Leading today’s headlines, a car park on Murray Road is expected to bring bids as high as HK$22 billion, but failed to bring interest from many of China’s biggest developers. Meanwhile up in Beijing, Malaysia’s prime minister works hard to find a savior for at least one of his 1MDB debacles and Swire says it’s hip to work in Quarry Bay. Read on for all these stories and more.
Mainland Chinese buyers had been setting one price record after another as they snapped up Hong Kong’s commercial land and residential property for the past year.
But as the city’s government prepared to sell what could become the costliest land parcel in the city — the first grade A commercial land site in downtown Central to go on the market in two decades — mainland Chinese developers were nowhere to be seen, snared by a tightened remittance process that made it more difficult for capital to flow out of China. Read More>>
Bandar Malaysia, the multi-billion-ringgit property project in Kuala Lumpur, could see changes in its ownership structure that may include the return of its former master developer after Malaysian Prime Minister Najib Razak met Chinese leaders in Beijing last week.
“Chinese Prime Minister Li Keqiang told Najib that China hopes the deal on Bandar Malaysia stays unchanged. Najib may have to take the Chinese wishes into consideration,” said a government source in Beijing. Read More>>
China’s investment in property development continued to rise in the first four months of this year and growth showed increased momentum, official data showed.
Investment in real estate development increased 9.3 percent year on year from January to April, 0.2 percentage points faster than the growth rate registered in the first three months this year, the National Bureau of Statistics said Monday. Read More>>
Quarry Bay is quickly becoming Hong Kong’s new hip business district, as mainland companies take over Central, and foreign firms leave in their droves.
As mainlanders continue to swoop on trophy buildings in Central, foreign multinationals are relocating to the east of Hong Kong Island, and this “decentralisation” has been the prominent trend in the office market, say leading property agents. Read More>>
Chinese home buyer demand sent Chinese developer Yanlord’s profits skyrocketing for the first quarter of this year. Profits rose 259.1 per cent to hit 934.1 million yuan for the first three months of the year.
This came off the back of strong sales of 6.3 billion yuan, a rise of 121.5 per cent from the same period a year earlier. Earnings per share for the company rose 260.6 per cent to 48.14 Chinese cents. Read More>>
Demand for new private homes here eased in April with developers’ sales falling 12.6 per cent to 1,555 units, from 1,780 in March. This was, however, still more than double the 750 units shifted in April 2016, according to figures from the Urban Redevelopment Authority on Monday (May 15). March sales were also the highest in nearly four years.
New units in the suburban areas led April’s sales with 967 transactions, followed by 558 in the city fringe and 30 in the core central region. Read More>>