Sunac China Shares Drop 59% as Trading Resumes and More Asia Real Estate Headlines

One of China’s largest developers was able to resume trading of its shares on the Hong Kong exchange today, with investors promptly selling off equity in the defaulting builder. Also making our headline roundup today is a data centre joint venture in Indonesia, price cuts at a New Territories housing project and a steep drop in Ho Chi Minh City home sales.

Investors Dump Sunac China Shares as Trading Resumes

Shares of Sunac China Holdings plunged in Hong Kong on Thursday as trading resumed following a 12-month suspension, as the embattled mainland Chinese developer undergoes a $9.1 billion debt restructuring.

The company published its annual results for 2021 and 2022 to meet the Hong Kong stock exchange’s requirements for trading to resume, according to Sunac’s filing on Wednesday evening. Read more>>

Equinix Announces Indonesia Data Centre JV With Astra

Indonesian conglomerate Astra has joined Equinix’s plans to develop a data center in Jakarta, Indonesia. Astra this week announced a new joint venture with the colocation firm, with Equinix holding 75 percent of the new venture.

The initial plan is for this joint venture to develop and operate an International Business Exchange (IBX) data center in the central business district of Jakarta named JK1, then expand further in Indonesia. Read more>>

CK Asset, SHKP Cut Prices for Hong Kong Condo Project

Hong Kong developers CK Asset Holdings Ltd. and Sun Hung Kai Properties Ltd. are lowering prices for a joint venture residential project in Hong Kong’s Tuen Mun area at a time when further interest rate hikes weigh on the housing market.

The companies are offering discounts of more than 10% for some units in the residential complex Grand Jete, updated price lists from Wednesday showed. CK Asset and Sun Hung Kai didn’t immediately respond to requests for comment. Read more>>

HCMC Home Sales Fell 23% in Q1

Ho Chi Minh City’s first-quarter condominium sales fell 23% to a record low due to high interest rates and as funding constraints faced by many developers limited supply.

Firms sold 960 new apartments versus 1,247 a year earlier, marking a third straight quarter of decline, data from consultancy CBRE Vietnam showed. That compares to a three-year high of 11,259 units sold in the second quarter of last year and the five-year quarterly average of 6,000 units. The quarterly sales were the lowest since 2003 when CBRE started recording the data. Read more>>

Singapore’s Central Bank Expected to Boost Exchange Rate Again

Singapore’s central bank is set to tighten monetary policy for a sixth time since October 2021 as it looks to stamp out a 14-year-high inflation rate even as the global economic growth outlook darkens.

The Monetary Authority of Singapore, which uses the exchange rate rather than interest rates to stabilize prices, probably will signal on Friday that it’s seeking a stronger local dollar to curb imported inflation pressures, according to 12 of 22 analysts surveyed by Bloomberg. The other 10 see the MAS leaving its three policy settings unchanged. Read more>>

Shanghai Condo Projects Sell Out as Market Rebounds

Shanghai’s housing market recovered markedly in the first quarter of the year, according to new figures.

Twenty-three of 43 housing projects in the city that kicked off presales in the three months ended March 31 were sold out on the first day, according to data from the Shanghai research center of the China Real Estate Information Corporation. Read more>>

Home Sales Jump in Shenzhen Area in Q1

Housing transactions in cities around Shenzhen jumped last month as property sales in the southern Chinese metropolis surged to a two-year high.

Some 9,400 new homes were sold in Huizhou, a city northeast of Shenzhen, in March, an increase of 70 percent from the month before, the Securities Times reported yesterday, citing data from the research institute of online property platform Leyoujia. Read more>>

India’s Hiranandani Predicts 10% Rise in Home Sales

Buoyed by major infrastructure developments and resurging demand for homes, India’s residential real estate market is set for another year of healthy growth. And that would come on the back of a significant boost from the Mumbai market, said Niranjan Hiranandani, founder of real estate major Hiranandani Group.

Hiranandani expects the residential market to hold on to its growth momentum in 2023, after it grew by double digits in 2022. “The demand for residential homes continue to remain robust inspire of interest rate hikes and price inflation. This, I think it would grow by over 10 percent this year as well,” Hiranandani told Business Today in an interaction. Read more>>

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