Hong Kong home prices have declined by 6.5% in the year to date
In today’s roundup of regional news headlines, Hong Kong home prices hit a fresh multi-year low, a Canadian pension fund manager opens an office in Mumbai, and China-based Dajia Insurance looks to sell a trio of US hotels.
Hong Kong Home Prices Fall to Lowest Since February 2019
The prices of homes in Hong Kong fell by 2.26 percent in August to their lowest level in three-and-a-half years and are unlikely to get much support from the city’s reduced COVID-19 hotel quarantine requirements.
An index measuring overall home prices slumped to 368.2 in August from 376.7 in July, according to official data released on Wednesday by the Rating and Valuation Department. Read more>>
Ontario Teachers’ Fund Grows India Presence With Mumbai Office
The Ontario Teachers’ Pension Plan Board has established an on-the-ground presence in India, opening a new office in Mumbai to build on its existing Indian portfolio.
The office is in the financial hub of the Bandra Kurla Complex and is Ontario Teachers’ sixth global office and third in the Asia Pacific region. Read now>>
China’s Dajia Insurance Aims to Sell 3 US Resorts for $1.3B
A Chinese company is looking to sell three major US resort hotels at a combined price tag of $1.3 billion, seeking to cash out these holdings during a powerful surge in leisure travel and resort business.
Dajia Insurance Group is putting up for sale the Montage in Laguna Beach, California; the Four Seasons resort in Jackson Hole, Wyoming; and the Four Seasons in Scottsdale, Arizona, according to people familiar with the matter. BofA Securities and Eastdil Secured are marketing the hotels on behalf of the seller, these people said. Read more>>
Wanda’s Property Services Arm to Manage 5 Aux Square Malls in China
Chinese real estate giant Dalian Wanda Group’s property services unit is taking over the management of five Aux Square shopping malls owned by developer Aux Real Estate, The Paper reported.
Zhuhai Wanda Commercial Management Group will replace the existing management teams in two Aux Square shopping malls in Changsha, one in Chengdu, one in Qingdao and one in Hangzhou, the report said, citing an informed source. Read more>>
Link REIT Eyes More Property in Australia, Entry Into Japan and Singapore
Hong Kong-based Link REIT, Asia’s largest investment trust, is on the hunt for good commercial real estate deals in Australia, Japan and Singapore amid the current global environment of rising interest rates, according to a company executive.
“We are always active in looking for opportunities, but we are very selective about the opportunities we do complete,” said Greg Chubb, Link REIT’s chief operating officer for international. Read more>>
Serene Centre Going Up for Sale, Sultan Plaza to Lower Reserve Price
Serene Centre, a freehold mixed-use development near Singapore’s Bukit Timah Road, will be put up for sale via tender on Thursday with a reserve price of S$120 million ($82.9 million), marketing agent Cushman & Wakefield said Wednesday.
Separately, the owners of Sultan Plaza along Beach Road are planning to lower their asking price for the shopping mall to S$325 million from S$360 million after getting the 80 percent mandate needed for a collective sale. Read more>>
Deflation Looms in China Amid Property Crisis, Survey Shows
China faces increasing risks from deflation as demand crumbles under the weight of an ongoing property crisis and is threatened by continued COVID restrictions — a stark contrast with other major economies, according to a private survey.
Companies reported the weakest growth in sales prices since the last quarter of 2020 in the three months to September, according to indexes compiled by China Beige Book International in a report published Tuesday. That’s despite wages and input costs picking up slightly from the previous quarter. Read more>>
Nam Tai Property Pleased by Court’s Dismissal of Appeal by Former Exec
Nam Tai Property announced Monday that the Shenzhen Intermediate People’s Court upheld the jurisdiction of the Shenzhen Qianhai Cooperation Zone People’s Court to grant the company’s subsidiary’s request to freeze the personal bank accounts and assets of Wang Jiabiao and Zhang Yu, who were terminated by the company’s reconstituted board of directors in the fourth quarter of 2021.
The Intermediate Court’s dismissal follows a Qianhai court order that prohibits Wang and Zhang from using the corporate chops and business licences of Nam Tai Investment Shenzhen Co Ltd, a wholly owned indirect subsidiary of the company, during ongoing litigation. Read more>>
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