Hong Kong’s sky high housing prices have slid for the third straight month
The struggles of Asia’s wealthiest city continue to dominate real estate news from around the region today as home prices in Hong Kong fell by 1.4 percent in August – their fastest decline of 2019. The performance by the Greater China financial centre looks all the worse as its southern rival Singapore saw prices in its housing market climb for the second straight quarter.
Also in the headlines today, Blackstone continues its string of warehouse acquisitions with a $5.9 billion US acquisition and Hong Kong’s Shui On Land breaks ground on its latest development in the the Xintiandi area. Mingtiandi has all these stories and more for all of you not lucky enough to get away for the 1 October holiday.
Hong Kong Home Prices Fall 1.4% in Sept
Hong Kong’s home prices have fallen at the fastest rate this year, as the world’s least affordable housing market finds itself under increasing pressure from social unrest and the effects of the US-China trade war.
The price index for lived-in homes in August slumped 1.4 per cent to 389.8, a third successive monthly fall, according to figures released by the Rating and Valuation Department on Monday. Read more>>
Blackstone Buying $5.9B in Warehouses From Colony Capital
Blackstone Group Inc (BX.N) said on Monday it would buy U.S. industrial warehouses from real estate and investment management firm Colony Capital Inc (CLNY.N) in a $5.9 billion deal, to capitalize on the e-commerce boom.
The deal by one of the world’s biggest property investors comes at a time when companies are spending billions of dollars to snap up logistics assets as a surge in e-commerce activity spurs demand for delivery and warehouse services. Read more>>
Singapore Home Price Rise for Second Straight Quarter
Private home prices in Singapore have risen for the second consecutive quarter, based on the latest official flash estimate.
The Urban Redevelopment Authority’s (URA) flash estimate for the third quarter of 2019 shows that its overall price index for private homes rose 0.9 per cent over the preceding quarter. This follows the 1.5 per cent quarter-on-quarter rease in the second quarter of this year. Year on year, the index is up 1.7 per cent. Read more>>
Shui On Land JV Project Breaks Ground in Shanghai
The groundbreaking ceremony for a 390,000-square-meter commercial and office complex in downtown Huangpu District, a joint development between Shui On Land, China Pacific Life Insurance Co and Shanghai Yongye Enterprise (Group) Co, was held on Saturday.
Upon its scheduled completion in 2023, the project, covering a total site area of 35,000 sqm in the vicinity of Middle Huaihai Road, will complete an integrated hub of offices, commercial and residential properties in Taipingqiao. Read more>>
Digital Realty Agrees to Buy Site for New Tokyo Data Centre
Digital Realty Trust and Mitsubishi’s Japanese data center joint venture is continuing to stockpile land for construction in the Tokyo data center market.
The JV, called Digital Realty MC, on Monday announced that it has signed an agreement to acquire a second plot of land in Inzai, a city east of Tokyo. The company expects to close the deal in the first quarter of 2020. Read more>>
Hines Rejigs Global Investment Team
Hines, the Houston-based real estate investor overseeing more than $124 billion in assets, is shaking up its top ranks.
The firm, founded by billionaire Gerald Hines, has given global chief investment officer David Steinbach and chief executive officer of capital markets Chris Hughes additional new roles: co-heads of investment management.
Reporting to the duo are three geographic chief investment officers: In the Americas, Alfonso Munk, who Hines poached from Prudential Real Estate Investors, and in Europe and Asia, Hines executives Alex Knapp and Lee Timmins, respectively. The trio, also in newly created roles, will join the firm’s investment committee. 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.
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