The Pine Grove plot could see bids of up to S$1,300 per square foot
In today’s roundup of regional news headlines, observers predict keen interest in a land sale at Singapore’s Pine Grove, developer Shimao’s bonds sag further amid talks with creditors, and Hong Kong reveals plans to hike property taxes for the city’s priciest homes.
Singapore Condo Craze Boosts Prospects for Pine Grove Land Sale
The sale of a government land parcel at Singapore’s Pine Grove could see bids of up to S$1,300 per square foot per plot ratio for the residential development, according to market watchers.
The Urban Redevelopment Authority announced Thursday that it put up a residential plot, Pine Grove (Parcel A), for sale by public tender. Read more>>
Shimao Selloff Deepens After Downgrade
Zhenro Properties Group said it may negotiate with creditors to extend repayment on offshore debt including asset-backed securities and syndicated loans due this year, the latest sign of the Chinese property developer’s cash woes.
The remarks made by Zhenro executives during investor calls Wednesday came after the company proposed to swap five dollar and yuan bonds due in 2022 for new notes. Its 5.98 percent dollar paper due in April has fallen more than 11 cents on the dollar this week to 14 cents. Read more>>
Communist Party Meeting May Hint at Evergrande Tycoon’s Fate
When China Evergrande chairman Xu Jiayin showed up at the Communist Party’s 100th anniversary celebration last July, investors saw it as a sign that the government still had the embattled property tycoon’s back.
Another test is looming. A top advisory body that counts the billionaire as a member is having its annual convention next week. The question among investors eager for signs about the fate of Xu and his empire: Will he show up? Read more>>
Hong Kong Raises Property Tax for Owners of Expensive Homes
Hong Kong’s government unveiled plans to raise property taxes for luxury homes in a move set to affect wealthy owners and landlords of multiple properties.
Financial secretary Paul Chan proposed charging a progressively higher tax rate for the most expensive homes in the city in his budget on Wednesday. That would replace a standard tax of 5 percent on a property’s annual rental value. Read more>>
Hong Kong Rent Deferment Plan for SMEs a Short-Term Solution
Hong Kong’s small and medium-sized enterprises on Wednesday said the government’s plan allowing them to defer rent payments for up to six months might provide short-term relief, but resolution of the difficulties they face depended very much on the fifth COVID-19 wave being brought under control.
SMEs in certain sectors will be allowed to defer their rent payments by up to six months, financial secretary Paul Chan said in his budget briefing earlier on Wednesday. The government will introduce legislation to effect the new measures, which will be valid for three months and, if necessary, be extended once more for the same duration, Chan said. The legislation will lapse automatically after six months. Read more>>
Hong Kong’s Used Home Prices Drop by Most in 23 Months
Hong Kong’s lived-in home prices suffered their biggest drop in almost two years as the fifth wave of COVID-19 prompted anxious owners to offload their flats at steeper discounts.
Prices fell 1.14 percent to 388.9 in January, according to an index published by the Rating and Valuation Department on Thursday. It was the sharpest decline since February 2020, when the gauge retreated by 1.6 percent. Read more>>
United Hampshire US REIT to Sell 2 Self-Storage Assets
United Hampshire US REIT reported distribution per unit of $0.0305 for the second half of the fiscal year ended December 2021, up 0.7 percent from a DPU of $0.0303 in the comparable year-earlier period.
This took the REIT’s DPU for fiscal 2021 to$0.061, some 26.8 percent higher than the DPU of $0.0481 in fiscal 2020. The DPU for fiscal 2021 also exceeded the REIT’s forecast by a marginal 0.2 percent. Read more>>
China Says It Will Keep Real Estate Market Stable This Year
China will keep the real estate market stable and step up coordination and precision of property policies this year, the country’s housing minister said Thursday.
Genuine demand for housing remains firm, Wang Menghui, head of the Ministry of Housing and Urban-Rural Development, told reporters at a news conference. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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