In today’s roundup of regional news headlines, a pair of Singapore-based developers agree to develop a residential site in northern China, a devastating warehouse fire could have repercussions for South Korea’s logistics sector, and a Thai group lures Hong Kong buyers with Bangkok mini flats.
Yanlord Land Group and Ho Bee Land have entered into an agreement to jointly develop a residential site in Tianjin, China, the real estate developers said on Monday.
The land parcel has a total site area of 53,200 square metres and was acquired by Yanlord via public land auction for about RMB 1.5 billion ($230 million). It is located in the prime residential area of Tianjin city, adjacent to the office of the Hongqiao District Government of Tianjin and the major commercial and office district. Read more>>
China Evergrande Group said Tuesday that its interest-bearing indebtedness has dropped to RMB 570 billion ($88.23 billion) from RMB 716.5 billion at the end of 2020.
The company had said early this month that the debt level would drop below RMB 600 billion by the end of June, achieving one of the three debt-ratio caps set by regulators and coming close to its year-end target of RMB 560 billion. Read more>>
Samsung Life Insurance drew attention from South Korean pension and savings funds with its $90 million purchase last month of a stake in Savills Investment Management to become the No.2 shareholder in the latter.
Now, the country’s largest life insurer is seeking to expand its equity investments into other alternative asset managers including private equity firms, according to investment banking sources. Read more>>
Last week’s devastating fire at a Coupang distribution centre, which reportedly burned more than 16 million items for delivery, is expected to cut return on investment for warehouses across South Korea.
Investment banking analysts said on 22 June that the deadly fire would result in a drastic increase in premium for fire and property damage insurance in the warehouse segment. With frequent cases of fire in warehouses, the insurance premium in the segment rose by more than double over the last 2-3 years. Read more>>
Hong Kong is unlikely to see a significant impact on housing demand from the growing emigration wave, according to the president of the Real Estate Developers Association of Hong Kong, joining a chorus of market observers who expect prices to continue rising this year.
“I know some people are leaving, but some people are moving here to Hong Kong,” said Keith Kerr, president of REDA and a former chairman and chief executive of Swire Properties. “For every person moving out, there’s probably at least the same number, if not more people coming in, so I don’t think that really is going to affect demand in the medium to longer term.” Read more>>
With Thai developers struggling to dispose of a massive stock of unsold flats in Bangkok, many of them are trying to lure overseas buyers with huge discounts and bargains to whittle down the inventory and get the struggling sector back on its footing.
Bangkok-listed Sansiri, one of the top three developers in the Southeast Asian nation, is marketing units as small as 231 square feet (21.5 square metres) starting at HK$500,000 ($64,394) to buyers from Hong Kong — a size they are familiar with but at a fraction of prices in the world’s most expensive property market. Read more>>
According to Hong Kong media, entertainer Jacky Cheung recently put his luxury duplex in The Somerset in Repulse Bay on the market for HK$430 million ($55.4 million). The 4,655 square foot (432 square metre) apartment is reportedly made up of two duplex units, which Cheung combined into one.
He and his wife, former Hong Kong actress May Lo, reportedly paid a total of HK$46.3 million for the two units in 1993 and 2004. Read more>>
The Singapore government has extended temporary relief measures for property developers in view of the continued disruptions to construction timelines from the COVID-19 pandemic.
Developers will get six-month extensions to the construction timeline-related requirements for the Project Completion Period, Additional Buyer’s Stamp Duty regime and Qualifying Certificate regime. Read more>>