Hong Kong home prices are expected to be on the way up again in 2017
As the mainland gets back to work after the golden week holiday, Hong Kong and Singapore dominate the real estate headlines, with home prices in Hong Kong expected to rise next year after a brief dip. In Singapore, home prices and retail rents continue to slide. Read on for all these stories and more.
Hong Kong Home Prices Expected to Rise 5% in 2017
Hong Kong home prices are expected to rise 5 per cent next year, supported by the sustainability of sales volume recovery, analysts say.
In contrast to the forecast of 10 to 20 per cent price decline made early this year, analysts now expect the housing market will remain flat in 2016, and even begin moving higher in 2017. Read more>>
SG Beating HK on Path to Housing Affordability
On the surface, the property markets in Singapore and Hong Kong have much in common. The two Asian financial hubs have both moved to rein in runaway home prices in recent years as they sought to make housing more affordable.
Yet, consider how home values in the cities have diverged. Singapore has been successful in damping buyer demand with curbs (prices slumped by the most in seven years last month), while restrictions have had little impact on Hong Kong’s gravity-defying market, which is rebounding after a short-lived dip. Read more>>
Texas Congressman Singles Out Wang Jianlin as Propaganda Threat
Turning up the heat on China’s recent buying spree in Hollywood, a House subcommittee chairman has asked the Justice Department to review entertainment industry acquisitions by Dalian Wanda Group Co.
In a letter on Thursday, Rep. John Culberson (R-Texas) singled out Wang Jianlin, chairman of the Chinese conglomerate, saying his recent takeovers of U.S. entertainment companies have the potential to encourage “foreign propaganda influence over American media.” Read more>>
Shanghai Homebuyers Flood Chongming Island in Property Fever
Hundreds of investors and retirees from Shanghai swamped China Evergrande Group’s sales office on Chongming Island as the developer launched a new batch of homes at its Sea Venice project on Thursday for as little as 350,000 yuan.
Drawn by prices that are a fraction of those in Shanghai, hoards of potential buyers undertook the two-hour journey from the city on 75 coaches laid on by Evergrande as the developer released 500 new units at an average price of 6,100 yuan per square metre. Read more>>
Singapore Retail Rents Slide 9.6 Since Last Year
Retail rents fell in the third quarter on the back of the subdued economy and wary consumers, although Orchard Road and Scotts Road bucked the trend.
Average monthly gross rents for prime first-storey speciality retail shops dipped 1.2 per cent to about $29.30 per square foot (psf) in the three months to September compared with the previous quarter, said property consultancy Edmund Tie & Company yesterday. Read more>>
CapitaLand Plans Two More India Malls in Next Three Years
Prime Minister Lee Hsien Loong on Wednesday visited CapitaLand’s The Celebration Mall, Udaipur, as the real estate group celebrated its 10th year in India.
To mark the occasion, CapitaLand announced plans to open two more malls in India, over the next three years. The two upcoming malls — Forum, Mysore and Forum, Cochin — will be opened next year and in 2019, respectively. 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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