Wing Tai Holding chairman Cheng Wai Keung looks like he’s having second thoughts about his Bursa Malaysia listing
Kicking off today’s headlines, a Singaporean real estate investor finds the action a bit slow on Malaysia’s stock exchange, while Hong Kong’s housing market is so tough that agents have resorted to beating up uncooperative clients. Also in the news, a Kai Tak commercial site looks forward to becoming Hong Kong’s latest records land sale, and there’s much more if you just keep reading.
Wing Tai Holdings Bids S$94M to Privatise Malaysian Unit
Singapore-listed Wing Tai Holdings launched a RM290 million (S$94 million) takeover offer on Tuesday for its Malaysian-listed counterpart Wing Tai Malaysia Berhad (WTM) at RM1.80 cash per share. The offer price represents some 53 per cent premium over WTM’s last traded price of RM1.18 on Monday – the last full trading day prior to the serving of notice.
In an announcement shortly after both firms requested for trading halts on their respective stock exchanges, Wing Tai Holdings said the offer was not subject to any minimum level of acceptances as the joint offerors already hold over 50 per cent of the voting shares in WTM. Read more>>
Property Agents – and Customer – Arrested for Kowloon Scuffle
A real estate agent, a sales assistant and a housewife were arrested on Sunday for fighting in a public place near a property sales center in Tsim Sha Tsui, Kowloon District.
At around noon, a real estate agent surnamed Suen, 37, tried to give a 48-year-old housewife surnamed Yip who was walking along Austin Road, a leaflet promoting a property sale, Apple Daily reported. Read more>>
Kai Tak Commercial Site Could Bring Record Bids
A commercial site in what some are already calling Hong Kong’s future second core business district goes up for sale on Friday – being tipped by experts to become a new “land king”, the most-expensive land by value – at Kai Tak, the city’s former airport.
Local developers are likely to fight tooth and nail for the site, named Area 1F Site 2, which some expect to significantly push up commercial property prices in the city. Read more>>
Mainland Tenants Might Get Rights Under New Rental Law
China is endeavoring to make renting a more agreeable option in the prohibitively expensive home market with the release of new draft housing rental regulations, placing a greater emphasis on tenants’ rights.
Aiming to give equal priority to housing purchases and rentals, China’s Ministry of Housing and Urban-Rural Development is rolling out nationwide laws to clarify the obligations and protect the rights of tenants, prohibiting landlords from arbitrarily evicting their tenants, and issuing fines to proprietors who raise rents contrary to prior agreements. Read more>>
Jiaxing Land Auction Pulls in 425 Bidders
In a latest sign of the heat in China’s red-hot property market, an auction of nine plots of land scheduled for Monday in Jiaxing, a city about an hour’s drive from Shanghai, attracted at least 425 bidders.
As a result, the authorities had to change the venue of the auction from a conference room to the city’s 1,400-seat “grand theatre” to accommodate the representatives from property developers. Read more>>
Hang Lung Claims Just Rewards From Hong Kong Retail Revamp
Hang Lung Properties initiated its bold HK$2 billion, seven-year asset enhancement plan in 2012, just as the retail market entered a lengthy correction at home, and in the mainland, luxury retailers were hit hard by an anti-corruption crackdown by Chinese leaders.
High levels of store vacancies and closures became commonplace, with some top brands postponing their expansions, or scaling back their existing operations. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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