Some shops in LaForet have cut rents by 78%
Shop rents in Hong Kong’s priciest retail district have fallen nearly 80 percent and the Causeway Bay area could have further to slide, according to industry experts. Plus APAC hotel sales suffer, and a Beijing developer has ideas for packaging Houston homes with US green cards. Read on for all these stories and more.
Causeway Bay Shop Rents Fall 78% and Still Dropping
Landlords of street level shops in prime locations in Hong Kong are slashing rents significantly in a bid to woo retailers whose business is suffering from dwindling tourist traffic, signalling that the market correction is not yet over.
Some shops in the retail complex Laforet in Causeway Bay are reportedly being offered for lease at rents that are up to 78 per cent lower than the previous lease prices, according to industry experts. Read more>>
APAC Hotel Investments Fall 16% in First Quarter Says Savills
HOTEL sales and investment in the Asia Pacific region fell in the first quarter of 2016 amid major setbacks in Japan and China, according to a recent report released by international real estate consultant Savills.
Between January and March, investment sales totaled US$1.49 billion across the region, a year-over-year drop of 15.9 percent, Savills’ Asia Pacific Hotel Sales & Investment report showed. Read more>>
Beijing Developer Sells Houston Homes with US Green Cards
Beijing property developer Modern Land is taking a unique approach to going global by selling projects in the US which open the way for Chinese buyers to migrate across the Pacific.
The mid-sized developer, which specialises in green technology residential projects, has a presence in more than 10 cities across mainland China including Beijing, Shanghai and Changsha city in Hunan province, with a total land bank of 4.6 million square metres. Read more>>
Shanghai Homes Sales Slide Over Dragon Boat Festival
NEW home buying sentiment fell for the second consecutive week as the three-day Dragon Boat Festival put some potential buyers on the sideline.
The area of new residential properties sold, excluding government-funded affordable housing, fell 17.3 percent to 208,300 square meters last week, Shanghai Homelink Real Estate Agency Co said in a report released today. Read more>>
China Vanke Says It Will Submit Restructuring Plan This Week
China Vanke, the mainland’s biggest property company by sales, said it will submit details of a proposed $9.3 billion restructuring involving subway operator Shenzhen Metro Group to the stock exhange this week, and expects to resume trading by early July.
Vanke’s shares were suspended on the Shenzhen Stock Exchange in December and it announced the deal with Shenzhen Metro in March as its management fought to retain control of the company in a battle with its major shareholder, financial conglomerate Baoneng. 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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