Hong Kong’s richest man leads Mingtiandi’s roundup of Asia real estate headlines today as the founder of CK Asset Holdings speaks up in support of Beijing’s move to force through security legislation in the Asian financial hub.
In other news around the region, a mainland developer sold all 188 flats at one of its Hong Kong developments on Wednesday, while a private equity firm from the same city has raised $35 million to refinance a London property.
Elsewhere, the Korean property market is expected to bear the brunt of the impact from the pandemic in the final three months of 2020.
Hong Kong’s richest tycoon Li Ka-shing defended a national security law drafted by Beijing, in his first comment on the proposal that has triggered fresh protests in the city.
The founder of CK Hutchison Holdings Ltd. was among several billionaires based in the city who rallied behind the draft rule in statements to local newspapers this week, while demonstrators returned to the streets to protest against the mainland’s increasing control. Read more>>
Vanke Holding (Hong Kong) sold all 188 flats on sale at its The Campton development in Hong Kong’s Cheung Sha Wan area on Wednesday.
The outcome defied a forecast by investment bank Goldman Sachs, which revised down its estimates for local housing prices, office and retail rents by 5 to 15 percentage points this week. Read more>>
Real estate private equity firm Gaw Capital has announced that it has raised £28.5 million ($35 million) in mezzanine financing to refinance its preferred equity on four office buildings in Docklands, London.
The lending consortium is led by Samsung Securities and KB Asset Management from Korea, and it will provide the five-year mezzanine facility at a loan to value (LTV) of just under 71 percent. Read more>>
Raymond Kwok Ping-luen, chairman and managing director of Sun Hung Kai Properties, proposed that restrictions on Hong Kong and Macau residents be eases so they can purchase flats in nine cities in the Greater Bay Area.
He made the proposal to the third session of the 13th National Committee of the Chinese People’s Political Consultative Conference, the country’s top political advisory body. Read more>>
It has been confirmed that the Guilin Sunac Cultural and Tourism City is to open in June 2021. The new Cultural and Tourism city is a key project of Guangxi’s wellness and cultural tourism industry.
Much of the city has already been built and the remaining facilities are being accelerated in time for an opening date of June 26, 2021. Read more>>
Lawsuits relating to unpaid rents are on the rise as dozens of retailers hit by the economic downturn shut shop, with law firms in Hong Kong witnessing a massive uptick in enquiries seeking advice on recovery of arrears.
Lilian Chiang, senior partner and head of the property department at law firm Deacons, said requests were pouring in from landlords pursuing overdue rent and distressed tenants seeking to exit leases. Read more>>
The coronavirus impact will likely spill over to the commercial real estate market around the fourth quarter of this year, with a spike in office vacancies and rent drops pushing real estate prices lower, said the South Korean Military Mutual Aid Association’s (MMAA) chief investment officer.
Jae Dong Kim, who leads the MMAA’s financial operations, cautioned that cinemas and restaurants surviving with temporary rent reprieve could be closed down in the following months. Read more>>