Hong Kong’s richest man can celebrate how unaffordable the city’s real estate has become
Hong Kong’s richest man can’t take it with him, but he can still shed tears of joy over the cash he’s making from the city’s booming real estate market, while Vincent Lo convinces an SCMP reporter that Shui On is doing great. Competing with Li and Lo in today’s headlines are a Macau gaming industry tycoon buying an NYC condo for nearly $65 million and Tencent’s Pony Ma getting a nice ride from his personal bit of Hong Kong seashore.
Li Ka-shing Predicts 2 More Years of Rising HK Home Prices
Hong Kong’s richest man signaled that the property rebound that’s been pushing up prices in the world’s most expensive housing market could persist for as long as two years as growing demand outweighs government curbs.
“I cannot see how property prices would fall in the coming one to two years,” Li Ka-shing, the 88-year-old head of Cheung Kong Property Holdings Ltd. and CK Hutchison Holdings Ltd., said during his annual earnings press conference on Wednesday. “The force from buyers is very strong.” Read more>>
Unamed Melco Exec Buys Park Ave Condo for $65 Mil
For the second year in a row, large apartments at 432 Park Ave., the 1,396 foot tall residential skyscraper, are topping the list of the priciest in Manhattan.
The latest sale, an 8,055 square foot full-floor condominium unit on the 83rd floor of the skyscraper, closed last week for $65.2 million. A Hong Kong address in mortgage documents linked the purchaser to Melco International Development Ltd., a gaming and resort company. Read more>>
Pony Ma’s Hong Kong Estate Quadruples in Value
Pony Ma Huateng, the co-founder of Tencent Holdings, is an astute investor. Still, there’s at least one investment that Tencent’s shareholders won’t be able to enjoy.
That’s Ma’s private property at 13 Big Wave Road in Shek O, on the southeastern tip of Hong Kong island. That property, which includes an 8,000 square foot (743 square metres) mansion, is valued at HK$1.9 billion (US$245 million), about four times what he paid for it eight years ago. Read more>>
Country Garden Core Profit Rises 22%
Country Garden Holdings Company Ltd, China’s third-largest developer by sales value, said on Wednesday its 2016 core profit jumped 22.3 percent, beating analyst estimates as robust demand for homes spilled over into smaller cities.
The homebuilder which focuses on smaller cities said in a statement its core profit excluding revaluation gains grew to 12 billion yuan ($1.74 billion) last year from 9.7 billion yuan in 2015. Read more>>
Shui On Land Reports 38% Profit Increase
Property developer Shui On Land has delivered a 38 per cent rise in annual profit, on the back of robust mainland project sales.
The company said on Wednesday its profit attributable to shareholders was 1.1 billion yuan (US$159.5 million) for the year ended 31 December 2016, up from 788 million yuan the previous year. Read more>>
China to Introduce Outbound Investment Law
China is expected to introduce its first regulation on overseas investment this year.
The regulation, initiated by the Ministry of Commerce and National Development and Reform Commission, will provide guidance on investment in other countries and regions, while identifying the industries that the government will encourage or ban. Read more>>
China Overseas Land Profits Rise 6.9%
State-owned developer China Overseas Land & Investment, said its full-year net profit for 2015 climbed 6.9 per cent, amid record property prices in the country over the past two years.
Net profit for the year to December 31, 2016 rose to HK$37 billion (US$4.76 billion), or HK$3.64 per share. Core earnings, excluding fair value gains, rose to HK$31.4 billion, in line with the expectations of analysts polled by Bloomberg. 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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