Property giant China Vanke is flashing warning signs again
China’s second-biggest developer finds itself under the microscope today, with Vanke’s resurgent debt woes once again leading Mingtiandi’s headline roundup. Also in the news, Hong Kong home sales soar in the wake of scrapped cooling measures and Singapore landlords wrestle with prolonged condo vacancies.
China’s Property Debt Woes Deepen as Vanke Fears Resurface
China’s property debt crisis is showing new signs of trouble after entering its fourth year, with one of the country’s major state-backed developers placed under unprecedented scrutiny by investors.
Some of China’s largest insurers are sounding an alarm over the debt risks of China Vanke, according to people familiar with the matter, as shares and bonds of the major developer hit record lows on repayment concerns. Read more>>
Hong Kong Home Sales Surge Ten-Fold After Curbs Removed
Hong Kong’s new home sales surged ten-fold after the government removed measures to cool the property market in its budget last week.
The city saw 117 daily sales of new homes in the five days since the curbs were lifted on 28 February, compared with an average of just 11 in the two months before the policy shift, according to a report by real estate agent Midland Realty. Read more>>
Singapore Condo Landlords Hit by Rising Supply of New Units
When Shawn Lau collected the keys to his two-bedroom Treasure at Tampines condo unit in December, he was anticipating a swift rental process in a market that seemed to promise lucrative returns.
What followed was a stark reality check. Landlords like Lau have been left grappling with prolonged vacancies. The once-hot rental market, characterised by high demand and good returns, has been softening as newly completed units flood the market, real estate agents told the Straits Times. Read more>>
Mainland Chinese Throng Hong Kong Property Sales in Search of Returns
The removal of all property sector cooling curbs in Hong Kong has sparked immediate interest among mainland Chinese buyers, who still perceive real estate in the city as a lucrative investment option that also offers capital appreciation and diversified offshore assets, industry insiders said.
There has been a sudden rebound in the volume of home sales in general, with more than 580 property transactions in the primary market between Sunday and the announcement of curb relaxations last Wednesday, according to agents. Read more>>
Vietnam Is Second Most Favoured Emerging Real Estate Market in APAC: CBRE
CBRE’s 2024 Asia-Pacific Investor Intentions Survey ranks Vietnam’s real estate market as the second most favoured among emerging destinations in the region, with the country trailing only India and placing ahead of Thailand.
The showing is a sign of the potential of the economy and foreigners’ plans to buy housing in Vietnam, the property services company said. Read more>>
Former Singapore Development Minister Sells Holland Rise Villa for $37M
Mah Bow Tan, the former minister for national development who retired from Singapore politics in 2015, sold his good-class bungalow at Holland Rise last August. The 28,376 square foot (2,636 square metre) freehold site is on a quiet street at Holland Rise with just a handful of GCBs.
According to a property title search, Mah bought the property in 1992. In the latest transaction, Mah’s GCB on Holland Rise was sold to Wang Qianqian, a Chinese turned Singapore citizen, who purchased it for S$50 million ($37.2 million), or S$1,762 per square foot. Read more>>
Condo Owners in Singapore’s Pasir Panjang Relaunch Collective Sale at 7.5% Discount
Freehold condominium Island View in Singapore’s Pasir Panjang area was relaunched for sale by tender on Tuesday, but this time with plans to lower the reserve price by 7.5 percent to S$532 million as market sentiment softens, sole marketing agent PropNex said Monday.
The relaunch follows the owners’ previous en bloc attempt last year, which closed with no bids in October. Read more>>
Worst Is Over for South Korea’s Commercial Property Market: CBRE
South Korea’s commercial property market has hit bottom and transactions of commercial buildings are likely to revive if the nation’s central bank gives a clear indication of cutting its key interest rate, according to a senior executive at CBRE.
Lim Dong-soo, managing director of CBRE Korea, said Monday that projected demand for office spaces will remain steady in South Korea this year amid increased liquidity in the investment market. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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