Supply follows demand in the region’s real estate news today as developers and investors dig through their portfolios for assets to put in front of the region’s property hungry investors. Fresh off of selling a Hongkou property last week, SOHO China hope to sell two more projects in Shanghai and Beijing, while the Singapore government puts a former police station on the market for more than S$1.1 billion. Read on for all the details on these stories and more.
SOHO China announced that it is looking for buyers for two of its projects in Beijing and Shanghai as the commercial real estate developer sticks to its strategy to focus on prime office properties in the country’s two largest gateway cities, less than two weeks after its announcement of successful sale of Hongkou SOHO.
Guanghualu SOHO2 in Beijing, located in the heart of the CBD with a saleable gross floor area of 94,300 square meters, and Sky SOHO in Shanghai, near the Hongqiao Transportation Hub with a saleable GFA space of 128,200 square meters, are the two latest developments that have been put on SOHO China’s sell list. Read more>>
Chinese conglomerate HNA Group Co. purchased a fledgling San Francisco-based online travel firm in late 2015, part of a multibillion-dollar buying spree that earned it a reputation as one of China’s most aggressive overseas acquirers.
Just over a year later, that travel firm, Travana Inc., has filed for bankruptcy amid a raft of litigation—a sign of HNA’s broader struggles managing its acquisition spree. Read more>>
The Urban Redevelopment Authority (URA) has launched a commercial site at Beach Road for sale by tender, whose winning bidder must conserve and restore the former Beach Road Police Station on the land.
The site, which comes with a gross floor area of 88,313 square metres, was available for sale on the reserve list of the first-half of 2017 Government Land Sales (GLS) Programme. It is slated for a predominantly office development with complementary uses such as residential, hotel and serviced apartment. Read more>>
A scion of one of the richest family empires in this megalopolis is making a bold bet to turn a dowdy strip of waterfront into a glamorous front-row seat to one of the world’s most stunning skylines.
Adrian Cheng, grandson of the late Cheng Yu-tung, the legendary real estate and jewelry magnate, has re-envisioned the tip of Tsim Sha Tsui, which has fallen short in terms of commercial development even though it is popular with tourists, families and teenage lovers gazing at the neon field of lights across Victoria Harbour. The promenade has been too hot, too crowded and too sparse in food and drink choices. Read more>>
In a sign that capital-hungry property developers are being squeezed by government restrictions on borrowing, equity financing is accounting for an increasing percentage of the money they raise, newly released data show.
Forty major Chinese property developers raised over 113 billion yuan ($16.6 trillion) in June, the highest monthly amount this year, Tospur Real Estate Consulting reported. Read more>>
China’s housing market will continue to cool in the second half due to stricter home purchase restrictions and tighter credit conditions, Fitch Ratings says in its latest report.
Weaker credit and tougher rules to curb the overheated market are likely to drag down home sales growth in the second half of this year while home prices are likely to fall slightly amid weaker demand, Fitch said. Read more>>