A Hong Kong landlord leads the way in Mingtiandi’s roundup of Asia real estate headlines today as the owner of the Murray Hotel in Central has raised close to $1 billion by selling off its shareholdings in Facebook and Amazon.
In other news around the region, Singapore investors have been snapping up retail property in New Zealand, while the owner of one of Beijing’s biggest supermarket chains is eyeing a Hong Kong IPO.
Elsewhere, Hong Kong homebuyers have forfeited $1.5 million in deposits as they walk away from purchases in the city.
The Wharf (Holdings), one of Hong Kong’s biggest commercial landlords, said it sold Amazon and Facebook shares over the past 10 months for $944 million to profit from investments in companies run by two of the world’s top billionaires.
The developer sold 223,452 Amazon shares, or 0.04 percent stake, between August 5 and May 22 for $441 million in net proceeds, according to a Hong Kong stock exchange filing. The company also disposed of 2,576,491 Facebook shares, or 0.09 per cent stake, for $503 million. Read more>>
Bayleys has sold five substantial retail properties to a mix of New Zealand and Singaporean investors at a total value of close to NZ$100 million.
Two of the sales, totalling NZ$66.45 million, which settled during COVID-19 Level 4 and 3 lockdown, were of Auckland suburban shopping centres both anchored by Countdown supermarkets. Read more>>
Pessimism toward some Hong Kong real estate stocks, especially those of commercial landlords, hasn’t been this extreme since the global financial crisis as investors worry about the future of city.
Swire Pacific and Hongkong Land Holdings, which operate shopping centers and office blocks in the city, have fallen to their lowest levels since 2009. The two stocks have plunged more than 48 percent in the past 12 months as protests and the coronavirus pandemic hurt business. Beijing’s intention to crack down on dissent threatens Hong Kong’s position as a global financial centre by casting doubt on the rule of law. Read more>>
Wumei Holdings Inc., the Chinese retail group that owns one of the country’s biggest supermarket chains, is considering an initial public offering in Hong Kong, people with knowledge about the matter said.
The Beijing-based company has held preliminary talks with potential advisers about a listing, according to the people, who asked not to be identified because the information is private. Wumei owns grocery operator Wumart Stores Inc as well as the local operations of home-improvement chain B&Q. Last month, Wumei completed the acquisition of an 80 percent stake in German wholesaler Metro AG’s Chinese unit, the people said. Read more>>
Rich Chinese investors are finding luxury real estate is a good hiding place from the economic fallout of the coronavirus.
Across China and in some of their familiar hunting grounds in Asia, wealthy buyers are snapping up top-end housing, in many cases to guard their wealth against anticipated inflation and a weakening yuan. Read more>>
Nineteen Hong Kong homebuyers who put down deposits for flats at the height of a market rally around June 2018 have walked away from their purchases, forfeiting as much as HK$11.83 million ($1.53 million) and HK$12.4 million in two instances over the past month.
Nine buyers walked away from Hong Kong developer K Wah International’s Solaria project in Tai Po district, forfeiting the HK$11.83 million on Friday, according to the project’s register of transactions. Read more>>
An association of real estate agents in Singapore has appealed to Minister for Trade and Industry Chan Chan Sing to allow potential tenants to physically view vacant property units when the circuit breaker lifts on 2 June.
The Institute of Estate Agents (IEA) said landlords and owners – who have mortgage loans to service – as well as property agents will suffer further loss of income if the suspension of physical viewings of properties continues beyond 2 June. A normal tenancy deal takes about a month to complete. Read more>>