At the top of today’s real estate news from around the region, while China’s leaders seem determined to stamp out housing speculation, that sentiment seems to have had little impact on the country’s world-leading supply of empty homes. Further south, a cheaper than expected land sale in Hong Kong’s Kai Tak has surveyors adjusting their outlook on land prices, and one of India’s most prominent developers may be setting up a succession plan. Read on for all these stories and more.
Soon-to-be-published research will show roughly 22 percent of China’s urban housing stock is unoccupied, according to Professor Gan Li, who manages the survey by Chengdu’s Southwestern University of Finance and Economics. That adds up to more than 50 million empty homes, he said.
The nightmare scenario for policy makers is that owners of unoccupied dwellings rush to sell if cracks start appearing in the property market, causing prices to spiral. The latest data, from a survey in 2017, also suggests Beijing’s efforts to curb property speculation – considered by leaders a key threat to financial and social stability – are coming up short. Read more>>
Surveyors have slashed their valuations for a plot of land on the site of Hong Kong’s former international airport as the tender for the development met with a lukewarm response.
The residential plot at Kai Tak received just seven bids on Friday, less than expected, indicating a much cooler appetite among developers than seen during previous tenders at the same site. Read more>>
Aditya Virwani, the youngest son of real estate developer Embassy Group’s managing director Jitu Virwani, has been appointed chief operating officer.
In his new role, he will oversee the commercial, residential and hospitality business, apart from new developments. “I am currently working on several large development projects, from funding to development stage,” said Virwani. Read more>>
Japanese retailer Aeon is employing digital tools at brick-and-mortar stores in its quest to remain competitive in the rapidly evolving markets of Southeast Asia.
The company’s Aeon Mall Sen Sok City, which opened in May in the Cambodian capital of Phnom Penh, is not only a popular destination with a water park and indoor amusement park, but also an exhibition of cutting-edge technology. Read more>>
City Developments Limited (CDL) said on Thursday (Nov 8) that its net profit rose 10.4 per cent in the third quarter and projected confidence in the market going forward, even as it cautioned against macroeconomic uncertainties and persistent headwinds for the Singapore residential property market.
Net profit for the three months ended September rose to S$161.8 million from S$146.6 million in the same period last year, underpinned by the strong contribution from property development in Singapore, China and Japan, said CDL in a stock exchange filing after market close. Read more>>
Property developer Ho Bee Land’s third-quarter net profit rose nearly 25 per cent year on year to S$67.75 million.
The bottom line was strengthened by higher share of profits of associates, thanks to development projects in Shanghai and Zhuhai. For the quarter under review, share of profits of associates spiked about 54 per cent to S$44.21 million. Read more>>