Ex-Wife of Evergrande Boss Has $285M in Properties and More Asia Real Estate Headlines

China Evergrande is back in the news today as creditors of the bankrupt developer target assets held by the ex-wife of the company’s founder. Hong Kong is also in the news with the city further easing mortgage rules to support the housing market as mainland China authorities announce their own set of measures to boost home sales.

Evergrande Creditors Take Aim at $285M Property Portfolio of Founder’s Ex-Wife

In the heart of downtown Vancouver, just minutes from the financial district and art galleries, sits the One Wall Centre – an elliptical, blue glass complex featuring a Sheraton Hotel and luxury apartments.

A condominium on the 47th floor, offering stunning views of the Pacific coast mountains and Vancouver Harbour through floor to ceiling windows, is owned by the ex-wife and son of Hui Ka Yan, the billionaire founder and chairman of the failed developer China Evergrande Group. Read more>>

Hong Kong Eases Mortgage Rules to Boost Housing Market

Hong Kong has taken steps to revive the city’s property market by easing mortgage financing rules to pre-2009 levels, after a policy tweak in February produced only a short-lived burst.

Homebuyers will be able to obtain as much as 70 percent financing effective immediately, regardless of the value or use of property, the Hong Kong Monetary Authority (HKMA) said in a statement. The debt-servicing ratio has been raised to 50 percent from 40 percent, standardising the level for both residential and non-residential properties, it added. Read more>>

China Boosts Funding for Residential Projects

China will expand a “white list” of housing projects eligible for financing and increase bank lending for such developments to RMB 4 trillion ($562 billion) by year-end, Minister of Housing and Urban-Rural Development Ni Hong said on Thursday.

Redevelopment of cities will also gather pace, with a million “urban villages” to be included in such plans, Ni said at a press conference, adding that people being resettled will help absorb existing housing inventories. Read more>>

Hong Kong Aims to Boost Economy by Attracting Foreign Students

Student housing in Hong Kong is likely to become a major property segment with demand estimated to exceed more than three times the projected supply by 2028, according to analysts.

Chief Executive John Lee Ka-chiu in his policy address on Wednesday cited “Studying in Hong Kong” as one of the government’s initiatives to turn the city into an international hub for postsecondary education. Read more>>

Australia’s Elanor Sells NSW Mall to to Centuria Capital at Steep Discount

Property funds group Centuria Capital has snapped up Manning Mall on NSW’s central coast from an unlisted Elanor Investors Group-run fund for A$34.85 million ($23 million) – a steep discount compared to the last time it changed hands.

Elanor has been suspended from trade on the Australian Securities Exchange since August after difficulties in managing its debt position. It sold off its stake in the Elanor Commercial Property Fund to billionaire Paul Lederer and he also backed an equity raising by that trust. Read more>>

China’s Sunac to Launch $154M Equity Raise

Sunac China Holdings will raise about HK$1.2 billion ($154 million) through placements, the first time in a year that the developer is doing an equity fundraising.

The Tianjin-based company will offer as many as 489 million shares at HK$2.465 per share in a top-up placement, according to a filing to the Hong Kong stock exchange on Thursday (Oct 17). The price represents a 20 percent discount to its closing price on Wednesday and shares fell 15 percent on Thursday. Read more>>

Data Centre Deals Fueling APAC Cross-Border Real Estate Deals

The Asia-Pacific region is witnessing a surge in cross-border real estate investments, which are set to soar by 50 percent year on year in 2024, led by growth in data centres, according to Knight Frank.

The anticipated growth will push investments to about $48 billion, the highest level in two years, the property consultancy said. Read more>>

Singapore F&B Closures Jumped 20% in First Nine Months of 2024

Food and beverage (F&B) operators in Singapore are feeling the heat, with increasing competition forcing many out of business in a “very Darwinian retail environment”, said consultancy Knight Frank in its latest retail report.

In the first nine months of 2024, 2,465 F&B businesses ceased operations, with an average of 274 closures per month, it added. This represents an increase of 19.7 percent over the whole of 2023, which saw an average of 229 F&B business closures per month. 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.