New World’s Adrian Cheng is buying up Kowloon while dad recovers
Leading today’s headlines, while Hong Kong residents may have little hope of buying a home this century, the government is doing just fine, thanks to robust land sales. New World paid a higher than expected price for a site in New Kowloon that fit into an expected HK$30 billion in land being auctioned this month. Meanwhile, Singapore’s biggest builder expects the city’s government to keep a lid on home prices and IHG bets big on India. Read on for all these stories and more.
New World Wins Kowloon Site for HK$7.8 Bil
New World Development has won a government land site in Cheung Sha Wan after paying a higher-than-expected HK$7.794 billion.
The Lands Department on Wednesday said that the tender for the 83,184 square foot site at King Lam Steet in Cheung Sha Wan was awarded to Super Record, a unit of New World Development. Read more>>
SG Property Curbs Will Stick Around in 2017 Says CapitaLand CEO
Singapore’s residential property curbs are set to stay in place for at least another year amid signs the city’s housing market is stabilizing, the chief executive officer of Southeast Asia’s biggest developer said.
“We see volume picking up and the price declines have slowed,” Lim Ming Yan, the president and CEO of CapitaLand, said in a Bloomberg Television interview on Wednesday (Feb 15). Read more>>
IHG Plans 150 India Hotels in Coming Decade
The UK-based hospitality chain InterContinental Hotels Group (IHG) will open around 100 to 150 properties in India over the next ten years.
“India is the third largest growth market for IHG after US and China. We plan to open 100 to 150 new properties in India over the next ten years,” Shantha De Silva, head of South West Asia, IHG, told reporters here today. Read more>>
Hong Kong Plans $3.9 Bil in Land Sales This Month
Hong Kong developer New World Development has won a government land site in Cheung Sha Wan after paying a higher-than-expected HK$7.794 billion.
This is one of four parcels of land up for tender in February, the largest number of land plots for sale in a single month in the current financial year that ends March 31. Read more>>
Chinese Developer Yuhu Joins Sydney Site Spree
Sydney-based developers are continuing to snap up residential sites in areas set to benefit from infrastructure spending in the NSW capital.
A local developer has spent up to $40 million buying a major Castle Hill site comprised of eight detached dwellings and, in a separate play, Chinese-backed Yuhu has confirmed its purchase of the Pymble Corporate Centre for about $81m. CBRE’s Matthew Ramsay, Ben Wicks, Richard Gell and Alex Mirzaian brokered the Castle Hill deal with the 7545sq m site targeted by local and international developers. Read more>>
China Mortgage Lending Hit 10-Year High in January
Despite a flurry of new curbing measures since the start of this year, China’s mortgage lending growth hit its highest level in January since at least 2007.
Outstanding household medium-to-long-term loans, the closest indicator of home mortgages, grew by 629.3 billion yuan in January, compared to 607.5 billion yuan a year ago, and is the highest single monthly growth since 2007, the earliest year such data can be traced back. 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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