In today’s roundup of regional news headlines, a residential site in Hong Kong’s New Territories changes hands at a big discount, and China appoints a new governor of the nation’s central bank. Also making the list are reactions to the Politburo’s property promises and the sale of a strata office unit at Singapore’s Suntec City.
A residential site in Fanling, which lies within Hong Kong’s Northern Metropolis, was sold to Ming Hing Waterworks for HK$77.3 million ($9.9 million), nearly 23 percent off the asking price of HK$100 million, according to Savills.
The site comprises portions of Lot 1583 and Lot 1584 in Demarcation District No.100 and is adjacent to luxury housing estate Miami Crescent on Fan Kam Road in Sheung Shui. Read more>>
Less than a month after being named party chief of China’s central bank, Pan Gongsheng has further solidified his oversight of the monetary authority by being elevated to bank governor — placing him in a critical role to address financial risks and growth momentum in the world’s second-largest economy.
The 60-year-old replaces Yi Gang, 65, who held the post since 2018. Pan has become a key member in President Xi Jinping’s third term as leadership eyes a steady post-pandemic recovery with low inflation and measures taken to guard against a variety of financial risks. Read more>>
Chinese developer shares are bouncing back after the country’s top leadership pledged to optimise and adjust property policies to ensure the sector’s healthy development. A Bloomberg Intelligence gauge of developer shares climbed as much as 7.9 percent, the most since 9 December, with some traders attributing the gains to a short squeeze.
The official slogan of “housing is for living, not for speculation” was left out of the Politburo meeting’s statement for the first time in years, an omission that was taken positively by investors. Read more>>
Global investors are locked in a debate over whether China’s pledges to support its slowing economy will finally revive animal spirits in the market, or fall flat after a fleeting rebound.
In the more optimistic camp, analysts and money managers see the statement from the Politburo as more powerful with its recognition of key market concerns including the troubled housing sector. But a lack of clear policy actions to repair the economy’s challenges and deep-rooted market pessimism would make a meaningful rebound hard to come by, the sceptics say. Read more>>
A strata office unit at Suntec City Tower 1 has been sold for S$11.5 million ($8.7 million), according to Savills Singapore, which brokered the deal.
“This is the fourth office strata sale at Suntec City that Jeremy Lake and Sophia Lim from the Savills Investment Sales and Capital Markets team have closed since 2021, making a total tally of S$288 million over eight full floors sold,” the consultancy said. Read more>>
It is crunch time for Xi Jinping. While most of the West is quivering over the fate of Taiwan and aggressive military expansion plans from the world’s second-biggest economy, China’s now-permanent leader is facing a more immediate battle on a different front.
China’s economy is in serious trouble. The country’s property sector, once a powerhouse of national economic growth, is in meltdown with predictions of worse to come. Read more>>
Accor’s presence in Japan is set to double as hotel openings gain momentum throughout the region.
The French hospitality group announced a new strategic partnership with JHRA to renovate and rebrand the Daiwa Resorts portfolio into Grand Mercure and Mercure hotels. The agreement will double Accor’s current portfolio in Japan, adding 23 properties and over 6,000 rooms. Read more>>
CapitaLand Malaysia Trust continues to see strong consumer spending across most of its portfolio of malls.
This is contrary to its earlier expectations that consumer spending would be challenged given concerns of rising costs and after the tapering of the effects from the Employees Provident Fund’s early withdrawals that was halted this year. Read more>>