Marks & Spencer in talks with Al-Futtaim to sell its Hong Kong, Macau businesses
British multinational retailer Marks & Spencer (M&S) said on Wednesday that it had begun talks with one of its long-time partners Al-Futtaim, to sell the franchise of its retail business in Hong Kong and Macau, a move it expects to create a more “profitable and customer-centric International business”. The talks followed the British retailer’s strategic review of its international business in November last year that led to the closure of numerous stores in 10...Source: South China Morning Post - Property feed | 30 Aug 2017 | 10:40 pm(NZT)
Evergrande shares rise to record as Hong Kong’s Chinese Estates keeps up its buying
Shares of China Evergrande Group rose to a fresh all-time high on Wednesday as Chinese Estates Holdings, controlled by Hong Kong tycoon Joseph Lau Luen-hung’s wife Kimbie Chan Hoi-wan, continued to build a stake in the property giant. An announcement by Chinese Estates on Monday night showed it had bought another 111 million shares in Evergrande between July 19 and August 29, making its total interest 5.83 per cent. It also said Chan personally held 35 million shares or 0.27 per cent of...Source: South China Morning Post - Property feed | 30 Aug 2017 | 6:37 pm(NZT)
China turns rural land into rental housing for the first time to stabilise property prices
In a pilot scheme introduced to 13 Chinese big cities, farmers will for the first time be allowed to develop their collectively owned land into residential properties for leasing, in another government move to stabilise housing prices and bolster the rental market. The pilot scheme, announced on Monday evening by the Ministry of Land and Resources and Ministry of Housing and Urban-Rural Development, will cover cities like Beijing, Shanghai, Hangzhou and Guangzhou where the sizable population...Source: South China Morning Post - Property feed | 30 Aug 2017 | 12:00 pm(NZT)
More tiny flat developments release sale prices as Hong Kong’s love affair with small space continues
Hong Kong’s love affair with tiny flats shows no sign of cooling, with two more projects releasing pricing details this week before going on the market starting from the weekend. The two projects, CSI Properties’ COO Residence in Tuen Mun and The Amused in Cheung Sha Wan, which is built by Emperor International and the Urban Renewal Authority, are the latest to cater to growing demand for small units, known locally as “nano flats”, as sky-high prices prevent many...Source: South China Morning Post - Property feed | 29 Aug 2017 | 10:31 pm(NZT)
Can RRJ Capital repeat its Midas touch with Lai Sun Development?
Richard Ong, chairman of Asian-based private equity fund RRJ Capital, sees himself as the man with the Midas touch. Now he wants to repeat his success with Hong Kong property developer Lai Sun Development. The former Goldman Sachs banker has made huge gains from two Hong Kong-listed mainland property stocks – CIFI Holdings and Logan Property Holding. In October 2013, RRJ invested in CIFI, which primarily invests in Shanghai, with an entry price of HK$1.52. The stock closed down 0.7 per...Source: South China Morning Post - Property feed | 29 Aug 2017 | 9:36 pm(NZT)
New World Department Store’s privatisation plan fails to garner required support from shareholders
Plans by the parent firm of New World Department Store China to take it private for HK$934.5 million have failed, after not managing to garner enough support from independent shareholders for a full buyout of the operation. By the end of its final closing date on Monday, New World Department Store had received valid acceptances representing 83.90 per cent of shares owned by independent shareholders, just shy of the 90 per cent required to proceed under company law. Thus “the offer has not...Source: South China Morning Post - Property feed | 29 Aug 2017 | 8:31 pm(NZT)
Return to its glorious past for Hong Kong’s old Bank of China building in Central
Returning the old Bank of China Building in Central to its former glory has proved a major challenge for architect Sandi Pei Li-chung, during a meticulous year of renovation work at the site. Built in 1951, the building with its pair of lions on guard at its front doors, is right next to the HSBC headquarters, and had served as the major office of the Bank of China Hong Kong until 1990, when the 70-floor new Bank of China tower was completed. Sandi’s father I.M Pei, who turned 100-years-...Source: South China Morning Post - Property feed | 29 Aug 2017 | 5:45 pm(NZT)
Thai government pushes public-private partnership for housing scheme
By Chatrudee Theparat The Thai government will let domestic and foreign investors collaborate with government agencies in developing housing projects through the public-private partnership (PPP) scheme for low-income earners and the lower-middle class under the Pracha Rat Home scheme. Deputy Prime Minister Somkid Jatusripitak has authorised the state-owned GH Bank and the National Housing Authority (NHA) to design the housing development plan for low-income and lower-middle earners...Source: South China Morning Post - Property feed | 29 Aug 2017 | 5:30 pm(NZT)
Slowdown in London house price growth eases; Bristol posts biggest drop
The slowdown in the growth of London house prices appears to be abating, leaving Bristol as the UK city with the biggest drop in property prices expansion last month, according to new figures. Upward pressure on prices in the capital is returning following weak annual growth since the start of 2016, amid a fall in sales as homeowners refuse to sell up for lower valuations, according to the property firm Hometrack. Bristol recorded a steeper fall in house price growth, after a boom in recent...Source: South China Morning Post - Property feed | 29 Aug 2017 | 5:02 pm(NZT)
Typhoon Hato blows icy gale through Macau retail property rentals market
The market for rented retail space in Macau will stall in the wake of the devastating Typhoon Hato which struck the city last week, further delaying any chance of a recovery in the sector, according to industry experts. The typhoon, which caused serious damage in the casino hub last Wednesday and claimed 10 lives, will also add to pressure on retail rents as tourists stay away from Macau. Retail rents have already tumbled 46 per cent by the end of the first quarter of this year from their peak...Source: South China Morning Post - Property feed | 29 Aug 2017 | 4:37 pm(NZT)
American strip malls are coming to Beijing, as urban sprawl expands to outer suburbs
On Saturday afternoons the car park outside the shopping mall is packed with vehicles. Shoppers jostle with each other in outlet stores selling brands such as Hugo Boss, Gap and Nike. Nearby, parents supervise toddlers playing on slides among tropical plants in a children’s playground. This typical suburban scene could be anywhere in middle America, but it is now an increasingly common sight in China’s biggest cities like Beijing and Shanghai. As these megacities get bigger and...Source: South China Morning Post - Property feed | 29 Aug 2017 | 4:04 pm(NZT)
Higher home prices could temper US housing momentum
Signs are mounting that rising home values are starting to close the door for more Americans, threatening to temper the momentum in residential real estate. Purchases of previously owned houses unexpectedly fell in July to an 11-month low and sales of new homes were the weakest this year, reports showed this week. While the median time on the market for existing properties was 30 days in July compared with 36 days a year ago, indicating resilient demand, the number of listings remains lean and...Source: South China Morning Post - Property feed | 29 Aug 2017 | 4:04 pm(NZT)
Successful organisations will be those that engage staff in a way that capitalises on their strengths
With commercial real estate prices in Hong Kong showing no signs of slowing down, extracting the real value from every square foot means looking beyond spatial efficiency to create people-centric spaces. JLL recently unveiled our Future of Work framework which takes a holistic view of where work is going through five dimensions: Operational Excellence, Financial Performance, Continuous Innovation, Digital Drive, and Human Experience. Unlocking this value means creating spaces that do not simply...Source: South China Morning Post - Property feed | 29 Aug 2017 | 3:33 pm(NZT)
Small doesn’t come cheap - Hong Kong’s nano flats cost 9 per cent more in square footage
Hong Kong’s second-hand tiny flats are 9 per cent more expensive than larger ones on a per square foot basis, as record-high home prices and government cooling measures have created a mismatch between supply and demand. The average per square foot price of second-hand flats smaller than 400 square feet (37 square metres) transacted this year hit HK$13,836 (US$1,768) in 50 major housing estates, 9.3 per cent higher than the HK$12,654 of larger homes, data from the Land Registry compiled by...Source: South China Morning Post - Property feed | 29 Aug 2017 | 12:00 pm(NZT)
Greenland posts flat profit as property clampdown deepens
Shanghai-based Greenland Holdings, the mainland’s fourth-largest developer by sales, reported flat earnings for the first half of this year as governments tightened their grip on the real estate sector. Net income in the six months to June was valued at 4.66 billion yuan (US$704 million), up by a slender 1.3 per cent from a year ago and below analysts’ estimates. Revenue jumped 16.6 per cent to 126 billion yuan. Factoring out one-off gains, the company’s underlying profit fell...Source: South China Morning Post - Property feed | 29 Aug 2017 | 1:38 am(NZT)
China Evergrande first-half profit jumps 832pc on strong sales, lower debt
China Evergrande Group, the country’s largest property developer by sales in 2016, reported first-half profit jumped 832 per cent to 18.8 billion yuan, in line with analysts’ expectations, thanks to higher selling prices for its properties and a greater volume of sales booked during the period. A poll by Bloomberg found average analyst forecasts were for a profit of 19 billion yuan (US$2.87 billion), compared to the first half of 2016 when the company reported profit of 2 billion...Source: South China Morning Post - Property feed | 28 Aug 2017 | 11:30 pm(NZT)
Discounted housing the latest front in Chinese cities’ battle for graduate talent
The central Chinese city of Wuhan is offering 20 per cent discounts on house purchases to college graduates in an effort to persuade them to stay, upping the ante in a fierce battle to retain talent that has broken out among the nation’s regional cities. The city’s party secretary, Chen Yixin, made the offer at a promotional event over the weekend, and also raised the possibility of a minimum annual salary to graduates considering staying. The attractiveness of second-tier cities...Source: South China Morning Post - Property feed | 28 Aug 2017 | 9:56 pm(NZT)
‘Cheesegrater’ owner CC Land says London better value than Hong Kong
CC Land, the Hong Kong property developer that made headlines earlier in the year for its acquisition of London’s landmark “Cheesegrater” skyscraper, is keen on snapping up more property in Britain, where targets have become “much more affordable” compared with Hong Kong, says its deputy chairman. The company has completed three headline London acquisitions so far this year, as part of its change in strategic focus from mainland China to overseas markets. The...Source: South China Morning Post - Property feed | 28 Aug 2017 | 7:49 pm(NZT)
Shun Tak reverses loss to post HK$699m interim profit on strong property sales
Shun Tak Holdings, which runs businesses from property to shipping and hotels, reported first half net profit of HK$699 million, reversing a HK$53 million loss in the same period last year, boosted by strong property sales. The Hong Kong-listed company said in a statement on Monday that its revenue almost doubled to HK$3.678 billion from last year’s HK$1.867 billion. According to the statement, basic earnings per share reached 23 HK cents compared to only 1.7 HK cents in the same period...Source: South China Morning Post - Property feed | 28 Aug 2017 | 5:49 pm(NZT)
Developer Greentown sees dramatic turnaround in fortunes after major disposals
Property developer Greentown China Holdings, on the verge of bankruptcy just three years ago, has registered a storming 103.5 per cent rise in profit to 1.228 billion yuan (US$184 million), after record contracted sales last year. Its shares, however, slumped 8.6 per cent to HK$ 9.47 by midday in Hong Kong, as the profit largely came from the 1.6 billion yuan disposal gain of two subsidiaries, including one owning serviced apartments in Beijing and two undeveloped land parcels. The Hangzhou-...Source: South China Morning Post - Property feed | 28 Aug 2017 | 2:54 pm(NZT)
