K Wah boss Lui Che Woo failed in more than 16 land bids in 2016
It was Hong Kong’s last land auction of the year and one of the city’s old line developers seems to have finally gotten its wish of acquiring a fresh site in the city after months of being outbid by mainland upstarts and desperate rivals. Also in the headlines to start off the new year a Guangdong mall developer plans a Singapore REIT listing and Hong Kong home prices hit new records. Read on for all these stories and more.
K Wah Wins Kai Tak Site With HK$5.9 Bil Bid
K Wah International Holdings Ltd., the developer controlled by casino tycoon Lui Che-woo, has won the Hong Kong government’s final land auction of 2016, paying HK$5.868 billion for a piece of land at the former Kai Tak airport site.
The winning bid on the site, with a total gross floor area of 574,270 square feet, puts it at about HK$10,200 per sq ft according to Land Department’s data, in line with the market’s estimate of between HK$5.74 billion and HK$6.32 billion in total. Read more>>
SG-Listed Industrial Firm Sells Real Estate Unit for RMB 786M
Textile dyer China Jishan Holdings has agreed to sell a real estate unit to a Shanghai-based real estate developer for 785.78 million yuan (S$164.1 million), it said in a Singapore Exchange filing on Wednesday.
Its unit, Zhejiang Jishan Printing and Dyeing, will sell Shao Xing Yue Sheng Real Estate Property Development to Shanghai Jintumu Real Estate, in line with the group’s strategy to sell “under-utilised assets for cost savings”, it said. Read more>>
Guangdong Mall Platform Plans $84M SG REIT IPO
A business trust holding three shopping malls in a city in China’s Guangdong province is seeking to raise 586.4 million yuan (S$122.5 million) through an initial public offering on the Singapore Exchange mainboard.
Dasin Retail Trust lodged a preliminary prospectus on Wednesday night, without indicating pricing or the number of units that would be in the retail and placement tranches. Its sponsor is Zhongshan Dasin Real Estate, which develops property in Zhongshan city in Guangdong. Read more>>
Hong Kong Homes Prices Reach Record Levels in November
Hong Kong home prices rose to a record in November, propelled by eight straight months of gains, even as the government unveiled a higher stamp duty to curb investment demand.
But market watchers expect home prices will ease back in December as the monthly data reflected the full impact of the revised stamp duty and a quarter-point interest rates rise in the United States. Read more>>
Breaking China’s Big City Real Estate Fever Gives Dongbei Chills
In China’s two-speed property market, prescriptions for deflating big-city bubbles are having unintended side-effects in smaller towns.
Soaring prices in megacities Beijing and Shanghai both snapped 20 months of gains in November after authorities tightened restrictions to reduce excessive speculation. Meanwhile, real estate in the northwestern rust belt cities of Jilin and Harbin also declined, posting their first drops in four months. Read more>>
Mainland Developers Dare to Be Dull in US Housing Market
Big institutional investors from China have grabbed headlines with flashy purchases of luxury hotels and condominiums in the U.S. in recent years, sometimes at record prices.
Now they are starting to shun trophy properties in favor of plain-vanilla assets that cater to middle-class consumers. 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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