China continues to roll out measures to reverse a prolonged housing slump (Getty Images)
China’s biggest cities are easing homebuying rules as mainland banks vow to adjust rates on existing mortgages, with those stories leading today’s headline roundup. Also in the news, shophouse sales heat up in Singapore’s Bugis area and Hong Kong home sales rebound after last week’s monetary easing.
Chinese Megacities to Ease Property Curbs
Three Chinese megacities on Monday eased restrictions on buying homes, and Beijing’s central bank said it would ask financial institutions to lower mortgage rates, as the country seeks to pull itself out of a housing slump.
The measures are the latest in a raft of pledges out of Beijing since last week aimed at kick-starting the world’s second-biggest economy. Read more>>
Top Chinese Banks Rejig Mortgage Rates to Boost Industry
Six of China’s biggest banks said they would tweak interest rates on existing mortgages following a request to lower them from Beijing’s central bank, state media said Monday, as the country seeks to pull itself out of a housing sector slump.
China’s six major national commercial banks — including the Industrial and Commercial Bank of China, the Agricultural Bank of China and Bank of China — agreed to “adjust” mortgage rates for existing home loans, according to state news agency Xinhua. Read more>>
Shophouse in Singapore’s Bugis Area Sells for $33M
A high-footfall area near Singapore’s Bugis MRT station could get even busier, with a few big-ticket conservation shophouse deals.
At the corner of North Bridge Road and Liang Seah Street, a four-storey shophouse that has a popular dessert outlet at street level is being sold for about S$42 million ($32.8 million), based on market talk. Read more>>
Hong Kong Home Sales Rebound After Rate Cuts
Hong Kong saw the most number of new flats sold on a single day since May on Saturday, with agents predicting sales of 200 units on improving sentiment after a half-point interest rate cut by the Hong Kong Monetary Authority.
Sun Hung Kai Properties sold 112 units, or 93 percent, of the 120 units at Yoho Hub II in Yuen Long as of 8pm, according to agents. Read more>>
Vietnam’s Novaland Suffers Worst Half-Year Ever
Major Vietnamese developer Novaland recorded an audited net loss of nearly VND 7.33 trillion ($297.7 million) for the first half of 2024, marking its worst half-year performance since listing in 2016, according to a post-audit earnings report.
This result was a significant reversal from the VND 345 billion ($14 million) net profit that the company had initially reported in its unaudited financial statement. Read more>>
China Evergrande Liquidators Hold Out Hope for EV Unit Stake Sale
Liquidators of debt-laden China Evergrande are still in talks with a potential buyer to sell a stake in the electric vehicle arm of the company with a view to provide a new credit line to support production.
In its initial days, the EV maker aimed to take on Tesla and had a market valuation higher than Ford Motor, but it has since been mired in the debt crisis engulfing its property developer parent. Read more>>
Pain Continues for Hong Kong Commercial Market
In the heart of Causeway Bay, a bustling Hong Kong shopping district that was once a more expensive retail destination than Fifth Avenue in Midtown Manhattan, a commercial building with shaky financing was recently thrust onto the market.
Cubus, a mixed-use building hosting tenants including high-end sushi restaurants and hair salons, was put up for sale last month. Owners of the 25-storey building, including local real estate fund Phoenix Property Investors and an entity related to retail chain Sa Sa’s chairman Simon Kwok, obtained a loan from lenders led by Bank Sinopac, but have been grappling with debt repayments amid a decline in rental income. Read more>>
South Korea Preps Luxury Retirement Homes for Well-Off Elders
Park Jong-chul, an 85-year-old in Seoul, recently decided it was time to move to a retirement home to secure the help he and his wife are starting to need. After viewing a presentation for VL Le West, a high-end apartment for seniors being developed by the conglomerate Lotte, he is ready to sign up for one of the few remaining rooms.
“This kind of senior home provides three meals a day,” he said, adding that it was not too expensive considering what it costs to hire a housekeeper. Read more>>
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