Stock Meltdown Casts Doubt on Adani Share Sale and More Asia Real Estate Headlines

In today’s roundup of regional news headlines, the fallout from a short-seller report jeopardises Adani’s secondary share offering, and retail rents fall in Singapore’s central region as islandwide vacancy improves.

Adani Slammed by $48B Stock Rout, Clouding Record Share Sale

Shares of India’s Adani Enterprises sank 20 percent on Friday as a scathing report by a US short-seller triggered a rout in the conglomerate’s listed firms, casting doubt on how investors will respond to the company’s record $2.45 billion secondary offer.

Seven listed companies of the Adani conglomerate — controlled by one of the world’s richest men, Gautam Adani — have lost a combined $48 billion in market capitalisation since Wednesday, with US bonds of Adani firms also falling after Hindenburg Research flagged concerns in a Tuesday report about debt levels and the use of tax havens. Read more>>

Central Singapore Retail Rents Fell 1.1% in Q4, Taking 2022 Drop to 2.4%

Retail rents in Singapore’s central region fell 1.1 percent in the fourth quarter of last year compared with the previous quarter, widening from the 0.4 percent dip in the third quarter.

For the whole of 2022, the Urban Redevelopment Authority’s rental index for retail space in the central region decreased by 2.4 percent, a smaller contraction compared with the 6.8 percent decline in 2021. Read more>>

Hong Kong Home Prices Plunged 15.6% in 2022, Snapping 13 Years of Gains

Private home prices in Hong Kong, one of the most unaffordable territories in the world, fell 15.6 percent in 2022 in the first annual drop since 2008, official data showed Friday.

Prices in the Asian financial hub were weighed down by a weak economic outlook and rising mortgage costs after a COVID-19 outbreak at the beginning of the year. Read more>>

$46M Deals Boost HK Luxury Housing Market to Start Rabbit Year

Hong Kong’s luxury housing market got off to a bright start in the Year of the Rabbit with deals worth a total of HK$363 million ($46.4 million) sealed for new homes.

Sino Land sold two flats at St George’s Mansions for HK$180 million last Sunday while a four-bed home at The Corniche, developed by KWG Property and Longan, changed hands for HK$183 million. Read more>>

Singapore’s HDB Resale Price Growth Slowed to 10.4% in 2022

The red-hot housing market may finally be showing signs of cooling, say analysts, with resale prices of public housing flattening out and sales volume falling in the fourth quarter of 2022.

Data from the Housing and Development Board showed prices of resale flats rising by 2.3 percent from the previous three months, making for the slowest growth in the past year. Read more>>

Web Werks Launches 10MW Navi Mumbai Data Centre

A new data centre is being launched in India’s Navi Mumbai.

Web Werks this week announced that its Mumbai-2 data centre would be launching on 31 January. The facility will provide 10 megawatts of capacity across 120,000 square feet (11,150 square metres), is designed to a “Tier III standard” and was built in partnership with Iron Mountain Data Centers. Read more>>

APAC PE Deals Fell Last Year as US Investors Dropped China for India

Private equity and venture capital investments in Asia Pacific ex Japan continued their downward trajectory when 2022 closed.

Deals totaled $5.39 billion across 42 announced and completed transactions in the fourth quarter of 2022, compared with $20.07 billion across 79 transactions in the same period in 2021, according to data from S&P Global Market Intelligence. Read more>>

Young Chinese Say Real Estate Isn’t the Nest Egg It Was Cracked Up to Be

Once a primary means of wealth accumulation for China’s middle class, real estate is rapidly losing its appeal among the younger generation, and experts say the change highlights how the nation’s rapid demographic shift has far-reaching implications.

Patrick Lu, 32, a lawyer in the southern metropolis of Guangzhou, is disinterested in investing in housing, unlike his parents who own a couple of two-bedroom apartments in the city. Read more>>

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