In today’s roundup of regional news headlines, China’s Jinke Smart Services Group is reportedly acquiring rival property manager Jiayuan Services Holdings, Hong Kong-based Kowloon Development agrees to buy a Zhuhai commercial project, and mainland property loan growth slows to its lowest pace ever.
Chinese property management firm Jinke Smart Services Group said Monday that trading in its Hong Kong-listed shares was halted pending an announcement related to mergers and acquisitions, with local news reports indicating that the company is acquiring rival Jiayuan Services Holdings for an undisclosed sum.
Shares in Jiayuan International Holdings, the parent company of Jiayuan Services, had fallen by more than 44 percent last week after founder Shum Tin Ching pledged equity in the company to a finance firm, before trading in the developer and its property management unit was halted on 18 May. Read more>>
On 20 May, Kowloon Development agreed to pay Polytec Holdings International HK$816.6 million ($104 million) to fully own a 198,776 square metre (2.1 million square foot) commercial development in the Chinese city of Zhuhai.
The project, which occupies a 38,416 square metre site, will have two phases, both of which will feature office towers and a commercial podium. It will also include a neighbourhood centre and 128 public car parking spaces that will be turned over to the local government upon completion. Read more>>
China’s property loan growth slowed to the lowest pace in over a decade due to the continued slump in the real estate market brought on by developer defaults, virus lockdowns and weak consumer confidence.
Outstanding loans in the property sector grew 6 percent to RMB 53.2 trillion ($8 trillion) at the end of March from a year earlier, the slowest pace of expansion since data began in 2009, according to a statement released Friday by the People’s Bank of China. The growth rate was down from 7.9 percent at the end of 2021. Read more>>
Wai Chi-sing, managing director at Hong Kong’s Urban Renewal Authority, said the profit-making statutory body may see a HK$15 billion ($1.91 billion) cash flow deficit after spending all HK$30 billion of its current cash reserve for six major redevelopment projects within five years.
In a Sunday blog post, Wai said that at the end of the last fiscal year ending March, the authority had cleared seven redevelopment projects and received HK$20 billion cash from joint venture developers, in addition to its existing HK$10 billion reserve. Read more>>
A pair of freehold Chinatown shophouses have been put up for sale via public tender with a guide price of S$53 million ($38.6 million), exclusive marketing agent Savills Singapore said Monday.
Located at 79 and 81 Pagoda Street, the three-storey shophouses are zoned for commercial use under the Urban Redevelopment Authority’s Master Plan 2019. They have a combined land area of 2,493 square feet (232 square metres), a total floor area of 8,220 square feet and a passenger lift that serves the ground floor to attic levels. Read more>>
Real estate deals in Asia Pacific are expected to hit yet another record this year, as companies seek to strengthen their balance sheets amid a host of uncertainties brought about by the COVID-19 pandemic, according to CBRE.
After 762 transactions worth a record $44.4 billion were concluded in the region last year, transaction volumes are likely to grow between 5 and 10 percent this year, the property consultancy predicted. Read more>>
Hong Kong’s property buyers mostly stayed on the sidelines over the weekend, buying up less than 15 percent of the 200 apartments on offer at three locations across the city.
Country Garden sold 15 of the 70 flats at its Allegro project in Kowloon City, while Henderson Land Development sold eight of 15 of The Quinn apartments in Tai Kok Tsui, according to sales agents. Over at the former airport site at Kai Tak, Wheelock Properties sold six of 115 Monaco Marine units on offer. Read more>>