In today’s roundup of regional real estate headlines, Hong Kong’s Swire Properties reveals plans for the last phase of its Brickell Key complex in Miami, and a report says the Chinese government is readying another round of support measures for the ailing property sector.
Swire Properties is embarking on the final phase of its four-decade-long development of Miami’s Brickell Key.
The Hong Kong-based developer is spending more than $1 billion to build two towers on the southernmost point of the island. The project, dubbed One Island Drive, will include an 800 foot tall (244 metre) Mandarin Oriental-branded condo skyscraper with 222 units, including duplex penthouses. A smaller building will have a Mandarin Oriental hotel with 151 rooms, 28 hotel residences and 61 private residences. Read more>>
China is working on a new basket of measures to support the property market after existing policies failed to sustain a rebound in the ailing sector, according to people familiar with the matter.
Regulators are considering reducing the down payment in some non-core neighbourhoods of major cities, lowering agent commissions on transactions and further relaxing restrictions for residential purchases under the guidance of the State Council, the people said, asking not to be named discussing private matters. Read more>>
Hillhouse, the investment firm best known for making its fortunes backing China’s biggest startups, can now help the super-rich obtain permanent residency in Singapore as part of a government programme.
The city-state’s Economic Development Board runs a Global Investor Programme, which provides ultra-wealthy foreigners a path to getting permanent residency. Read more>>
Chanel has rented a two-floor shop in Hong Kong’s prime shopping area Causeway Bay, signing one of the biggest leases since the pandemic.
The luxury brand committed to a three-year lease for the ground-level retail space at Capitol Centre starting in mid-May, according to government records. The records didn’t show the amount of the rent, but Ming Pao reported that Chanel agreed to pay more than HK$3 million ($383,000) a month. Read more>>
Property transactions in Hong Kong slid to a four-month low in May as developers slowed down with new launches amid weaker buying sentiment following several rounds of interest-rate hikes, with analysts expecting the trend to persist in the short term.
The number of property deals fell 8.2 percent to 5,284 last month, compared with 5,755 in April, and by more than a third compared with 7,949 in May of last year, according to data from the Land Registry. Read more>>
The return of mainland Chinese tourists boosted Macau casino revenue to MOP 15.6 billion ($1.93 billion) in May, more than four times what they earned a year ago.
On a monthly basis, the latest earnings were about 6 percent higher than the MOP 14.7 billion that Macau’s most important industry generated in April, according to government data. Since the start of the year, Macau’s casino revenue amounts to about MOP 65 billion, nearly three times year-ago levels. Read more>>
South Korean handbag maker JS Corp said Friday that it recently lent KRW 100 billion ($76 million) to its affiliate JS 747 in an effort to gain a controlling stake in Grand Hyatt Seoul, a historic five-star hotel in central Seoul.
In a regulatory filing, JS Corp reported that it decided to lend the money, which amounts to 39.14 percent of the firm’s total equity, to its subsidiary. Read more>>
Singapore-listed AIMS APAC REIT has closed its private placement at S$1.214 per new unit, the trust’s manager said Thursday.
The private placement closed at the low end of the estimated price range of S$1.214 to S$1.249. The manager on Wednesday announced plans to launch an equity funding exercise to raise S$100 million ($74.4 million). Read more>>