In today’s roundup of regional news headlines, an uncompleted former Dalian Wanda dream project in Sydney is on the cusp of being sold by its third Chinese owner, according to Aussie media reports. Also in the news, housing broker Beike makes its trading debut on the Hong Kong stock market amid rumours of fresh layoffs at the firm, while Shanghai developer Zhongliang becomes the latest victim of China’s “three red lines” policy.
Sydney Harbour’s One Circular Quay project could be headed back into Australian hands with a development company headed by Black Caviar part-owner Neil Werrett in the box seat to buy it after years of controversy and delays.
The Australian developer, likely backed by superannuation fund partners, is undertaking due diligence ahead of a potential purchase of the harbourfront site from Chinese developer AWH Investment Group for close to A$1 billion ($700 million) Read more>>
Chinese property platform KE Holdings debuted on the Hong Kong Stock Exchange on Wednesday, becoming the second New York-listed firm recently to carry out a so-called listing by introduction.
Shares in KE Holdings, which operates the online property platform Beike, opened at HK$30 ($3.82) each. Read more>>
KE Holdings is reportedly cutting its staff by half in a new round of layoffs that will involve various divisions, from development to operation.
The Beijing-based company will lay off 50 percent of its employees in almost all divisions, with the proportions ranging from 30 percent to 70 percent depending on the division, technology outlet Phoenix News reported, citing information that KE staffers disclosed on social platform Maimai. The insiders said the layoff initiative is called “Project Resurrection”. Read more>>
Shanghai-based developer Zhongliang Holdings has become the latest victim of China’s “three red lines” deleveraging campaign, at a time when the country’s strict COVID-19 containment policies continue to derail home sales.
The developer is giving its creditors more time to accept an exchange offer on two of its dollar-denominated bonds. It has extended a deadline originally set for 11pm local time on Tuesday, so that more bondholders can get on board with the payment extension. Read more>>
The Urban Renewal Authority has received 34 expressions of interest from major local and some mainland developers for the Sung Hing Lane/Kwai Heung Street Development Project in Sai Ying Pun, a rarely available development site on Hong Kong Island.
Henderson Land Development, Far East Consortium International, Emperor International, China Overseas Land & Investment and Poly Property were said to be among the developers expressing interest. Read more>>
First-quarter revenue for Singapore-listed developer Centurion Corp rose 47 percent year-on-year to S$45.1 million (now $32.6 million).
The result was mainly driven by an enlarged portfolio capacity and new business streams in Centurion’s purpose-built workers’ accommodation segment across Singapore and Malaysia, as well as recovery in the financial occupancy of its purpose-built student accommodation in the UK and Australia. Read more>>
Australian housing prices could fall by up to 10 percent next year, according to HSBC.
In a note, the bank’s chief economist, Paul Bloxham, said the local housing market had boomed through the pandemic, “supported by the sharp fall in interest rates to all-time lows and the forward guidance” from the Reserve Bank indicating that they would remain low. Read more>>
The rental prices for Housing Board flats and private apartments in Singapore continued to rise in April, hitting new highs in both markets, while leasing volumes dipped.
Condominium rents last month surpassed the previous peak in January 2013 by 1.8 percent, while HDB rents saw a record year-on-year increase, according to flash figures from real estate portals 99.co and SRX. Read more>>