Nothing glamorous about selling your home at a loss
Movie star Shu Qi is a familiar face representing products from shampoo to long underwear in China, now the actress may become a symbol of Hong Kong’s sliding housing market as news of her loss-making home sale leads today’s headline roundup. Also in the news, Swire Properties says Shenzhen is the next mainland town its hit list and Hong Kong’s Wheelock holds firm on its offer price for buying out its Singapore subsidiary. All these stories and more await you below.
Shu Qi Sells $2.2M Hong Kong Home at a Loss Amid Market Slide
Shu Qi, one of the highest paid actresses in China, got off lightly with a marginal loss on her Tai Po property sale on Sunday, according to market observers as they expect home prices to fall over the next 12 months amid concerns of a deteriorating trade war and rising interest rates.
The Taiwanese-Hong Kong actress and model sold a 1,606 square feet villa at The Beverly Hills development for HK$17.6 million (US$2.2 million), down HK$2.4 million from her initial asking price of HK$20 million two years ago. Read more>>
Swire on the Hunt for Shenzhen Property Projects
Swire Properties, the developer of grade A office and retail complexes such as Pacific Place and Taikoo Place, is aggressively looking to gain a foothold in Shenzhen through partnership or site acquisitions in anticipation that the city’s status will benefit as the Greater Bay Area (GBA) takes shape.
Analysts said the planned move by Swire will set a new benchmark for the commercial property market in Shenzhen, as the city transforms itself into an international financial and tech hub. Read more>>
Wheelock Holds the Line on Buyout Price for SG Subsidiary
The offer price for the privatisation of Wheelock Properties (Singapore) will remain at $2.10, its Hong Kong-listed parent has said, in an announcement through DBS Bank.
As Wheelock and Company’s Star Attraction unit does not intend to revise the offer price, it will not be allowed to later amend the terms of the offer, including the offer price, in any way, it said yesterday morning, citing the Singapore code on takeovers and mergers. Read more>>
Singapore’s JTC Launches Latest Industrial Site Sale
JTC has launched a tender for an industrial land parcel in Tuas South Link 3, the third of six sites to be put up for sale from the confirmed list for the second half of 2018.
The 5,953.3 square metre (64,081 square feet) Plot 27, which is bracketed by Tuas South avenues 7 and 16, comes with a lease tenure of 20 years and is being offered under the industrial government land sales scheme. Read more>>
SG’s Fragrance Hotel Group Buys Second Blackpool Hotel
The company which bought the historic Imperial in Blackpool has swooped on a second resort hotel in the northern England city of Blackpool. The Fragrance Group, which is based in Singapore and owned by a property billionaire, has moved to buy the budget end St Chads Hotel from the Whittaker family for an undisclosed sum.
The hotel, between Woodfield Road and St Chad’s Road has two stars and has billed itself as the resort’s best value family seafront hotel. The four floor property has 90 en-suite rooms as well as a sun lounge, sun terrace, lounge bar and piano bar. International property advisor Savills represented Fragrance Group in the deal. Read more>>
No More Housing for Foreigners Says Malaysian Minister
Finance minister Lim Guan Eng said Putrajaya had no issues with foreign ownerships of properties, but warned against real estate development projects solely for foreigners. He said the government will never allow property developers to build townships exclusively for foreigners.
“Let me be clear that our Prime Minister does not oppose to foreigners buying properties in Malaysia but when townships are built exclusively for foreigners, how does that benefit the country and Malaysians? Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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