HNA’s Chen Feng needs just one buyer for his SG logistics business
HNA’s big global clearance sale drags the mainland conglomerate into the region’s real estate headlines again today as the company shops a $1 billion Singapore logistics enterprise in an attempt to make a dent in its debt wall. Further north, Hong Kong and Guangdong province are just beginning to dig out from the damage caused by typhoon Mangkhut and mainland home buyers may get an extended reprieve from the much-discussed property tax. Keep reading for the details on all these stories and more.
HNA Said in Talks to Sell CWT Logistics in Singapore
China’s HNA Group is in talks with investment banks to find a buyer for its CWT logistics unit, nine months after it acquired the Singapore-based business in a US$1 billion (S$1.37 billion) deal, people familiar with the matter told Reuters.
The sale, if completed, would be the latest in a series of divestments aimed at slashing debt at the aviation-to-financial services conglomerate. HNA has attracted much scrutiny for its US$50 billion worth of deals in recent years that included hotels in the United States and a stake in Deutsche Bank. Read more>>
Hong Kong Starts Tallying Cost of Typhoon Destruction
Developers and homeowners will need to fork out millions to repair buildings mauled by Typhoon Manghkut on Sunday, which was Hong Kong’s strongest storm on record, causing widespread damage to homes, offices and infrastructure, surveyors said.
The typhoon tore into the city with sustained wind speeds of 195km/h, coming within 100km of the city at its closest, making it the most powerful since Typhoon Hope in 1979. Read more>>
883 HK Apartments to Go on Sale at Moon Festival
About 883 apartments will go up for sale in Hong Kong, the world’s least affordable housing market, during the three-day Mid-Autumn Festival period this year.
Sun Hung Kai Properties, the city’s biggest developer by market value, will put 32 units at its Cullinan West II development in western Kowloon up for sale on Sunday. On Tuesday, it will put up for sale 144 units at its soon-to-be completed Park Yoho Napoli development in Yuen Long. Read more>>
Ex-Think Tank Chief Says China Property Tax Could Be Five Years Away
It may take more than five years to introduce a much-anticipated national real estate tax in China, according to a former director of the finance ministry’s research institute.
The legislation may take that long, though it was supposed to be done in two years, the China Real Estate Association’s website reported today, citing Jia Kang, who worked for the Chinese Academy of Fiscal Sciences. This indicates that the new tax policy has become a medium- or long-term task rather than a short-term one, he said at a real estate summit in Hangzhou. Read more>>
Pair of Singapore Sites are Latest to Attempt Collective Sales
Two Singapore sites easily accessible by public transport are the latest to go up for collective sale.
One is the 999-year leasehold Waterloo Apartments in Waterloo Street, a site with outline planning permission for hotel use, said marketing agent Cushman & Wakefield yesterday. The other is freehold Yuen Sing Mansion in Lorong 13, Geylang.
Waterloo Apartments has an asking price of $115 million and a land area of 14,369 sq ft, translating to a land rate of $1,906 per sq ft per plot ratio (psf ppr). It is zoned “residential with first-storey commercial”, with a plot ratio of 2.8. Read more>>
Xi’an Rules Out Linking School Admission to Home Sales
Xi’an, a large city in central China, has forbidden real estate developers from linking home sales to school admission, The Paper reported.
According to the new rule co-released by the municipal Housing Administration, Education Bureau, as well as the Administration for Industry and Commerce, developers do not have the right to promise home buyers school admission for their children. Read more>>
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