Leading the real estate market news today, home purchases in Vancouver fell by 33 percent last month after the government began taxing foreign home buyers, but the impact of a similar 15 tariff on non-residents of Hong Kong seems to be little deterrent as mainlanders move back into the city’s housing market. Also, one of Singapore’s biggest developers grabs a London building for over $290 million, and much more.
Vancouver home sales fell 33 percent in September, the most since 2010, adding to evidence measures taken by the provincial government to curb price gains are working.
Sales in the Pacific coast city dropped to 2,253 in the month, from 3,345 a year earlier, the Real Estate Board of Greater Vancouver said Tuesday. It was the largest decrease since 2010, and comes after British Columbia imposed a 15 percent tax, which took effect in August, on purchases by foreigners. Read more>>
UOL Group Limited on Friday said it has, through its newly incorporated associated company, United Venture Investments (HI) Pte Ltd, entered into an agreement with Holborn Management Limited and 120 Holborn Propco Limited to acquire Holborn Island for £229.6 million (S$406.2 million), subject to usual post-completion adjustments.
United Venture is a 50:50 joint-venture company incorporated in Singapore by UOL Venture Investments, the company’s wholly owned subsidiary, and UIC Overseas Investments, a subsidiary of United Industrial Corporation Limited (UIC). Read more>>
The Shenzhen and Guangzhou municipal governments on Tuesday announced a raft of new measures aimed at dampening the soaring property market, including increasing minimum down payment requirements and a more stringent threshold for non-locals to purchase property in the city.
Under the latest measures, second home buyers in Shenzhen will have to make a 70 per cent down payment, an increase from the previous 40 per cent. Read more>>
China Evergrande Group may have unveiled an ambitious plan to carry out a backdoor listing of its core property assets on the mainland Chinese stock market, but analysts said the move is likely to face major regulatory challenges.
The country’s second largest developer, listed in Hong Kong, said on Monday it will become the controlling shareholder of Shenzhen Special Economic Zone Real Estate & Properties (Shenzhen Real Estate), after injecting its property unit into the state-owned developer in return for its shares in Shenzhen. Shares of Evergrande surged 8.2 per cent in Hong Kong on Tuesday, hitting a one-month high. Read more>>
British Land and GIC have won planning permission to build a new 32-storey office tower in the City, on the site of the former UBS headquarters.
The mixed-use development at 2 and 3 Finsbury Avenue, which was approved by the City of London, will provide around 550,000 sq ft of office space across four buildings – the tallest of which will rise to 32 storeys – and will be able to accommodate up to 5,000 staff. Read more>>
Renewed demand from Chinese buyers looking for offshore assets is helping drive sales at Wheelock Properties (Hong Kong) Ltd.’s Hong Kong housing projects, Managing Director Ricky Wong said.
Chinese buyers of Wheelock’s mass-market properties doubled to 10 percent from a year ago, Wong said in an interview. Mainland buyers accounted for nearly 20 percent of September sales at its Kowloon development One Homantin, compared with about five percent when it launched six months ago, he said. Read more>>
The principals at Kuafu Properties, the Chinese private equity-backed development firm that rapidly became one of Manhattan’s most aggressive property buyers, are going their separate ways, sources told The Real Deal.
Zengliang “Denis” Shan, the former architect who was the conduit to the Chinese capital that bankrolled the company’s $750 million-plus buying spree, is leaving Kuafu TRData LogoTINY to start his own venture. Shan’s new company will include the $300 million development site at the former Subway Inn assemblage across the street from Bloomingdale’s on the Upper East Side. Read more>>
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