Kowloon’s ICC is welcoming over 100 employees from HKMA (Getty Images)
The quest for affordable office space in Hong Kong leads today’s roundup of real estate headlines from around Asia as the city’s de facto central bank leases a few floors in Tsim Sha Tsui. The HKMA also makes the list with a new warning on mortgage lending and the movie studio behind some of Asia’s most famous martial arts films is said to be mulling a sale of some cinemas.
HKMA Moves Staff to Kowloon Tower to Trim Costs, Add Space
The Hong Kong Monetary Authority is moving more than 100 employees to Sun Hung Kai’s ICC tower in Tsim Sha Tsui to save costs while providing more working space, according to people familiar with the matter.
The city’s de facto central bank has leased three floors in the International Commerce Centre and is giving up its office space in Swire Properties’ Pacific Place on Hong Kong Island, the people said, asking not to be identified discussing private information. Read more>>
Hong Kong Banks Asked to Use Caution in Issuing New Mortgages
The Hong Kong Monetary Authority has advised banks to take extra care when lending to property speculators, in an indirect attempt to clamp down on asset flipping a week after the city abandoned decade-old curbs for the real estate industry.
Hong Kong’s de facto central bank “expects banks which offer mortgage loans for confirmor transactions to put in place effective risk-management policy, procedures and controls to manage the additional risks associated with such transactions”, the HKMA said in an email sent to banks in the city and seen by the South China Morning Post. Read more>>
Bruce Lee Movie Studio Ponders Sale of Singapore, Taiwan Cinemas
Orange Sky Golden Harvest Entertainment Holdings is considering selling its movie theatres in Singapore and Taiwan and seeking a valuation of at least $400 million for the assets, according to people familiar with the matter.
The Hong Kong-listed company is working with advisers on the potential divestment and has reached out to potential investors, the people said. The filmmaker may also consider selling its cinemas in Hong Kong, depending on investor response, the people said. Read more>>
Fosun Tourism Unit Reviewing Portfolio Amid News of Potential Resort Sale
Fosun Tourism Group said Thursday it was reviewing its business portfolio, in response to a Reuters report that it was exploring the sale of a hotel resort.
Fosun International is looking to sell all or part of its luxury resort Atlantis in southern China as part of its efforts to reduce debt, Reuters reported on Tuesday, citing sources. Fosun’s Hong Kong-listed unit Fosun Tourism Group owns the resort. Read more>>
Former China Central Bank Chief Proposes $139B Facility to Support Developers
China’s former central bank governor Yi Gang has suggested a new way for Chinese developers to use pre-sale funds, which could help the country’s ailing property market.
Under the proposed system, developers would be able to withdraw RMB 1 trillion ($139 billion) immediately if the central government or People’s Bank of China insured pre-sale proceeds, Yi said at the Chinese People’s Political Consultative Conference assembly meeting on Thursday. Read more>>
CalPERS Looks to Outsiders, Compiles Short List for New CIO
The largest US public pension fund is looking externally for its next chief investment officer, following a long spell of lacklustre returns and leadership churn.
The short list of candidates to run the California Public Employees’ Retirement System’s roughly $490 billion portfolio includes Jonathan Grabel, CIO of the Los Angeles County Employees Retirement Association, according to people familiar with the matter. Read more>>
Mapletree, PAG Rename Former Goldin HQ as The Bay Hub
Singapore’s Mapletree Investments and pan-Asian investment firm PAG have renamed the former headquarters of Goldin Financial Holdings to The Bay Hub.
The firm held the business empire of Chinese tycoon Pan Sutong, who was once Asia’s fourth-wealthiest person. Its headquarters — the 28-storey Goldin Financial Global Centre — were bought by a joint venture of PAG and Mapletree, which is wholly owned by Temasek Holdings, last year for HK$5.6 billion ($716 million), a price well below its initial estimated valuation of HK$10 billion. Read more>>
Singapore Plans 10,000 New Homes in Yishun
To meet demand for homes, the Singapore government will launch a new housing area in Yishun and may develop a new residential neighbourhood at Gillman Barracks.
This was announced by National Development Minister Desmond Lee on Tuesday, as he laid out his ministry’s spending plans for the year. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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