The biggest immediate risk facing China’s economy is about to get worse as a reluctance among some developers to cut prices is worsening a housing glut that threatens to extend a slide in construction that has already weighed on growth. “Developers have been unable to build up adequate client interest as buyers are still waiting on the sidelines. They are also worried that excessive price...
Overseas Property
Property group UOL will embark on its first major development project in London following the purchase of a prime development site in Bishopsgate for £97 million (S$201.9 million). The Singapore-listed developer bought Heron Plaza, seller Heron International said in a statement on Thursday (Aug 14). UOL has consent to build a five-star hotel, residential and retail development that is up to 43 stories...
Chinese property developers wary of poor sales amid the country’s industry downturn are giving expensive government land auctions the cold shoulder, with plots in the capital going unsold for the first time since April 2011. The poor reception highlights the persistent mismatch in price expectations between developers and local governments. Cash-tight developers are seeking lower prices while local...
At least 122 billion pounds ($206 billion) in property in England and Wales has hard-to-trace ownership via companies in London property may be "haven for dirty money" offshore tax havens, the Financial Times reported in an investigation. The finding, made through analysis of Land Registry data, "raises concern that London property in particular has become a haven for dirty money from around the world"...
China's decline in property prices accelerated in July, an independent survey showed, adding to concerns over the sector, a key component of the world's second-largest economy. The average price of a new home in 100 major cities was 10,835 yuan ($1,757) per square metre last month, down 0.81 percent from June, the China Index Academy (CIA) said. It was the third consecutive monthly decline and an...
London's landmark 'Gherkin' office tower, one of the landmarks on the British capital's skyline, went on sale for about £650 million (US$1.1 billion, 820 million euros, S$1.37b) on Tuesday (29 July) after being placed into receivership. Property firms Savills and Deloitte Real Estate were jointly instructed to sell the 41-storey block in the city's financial district. The building looks like a glass...
China’s financial centre, Shanghai, is allowing a developer to seek the highest-ever home prices in the city, in an effort to boost its sluggish luxury home market. Shenzhen Overseas Chinese Town can set prices as high as 298,000 yuan (S$59,700) per square metre for its high-end residential properties, said the website of the city’s real estate trading centre. This is a record asking price for the...
Despite lingering concerns about shrinking cost advantages and a lack of skilled labour in Iskandar Malaysia, the developers of a new industrial estate have said the special economic zone remains a compelling choice for Singapore companies to expand or relocate to amid land and manpower constraints at home. Nusajaya Tech Park will be the latest addition to the Iskandar economic infrastructure when its...
China's urbanisation will continue to drive fundamental demand for homes and real estate. Speaking on Wednesday at the World Cities Summit China In-Focus Forum in Singapore, CapitaLand's CEO Lim Ming Yan estimated that there is demand for 35 million homes, based on the expectation that over 100 million people will be moving to the Chinese cities over the next few years. Mr Lim said on average there...
China’s property bubble has burst and growth in Asia’s largest economy could slow sharply to less than 6 per cent this year unless the government steps in with fresh stimulus measures, economists at Nomura securities brokerage warned yesterday. “It is no longer a question of ‘if’, but rather ‘how severe’ the property market correction will be. We are convinced that the property sector has...