversy Helps Drive Chinese Demand for EB-5
While Jared Kushner’s family company apologized this week for mentioning the White House adviser’s name when wooing Chinese investors to fund a New Jersey real estate project, one Chinese immigration agency was touting its role in the deal.
For Beijing-based Qiaowai, which organized the roadshow for Kushner Companies’ One Journal Square project, the pitch was a chance to highlight its U.S. political connections. Shortly into the roadshow, the company posted photos on social media saying the events had prompted a “buying rush”. 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.
Leave a Reply