Blackstone’s distributable earnings fell 16% year-on-year in the third quarter
In today’s roundup of regional news headlines, investment giant Blackstone posts weaker third-quarter earnings, China Evergrande’s Hong Kong headquarters building reportedly draws dozens of prospective buyers, and mainland property stocks rally on relaxed financing rules.
Blackstone’s Profit Falters as Rising Rates Chill Dealmaking
Blackstone’s third-quarter profit faltered as wild markets and rising borrowing costs chilled the pace of dealmaking at the world’s largest alternative asset manager.
Distributable earnings in the quarter ended 30 September fell 16 percent to $1.37 billion, Blackstone reported on Thursday. That measure of earnings available to shareholders amounted to $1.06 a share, beating analyst expectations of $0.99. Read more>>
Dozens Weigh Bids for Evergrande’s Hong Kong Headquarters
The seized Hong Kong headquarters of embattled China Evergrande Group has drawn interest from dozens of prospective buyers, including local property developers, family offices and mainland financial firms, said the agent managing the sale.
The deadline for submission of final bids for the tower, China Evergrande Centre, which is valued at HK$8 billion to HK$9 billion ($1 billion to $1.2 billion), ends on 31 October. However, after a lukewarm response in an earlier round of bids this year, it’s unclear how many will submit final offers. Read more>>
China Property Stocks Rise After Easing of Share Financing Rules
China’s property shares jumped Friday after state media said authorities would ease share financing rules for certain real-estate-related firms, fuelling hopes of more measures to aid the struggling sector.
The China Securities Regulatory Commission will allow certain companies with small property interests to raise money by selling A-shares, but the proceeds cannot be invested in the real estate business, China Securities Journal reported. Read more>>
China Resources Teams With Top Hong Kong Developers on GBA Projects
State-backed real estate giant China Resources Land is teaming up with four of Hong Kong’s major developers on new projects in the Greater Bay Area, heeding President Xi Jinping’s call for closer ties between the city and its mainland neighbours.
The property arm of China Resources Holdings said Thursday that it had signed separate strategic partnership agreements with Henderson Land Development, New World Development, K Wah International Holdings and Shun Tak Holdings. Read more>>
Balfour Beatty JV With Gammon Wins $150M Hong Kong Contract
A joint venture of UK-based Balfour Beatty and Hong Kong’s Gammon has been awarded a HK$1.3 billion ($150 million) contract on behalf of Top Oasis Ltd — a consortium formed by Sino Land Co Ltd and CSI Properties Ltd — for the construction of a residential development in the Yau Tong area of Kowloon.
Gammon will be responsible for the construction of a 33-storey residential tower with 792 flats. Read more>>
Big Boost Unlikely From Hong Kong’s Stamp Duty Change
Rolin Zhou, a Shanghai native who has been studying and working in Hong Kong for three years, was planning to buy a flat valued at as much as HK$6.5 million ($830,000) in the city when news reports a week ago said the government might relax the heavy stamp duties non-locals must pay on property transactions.
But her hope was dashed on Wednesday. In his first policy address, Hong Kong Chief Executive John Lee announced a refund of the extra stamp duty eligible non-locals pay when buying Hong Kong residential properties — if they remain in Hong Kong for seven years and obtain permanent residence. Read more>>
Spectre of Bankruptcy Looms Over Korean Builders
South Korea’s builders are facing growing concerns over the possibility of a series of bankruptcies amid worsening investor sentiment in the wake of the recent slump in the real estate market, according to industry officials.
Late last month, Wooseok Construction, a medium-sized builder based in South Chungcheong province, failed to repay its debt in time. If the company fails to make the payment again, it will be forced into bankruptcy. Read more>>
It’s Live and Let Live for Singapore’s Ever-Shrinking 3-Bedroom Condos
Three-bedroom non-landed homes, typically targeted at families, are getting smaller in Singapore. Potential buyers hoping for government intervention had better vote with their wallets instead.
Data collated for the Business Times by PropertyGuru shows the median floor area of three-bedder condominium units falling over four decades. 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.
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