Hong Kong’s ITC Selling Half-Stake in Vancouver Hotel and More Asia Real Estate Headlines

A waterfront hotel in Canada takes centre stage in today’s headline roundup, as Hong Kong developer ITC plans to sell its half-stake in Vancouver’s Westin Bayshore. Also in the news, HKEX-listed Hysan posts a marginal profit dip and crowdfunders target a Nagoya shed.

Hong Kong’s ITC Properties Selling Half-Stake in Vancouver Westin

Hong Kong’s ITC Properties announced to the HKEX on Monday that it has agreed to sell a 50 percent stake in a hotel project in Vancouver, British Columbia for C$18.5 million ($13.7 million), with the buyer also assuming debt linked to the property.

The developer is selling its equity interest in the holding company for The Westin Bayshore, a 449,000 square foot (41,713 square metre) waterfront property that ITC acquired in 2016. Read more>>

Hysan Development Profit Stays Flat Despite 5.1 Increase in Turnover

Hong Kong-listed Hysan Development posted its financial results for the first half of 2024 on Friday, with the landlord reporting recurring underlying profit of just over HK$1 billion ($128.2 million) for the period.

That result was down 0.7 percent from the first six months of 2023 despite Hysan seeing turnover climb to HK$1.69 billion, which was up 5.1 percent from a year earlier. Read more>>

Mitsui J-REIT Selling Nagoya Warehouse to Crowdfunding Platform for $15M

Mitsui-sponsored Japan Logistics Fund informed the Tokyo Stock Exchange on Monday that it has agreed to sell a warehouse near Nagoya to a vehicle controlled real estate crowdfunding platform CREAL for JPY 2.25 billion ($15 million).

The price for the sale of Komaki Logistics Center II, an 11,104 square metre (119,522 square foot) property in Aichi prefecture, is 35.5 percent above the property’s appraised book value as of January this year, according to the statement. Read more>>

Australian Government Caps Foreign Student Enrolment

The Australian government will cap new international students at 145,000 for universities and 95,000 for the skills training sector, Education Minister Jason Clare said Tuesday. For other universities and non-university providers, commencements will be around 30,000. Almost 600,000 student visas were granted in fiscal 2023.

Universities have repeatedly warned that any moves to limit foreign students could damage the lucrative tertiary education industry. Read more>>

Adani Wins Approval to Sublease Data Centre Plot to EdgeConnex India JV

Noida Authority has approved the subleasing of 10 acres (4 hectares) in Sector 80 to Noida Data Centre, a special purpose vehicle formed by Adani Enterprises and EdgeConneX under their joint venture, AdaniConnex, to develop a 50-megawatt hyperscale data park.

The authority had initially rejected Adani’s subleasing request, saying the agreement the two had signed did not have any such provision. But Adani took up its request again with the industrial development department, which said there was a provision to sublease a plot under the amended UP Data Centre Policy of 2022. Read more>>

Hong Kong Government Vows to Take the Lead on Land Sales

The Hong Kong government has no plan to revive an old developer-driven mechanism for land sales despite the weak property market, says Secretary for Development Bernadette Linn.

Amid calls to resurrect the application-based land sales mechanism, Linn said that she saw no possibility for reviving the system in the “foreseeable future” and added that the public would get very “pessimistic” about the market if the government received no bids for the plots. Read more>>

Delhi Region Leads India Home Price Increases

India’s housing market continued to exhibit steady growth in the second quarter of 2024, with average prices across the top eight cities up 3 percent from the previous quarter, said an industry report.

The overall trend of 3 percent quarterly price appreciation has persisted for the past four quarters, indicating sustained demand, according to the report. Read more>>

Luxury Housing Projects Sell Out in Shanghai, Shenzhen

China’s luxury property market, which seems to have skirted the gloom in the mass housing segment, has catalysed developers to speed up launches of high-end homes as they seek to repair their balance sheets.

On Sunday, all 33 units offered in the initial launch of Blossoms China, a luxury residential project in Shanghai co-developed by Sunac China and Xinhu Zhongbao, were snapped up by homebuyers, pulling in RMB 1.8 billion ($252.8 million). Read more>>

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