In today’s roundup of regional news headlines, Ping An is reportedly under scrutiny by China’s government about some of the giant insurer’s property investments, while the world’s most indebted developer, China Evergrande, posts a 29 percent drop in first-half net profit.
China’s banking and insurance sector regulator is probing Ping An Insurance Group’s investments in the property market, two people with knowledge of the matter said, after the firm took a big profit hit from a soured bet.
The China Banking and Insurance Regulatory Commission has also ordered the insurer to stop selling alternative investment products, which are typically tied to the property market, said the people, who declined to be identified because the information is not public. Read more>>
China Evergrande Group’s first-half net profit narrowed 29 percent to RMB 10.5 billion (now $1.6 billion) and no interim dividend was declared.
Revenue for the period fell 16.5 percent to RMB 222.69 billion, of which income generated from the property development segment decreased by 18.8 percent to RMB 211.95 billion, mainly due to the decrease of the average delivered price, area and nationwide sales promotion activities. Read more>>
City Developments Ltd and MCL Land have secured green loans amounting to S$847 million ($630 million) to finance the development of two newly-acquired government land sale sites at Northumberland Road and Tengah Garden Walk, CDL said in a statement on Tuesday.
A S$429 million 4.5-year green loan, provided by the loan’s advisor, DBS, will be used to finance the development at Northumberland Road, while a S$418 million 4.5-year green loan, provided by this loan’s advisor, UOB, will be used to finance the Tengah Garden Walk executive condominium. Read more>>
Digital infrastructure provider Equinix has opened its fifth International Business Exchange data centre in Singapore, a $144 million purpose-built facility that operates on 100 percent renewable energy.
SG5 IBX is a new nine-storey facility at the Tanjong Kling data centre park. Its addition strengthens Equinix’s cross-island presence and location diversity, with all five of Equinix’s current IBX data centres spread across the island. Read more>>
Dongguan, the city with the fastest increase in home prices across China, is offering a co-sharing investment plan to buyers to spur home ownership in a move that resonates with the state’s “common prosperity” campaign.
The local government will start building homes under a joint ownership plan soon, where buyers can split the cost with a state-owned vehicle and take possession of the unit. Buyers will have an option to buy out the state in five years at a 20 percent discount on the prevailing market price. Read more>>
Singapore’s Jurong Town Corporation has launched an industrial site at Jalan Papan Plot 7 near Jurong Lake for tender.
In a press statement on Tuesday, JTC said the site is the first of four confirmed list sites under the industrial government land sales programme for the second half of 2021. Read more>>
ESR-REIT has entered into an agreement to sell an industrial building, 45 Changi South Avenue 2, for S$11.1 million ($8.3 million).
The price tag represents a 7.8 percent premium to the property’s fair value of S$10.3 million, the REIT said in a filing with the Singapore Exchange on Monday. The net proceeds will be used to repay outstanding borrowings, finance upcoming asset enhancements and/or fund general working capital requirements. Read more>>
Two developers are bringing the personal skyscraper, or at least a miniaturised version of the latest must-have of Indian billionaires, to Hong Kong, with plans for an eight-storey, vertical villa at Mid-Levels.
K Wah International Holdings and Chuang’s Consortium International have unveiled plans for the project at 28 Po Shan Road, appointing Savills as its sole agent. The turnkey project will be built to the buyer’s specifications and will only be constructed with a buyer’s commitment. Read more>>
Housing prices across Asia-Pacific are surging — in some cases, by as much as 37 percent. Homebuyers are taking advantage of continued pandemic-induced stimulus, while international investors are looking for a place to put their money.
To get a better picture of where real estate prices are going, CNBC compared the median sale prices of one-, two-, three- and four-bedroom properties across four major Asia-Pacific cities: Singapore, Seoul, Sydney and Taipei. Read more>>