HNA chairman Chen Feng has plans for the world’s biggest ice house in Harbin
At the top of today’s real estate headlines from around the region, China’s HNA Group is adding a Harbin hotel project and 19 other assets to a list of items it hopes to sell off as the conglomerate continues to try to shake off its debt hangover. Singapore also gets some time in the spotlight as the second-hand condo market is now following the same downward trend as new home sales and the city-state’s biggest bank publishes a prediction that housing transactions will dip 20 percent in 2019. Read on for all the details on these stories and more.
HNA Adds 20 More Assets to Close-Out Sale
China’s indebted HNA Group met bankers on Tuesday to tout the latest assets that the sprawling conglomerate is putting on the block as it looks to raise funds and stave off an intensifying cash crunch.
The range of assets, spanning a hotel project in frozen Harbin and stakes in struggling online lender Dianrong, insurer Bohai Life and brokerage HNA Futures, underscores how the group is shedding almost all non-core businesses as it pares back an empire that once spread from Deutsche Bank to Hilton Worldwide. Read more>>
Prices for Second-Hand Singapore Condos Slid 0.8% in December
Resale prices of private non-landed homes in Singapore declined last month after rising in November, flash estimates by real estate portal SRX Property on Tuesday showed.
Condominiums and private apartment resale prices fell by 0.8 per cent in December from the previous month. This comes after a 0.3 per cent rise in November, slightly higher than the 0.2 per cent increase earlier estimated by SRX. Read more>>
SG Residential Sales Set to Drop 20% in 2019: DBS
Singapore residential market is projected to exhibit both volumes and price weakness in 2019, said a recent research paper by DBS Research Group.
The report in saying that the Singapore residential market is waiting for its turn to shine said that while there is good value in developers’ share prices, judging by historical trends in past property down-cycles, developers are likely to trade in a lower range until macro conditions turn up. Read more>>
Sale Outlook Gets Murkier for Singapore’s Golden Mile Complex
The iconic Golden Mile Complex on Beach Road is set to stay, for now at least, with Singapore’s URA having declared that a successful buyer of the commercial complex could develop up to 86,000 square metres of space on the site.
Interested bidders will have to retain the existing 16-storey building and add a building next to it, however, property analysts are unsure whether retaining the 46-year-old building will make the site, which has been on the market since October 31st, more attractive to potential buyers. Read more>>
Equinix Plans Fourth SG Data Centre
Equinix, Inc, a global interconnection and data centre company, on Jan 8 unveiled plans to expand Platform Equinix with the construction of its fourth International Business Exchange (IBX) data centre in Singapore, called SG4.
The new facility will provide interconnection and premium data centre services to help businesses with their IT transformation and cloud adoption initiatives, while also supporting the digital infrastructure of Singapore. Read more>>
$50M Houston EB-5 Scheme Defrauded Investors Says SEC
Scores of foreign investors in pursuit of U.S. green cards poured nearly $50 million into what they thought was going to be a giant senior housing, luxury residential and retail project in a booming suburb of Houston.
Instead, the developers “improperly transferred” $20.5 million into other real-estate investments, according the Securities and Exchange Commission. None of the investors have obtained visas. Read more>>
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