Wheelock chairman Douglas Woo is offering up to 19.5% discounts at his new project
Competition is rapidly bringing down Hong Kong’s housing prices as Wheelock is now offering discounts of nearly 20 percent on its new project. Meanwhile on the mainland, the housing recovery may be bailing out the broader economy, and a Chinese developer shows signs of pulling back in Sydney. Read on for all the details.
Wheelock Prices New HK Project at 10% Below 2nd-Hand Market
Homebuyers yesterday snapped up 85 per cent of 362 flats unveiled at a new development in Tseung Kwan O that were up to 10 per cent cheaper than some second-hand homes in the area.
The first batch of flats at Savannah, developed by Wheelock Properties, were offered with discounts of up to 19.5 per cent in the biggest opening sale of new homes in six months. Read more>>
China’s Housing Recovery Props Up Broader Economy
China’s housing market is showing nascent signs of recovery after a two-year downturn, helping to counter a slowdown in the broader economy but prompting fresh warnings about a buildup of debt.
Property prices and sales have risen in recent months, driven by looser lending policies, accompanied by a sustained advance in new construction. That occurred even though China is weighed down by unsold homes with enough square footage to fill seven Manhattan islands. Read more>>
Mainland Investment and Retail Growth Slow in April
China’s investment, factory output and retail sales all grew more slowly than expected in April, adding to doubts about whether the world’s second-largest economy is stabilising.
Growth in factory output cooled to 6 percent in April, the National Bureau of Statistics (NBS) said on Saturday, disappointing analysts who expected it to rise to 6.5 percent on an annual basis after an increase of 6.8 percent the prior month. Read more>>
Chinese Developer Selling Off Sydney Projects
Chinese-backed property developer Aqualand is selling a development site in Chatswood on Sydney’s lower north shore, as the company focuses on larger developments across the city including a proposed 28-level tower in North Sydney.
The group has been offloading smaller projects as it advances on projects such as the Woods Bagot-designed tower in North Sydney that is set to redefine North Sydney’s skyline. Read more>>
Sunac Complains of China Land Kings 1 Week After Buying Shanghai Plot
Mainland property developer Sunac China said it will approach land acquisition with caution as prices in some Chinese cities are unreasonably high.
“Land prices in cities such as Beijing, Shanghai and Shenzhen are too high,” Sunac chairman Sun Hongbin said in Beijing on Monday. Read more>>
Revenues Fall 11% at Singapore’s CDL
Subdued performances from local property development and hotel divisions were a drag on first-quarter net profit and revenue at City Developments (CDL).
Earnings for the three months to March 31 fell 14.4 per cent from a year earlier to $105.3 million, while revenue slipped 11.2 per cent to $723.3 million, it said yesterday.
The property development segment reported lower profits, owing to reduced contribution from its completed residential projects as well as the absence of profit from The Rainforest executive condominium, which was recognised in its entirety in the first quarter of last year. 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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