Daiwa House, Toll Brothers Announce US Project and More Asia Real Estate Headlines

Japan’s Daiwa House hooks up with US-based Toll Brothers on a luxury residential project near New York City, with that joint venture leading today’s headline roundup. Also making the list, China’s Country Garden submits a revised restructuring plan to creditors and a court tells Singapore tycoon Ong Beng Seng’s lawyers to make representations by the end of this month.

Daiwa House, Toll Brothers Announce New Jersey Residential JV

US developer Toll Brothers on Friday announced a joint venture with Japanese builder Daiwa House to develop a luxury condo community in the New York City area.

Located on the Hudson River waterfront and offering unobstructed skyline views of Manhattan, Vista Pointe will be a nine-storey, 73-unit development in West New York, New Jersey. Toll Brothers is managing member and development lead for the project, overseeing approvals, design, construction and sales. The partnership has closed on an acquisition and construction loan with Bank OZK arranged through Toll Brothers’ in-house finance department. Read more>>

China’s Country Garden Submits Debt Restructuring Plan

Country Garden submitted the preliminary terms of its offshore debt restructuring proposal to some creditors late last month, said five sources familiar with the matter, as the indebted Chinese developer tries to avoid liquidation.

The restructuring proposal includes a revised cash flow projection, said two of the sources who have direct knowledge and another person familiar with the matter, a standard part of a debt restructuring process to show creditors the firm’s ability to meet its obligations. Read more>>

Ong Beng Seng Lawyers to Make Representations by 29 Nov

The lawyers of billionaire property tycoon Ong Beng Seng will have to make representations on behalf of their client by 29 November, a Singapore court heard on Friday.

At the first pre-trial conference held in relation to Ong’s case, District Judge Chee Min Ping said that if any representations are received by 29 November, the prosecution is to reply by 20 December. When asked whether Ong has any intention of pleading guilty or claiming trial, a spokesman for the billionaire declined to comment. Read more>>

Sentosa Casino to Complete $5B Expansion by 2030

Genting Singapore’s Resorts World Sentosa plans to complete a major expansion by 2030, in a bid to attract more visitors to the integrated resort amid falling earnings.

The company broke ground for its S$6.8 billion ($5 billion) waterfront lifestyle development on Friday, kicking off construction of a waterfront promenade, a four-storey retail, entertainment and dining podium of 228,658 square feet (21,243 square metres), and two new luxury hotels totalling 700 keys. Read more>>

Shanghai Set to Reduce Taxes on Luxury Home Sales

Shanghai said Monday that it would reduce some taxes on real estate transactions from 1 December, according to state media, a move designed to support the property market in China’s second-largest city.

China has been aiming to bolster the crisis-hit property market by increasing demand and easing developers’ financial difficulties, with its finance ministry last week unveiling tax incentives on home and land transactions. An index tracking China’s real estate shares and an index for Hong Kong-listed mainland developers were both trading higher Monday. Read more>>

Lendlease Wins Investor Support for Restructuring Plan

Embattled Aussie developer Lendlease has avoided a second strike against its pay practices and says it is getting back on track after plunging in value ahead of resetting its strategy this year to focus on the local market.

The company had been under fire from shareholder activists, including David Di Pilla’s HMC Capital and John Wylie’s Tanarra Capital, to turn around its performance, but at Friday’s annual general meeting they supported board changes. Read more>>

Mainland Developers Accelerate Project Launches as Market Turns

Chinese developers are speeding up project launches, sensing a turning point in sentiment among homebuyers, after several rounds of policy support from the central government helped fuel demand and temper a slide in property prices.

Some 115 projects offering a total of 44,577 homes were approved for presale in the 3 November week, according to data compiled by 58 Anjuke Real Estate Research Institute, which tracks activity in 55 mainland cities, 30 percent more than in the preceding week. Read more>>

Wall Street Brokerages Caution on China Stocks

Wall Street brokerages have turned more cautious on Chinese stocks as persistent deflationary pressures and geopolitical tensions cloud the outlook for earnings in the world’s second-largest equity market.

Morgan Stanley strategists reduced Chinese equities to a slight underweight within the region, while Goldman Sachs trimmed its index target on the MSCI China Index to reflect a less favourable macro backdrop. Read more>>

Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.