SOHO China CEO Zhang Xin says tech firms are leasing “floors and floors”
Developers are now loaning you extra money to buy a home in Hong Kong, while SOHO’s Zhang Xin says tech companies will drive office demand in Shanghai and Beijing. Read on for all these stories and more.
Sun Hung Kai Offering 120% Mortgages in HK
Sun Hung Kai Properties (SHKP) surprised the market on Wednesday by offering an unprecedented home loan worth as much as 120 per cent of the flat value without the need to submit income proof in order to woo buyers for its new project in Yuen Long.
Buyers of SHKP’s Park Yoho Venezia who opt for the “King’s Key 120” scheme will receive a three-year financing loan up to 120 per cent of the flat’s value, much higher than the standard bank mortgage ceiling of 60 per cent for flats below HK$10 million, and 50 per cent for those more than HK$10 million. Read more>>
Tech Companies Renting “Floors and Floors of Space” Says SOHO CEO
Real-estate developer Soho China’s Chief Executive Zhang Xin is as uncertain about the country’s property market as the next person, but she is keeping her money on Beijing and Shanghai as tech companies boost real estate demand in these cities.
“We see all these exciting young entrepreneurs starting up companies in the IT, internet sectors. They are the new tenants coming in not just renting a little space but renting a lot of space – floors and floors,” Zhang told CNBC on the sidelines of a JP Morgan conference in Beijing on Tuesday. Read more>>
Fosun on the Hunt for Sydney Office Assets
China’s Fosun Group remains on the hunt for good quality commercial properties in Australia as it seeks to allocate funds generated from its growing insurance business.
However, the Chinese group is finding the Sydney CBD market increasingly competitive, with other Chinese developers also running the ruler over assets. Read more>>
Chinese Govt Pushing Build to Lease Development Model
Rising property prices have put a spanner in China’s efforts to prop up its residential leasing market as the country seeks more steps to tackle the accommodation woes of millions of people, experts said.
The State Council, China’s cabinet, issued a guideline on June 3 for the residential leasing market. The guideline is just an elaboration of previous statements dating back to early 2015, they said. Read more>>
Mainland SOE Developers Warned Against Overbidding for Land
China’s state-owned enterprises have been told to scale back on aggressive land purchases, after a flurry of high-profile deals in recent months have been blamed for pushing up home prices.
Citing unnamed developers, Shanghai-based news portal The Paper reported on Tuesday the warning was by various regulators, including the state-owned Asset Supervision and Administration Commission, commonly referred to as SASAC. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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