SOHO China CEO Zhang Xin says now is the time to take your time
Starting out today’s headlines, one of China’s most aggressive developers is counselling caution as global real estate prices rise. Meanwhile, down in Hong Kong, builders in China’s priciest city are cashing in on the latest buying frenzy with price jumps of 40 percent in the last month, and Singapore’s CDL goes green. Read on for all these stories and more.
Soho’s Zhang Xin Counsels Patience as Property Prices Soar
A Chinese billionaire who has spent her career shaping Beijing’s skyline said she thinks real estate prices everywhere are pricey today and that investors should be patient.
Zhang Xin, CEO and co-founder of Soho China, described U.S. real estate as expensive. Still, she does not expect a big sell-off ahead in assets, such as real estate, that have been fueled by ultra-low interest rates for years. Read more>>
Sun Hung Kai Boosts Prices on Hong Kong Project by 40% in Under 30 Days
Homebuying demand in Hong Kong was showing no signs of abating late on Friday as eager buyers crammed into the sales office of Sun Hung Kai Properties’ Cullinan West project, seemingly undeterred by a price increase of almost 40 per cent in the space of under a month.
Agents expected SHKP would sell about 90 per cent of the latest batch of 152 units on offer at the development atop Nam Cheong MTR Station on Friday despite the enormous price rise since the project was launched well under a month ago. Read more>>
Country Garden Cancels Free Home Buying Flights to Malaysia for China Buyers
Property developer Country Garden Holdings Co Ltd has stopped providing free flights to bring in potential buyers from mainland China to its sales gallery in Iskandar Malaysia, Johor, which previously formed part of its marketing campaign to lure investors to buy properties in its Forest City development in the Strait of Johor.
“Since March 13, 2017, our sales galleries in China have ceased all travel-related support services for mainland Chinese travelling to Forest City. This means mainland Chinese buyers who are interested in the Forest City project will have to find their own way to our sales gallery in Iskandar Malaysia,” Country Garden said in a statement yesterday. Read more>>
CDL Issues Singapore’s First Green Bond
City Developments on Thursday priced Singapore’s first Green bond, raising S$100m (US$71m) from a two-year senior unsecured offering.
The bonds pay 1.98% at par, having been offered at a fixed price. A DCM banker said the issue seemed to have priced flat to conventional bonds. CDL said financial institutions and fund managers were the main investors, but book details were not disclosed. Read more>>
Kuafu Founder Says Chinese Just Getting Started With US Property Investment
While recent headlines have given the impression that New York is being bought up by China, the appeal of Manhattan real estate, for many Chinese investors, runs deeper than acquiring trophy properties like the Waldorf Astoria or One Chase Plaza.
The flexibility that comes with buying real estate in New York and other major U.S. cities allows those investors to focus less on snapping up iconic hotels and office buildings, and instead to build their own brands from the ground up. Read more>>
Malaysia’s EPF Fund Buys 49% of OSK Melbourne Project for $116M
Employees Provident Fund (EPF) is buying a 49 per cent stake in OSK Holdings Bhd’s Australian project Yarra Park City for $115.9 million, the first overseas property investment by the Malaysian pension fund this year.
OSK’s Yarra Park City holds the rights to a five-acre, mixed-use development Melbourne Square in Southbank, Melbourne and has a gross development value of over $2.1 billion. PJ Development Holdings, a subsidiary of OSK will hold the rest of 51 per cent in the development. Read more>>
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