The Hong Kong government has proposed a new law that will slap fines and jail terms on property developers who mislead buyers of new homes. The government yesterday kicked off a two-month consultation period on the new law, which it hopes to introduce to the Legislative Council in the first quarter of next year. "There are consumer protections on other areas and there should be similar protections on...
Overseas Property
A consortium led by property giant CapitaLand, CapitaMalls Asia and Temasek unit Singbridge will spend about 21 billion yuan (S$4.1 billion) on a mixed-use development in Chongqing, China, after it won the tender yesterday for the site in the world's largest city. Lead developer CapitaLand said this as it announced plans to turn the property on the banks of the Yangtze and Jialing rivers into something...
Recent reports have signalled that property prices across China and other parts of Asia are heading towards a correction. But regional developers and market observers say it is not all doom and gloom yet for the sector. The integrated resorts and international events like the F1 have brought the spotlight on Singapore. They have also piqued foreign investors' interest to invest in luxury properties, say...
A property consortium led by CapitaLand, CapitaMalls Asia and Temasek unit Singbridge Holdings has won the tender for a mixed development site in Chongqing, China. CapitaLand said it hopes to develop the property like ION Orchard, Raffles City or Clarke Quay. The Chao Tian Men site will be developed into a shopping mall and will also have eight towers. The towers will have a hotel, residential units,...
Measures introduced to control China's real estate market are at a "critical stage" and the government should keep the curbs, Chinese Vice-Premier Li Keqiang said, Xinhua reported yesterday just hours before the Organization for Economic Cooperation and Development (OECD) warned that property risks were "overshadowing" the economic outlook of the world's second-largest economy. Mr Li, who is in line to...
China may ease property controls in the second quarter of next year due to concerns a steep drop in prices will push economic growth below 9 per cent - an unspoken but key target for Beijing, a prominent Chinese university said in a report published yesterday. Property prices, transactions and investments will fall in the first quarter due to the tightening measures, a Renmin University of China report...
CapitaLand's serviced residence business unit, The Ascott Limited has won contracts to manage two properties in China. In a news release, The Ascott said the properties include 186-unit Ascott M-City Foshan which will open in 2016, and the 71-unit Somerset Victoria Park Hongkong in 2013. At the moment, Ascott owns and operates Citadines Ashley Hongkong in the Tsim Sha Tsui district. Mr Lim Ming Yan,...
The president and chief executive of CapitaLand, South-east Asia's largest listed developer, said yesterday that demand for residential properties in China remains strong, although prices might drop slightly in certain regions. Mr Liew Mun Leong also said the group intends to expand its shopping mall portfolio in China to capitalise on strong consumer demand. China's efforts to cool its property market...
The average home price in China's 100 key cities fell 0.23 per cent in October from a month earlier, following Beijing's tightening measures to curb the exuberant housing market, a private survey showed on Tuesday. The China Real Estate Index System (CREIS), affiliated with Soufun, the country's largest online real estate firm, said the average home price dropped to 8,856 yuan (S$1,770) per square metre...
Mr Pan Shiyi, the Chinese real-estate mogul who became an object of online ridicule earlier this month, on Wednesday showed an ability to laugh at himself - as well as an ability to turn a public-relations stumble around. Mr Pan, chairman of SOHO China, said on his Sina Weibo microblog earlier this month that Apple could best commemorate the passing of co-founder Steve Jobs by making cheaper versions of...