Property 

Qatar’s property market faces reality check ahead of World Cup amid oversupply, spat with Gulf neighbours

Qatar’s Doha Tower, a spiked cylinder that glows orange at night, won an award when finished in 2012 amid a Gulf-wide property boom, but today about half of its 46 floors are empty.The office tower, now a familiar part of the capital’s high-rise skyline, has run foul of what real estate brokers, bankers and analysts say is an oversupplied Qatar property market ahead of the 2022 World Cup that mirrors a real estate downturn in the wider Gulf region after a drop in oil prices.Qatar has the added… Source link

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Property 

UK property agents at gloomiest for 10 years in latest monthly Royal Institution of Chartered Surveyors snapshot

Brexit uncertainty and a lack of affordability in some areas continue to stifle the UK housing market, leaving Britain’s property agents with their gloomiest view of property values in 10 years.The latest monthly snapshot from the Royal Institution of Chartered Surveyors (Rics) shows a further weakening of the market, with demand, prices and sales expectations all down.The industry survey came as the latest government figures showed annual house price growth across the UK had slowed to its… Source link

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Property 

Battlefield for investors in Beijing shopping malls moves to far-flung suburbs

The battlefield for investors in Beijing shopping malls has moved far from the heart of the city.Increasingly, developers and investment funds are opening mega-malls in distant suburbs, competing for precious foot traffic with pet cafes, jazz bars and other novelties not available elsewhere.City planners are behind the shift: They want to disperse the 24 million residents of the nation’s capital city, which is built far out on a series of beltways, ending with the 7th Ring Road. As part of that… Source link

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Property 

China’s credit crunch pressures CIMG into discounted sale of key land plot in Shanghai

Troubled investment conglomerate China Minsheng Investment Group (CIMG) sold its remaining stake in a prime plot of land in Shanghai at a discount on Wednesday, after a bond default drew attention to the company’s liquidity shortfall. The firm made full payment to its creditors after the deal, sources said. CIMG sold its 50 per cent stake in the central Shanghai site known as Dongjiadu, on the west bank of the Huangpu River, to Greenland Holdings for 12 billion yuan (US$1.8 billion). The deal was completed at a 20 per cent…

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Property 

Hong Kong rents could be about to march higher after five months of deflation, analysts say

Hong Kong renters hoping for a prolonged bout of deflation could be in for disappointment in the next few months as data shows rental prices may be about to round the bottom, bringing an end to a soft patch that started in August. On average, residential rents dropped 0.3 per cent to HK$35.8 per square foot (US$4.56) in January from December, the smallest contraction in the past five months, according to data released by Centaline Property Agency on Wednesday. “It is a sign showing the end of the correction,” said…

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Property 

Brace for a 20 per cent decline in Hong Kong home prices, says senior director of CK Asset

Hong Kong home prices could be headed for a multi-year downtrend that knock valuations by up to 20 per cent, prompting major developers to slash prices for new homes along with the sliding market, according to a senior executive at CK Asset Holdings, the second largest developer in Hong Kong by capitalisation. CK Asset executive director Justin Chiu Kwok-hung said on Tuesday that home prices could drop 10 per cent this year and by up to 8 to 10 per cent next year, amid simmering trade tensions between China and…

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Property 

New ‘tiny home’ benchmark for Kowloon as developer rolls out Sham Shui Po project in layouts beginning at 129 sq ft

Hong Kong’s Kowloon district is about to realise a new benchmark for tiny home sizes that will test the market’s tolerance for what’s considered liveable space, with one developer set to launch a project in Sham Shui Po featuring layouts starting at 129 square feet, the smallest on record for the area. The 22-storey residential block named AVA 228 will feature 160 units with sizes ranging from 129 sq ft to 249 sq ft, according to the website of Magic Sight Holdings, a privately held developer owned by property investor…

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Is Hong Kong’s housing market recovering? Plot of land in Tai Po attracts more bids than expected

A parcel of residential land for sale in Tai Po fetched more bids than anticipated in a possible sign that Hong Kong’s developers are becoming more optimistic about the flagging market. The plot at Pak Shek Kok had received 10 bids when the tender closed at noon on Friday, beating Knight Frank’s estimate of five to eight bids. The builders that submitted bids included Sun Hung Kai Properties, CK Asset Holdings, Henderson Land Development, Wheelock Properties, K Wah International, K&K Property, Far East Consortium, KWG Property and a joint venture…

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Property 

Shanghai mayor Ying Yong rules out easing control on home prices even as economy slows down

Shanghai’s mayor Ying Yong said on Thursday that he will do everything in his power to stabilise the housing market, ending speculation that the city would loosen its grip on the sector as it faced an uphill task of sustaining growth amid fears of a slowing economy. “We must bear in mind that controlling prices of land and homes is not a makeshift policy,” the mayor told a press conference after the close of the annual session of Shanghai People’s Congress. “We will stand firm in stabilising the property market…

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Property 

Hong Kong trails Singapore, Christchurch in climate change readiness, thanks to its housing crisis

Hong Kong lags behind Singapore and other cities when it comes to preparation for climate change challenges, such as typhoons and flooding, according to Sean Tompkins, chief executive of the Royal Institution of Chartered Surveyors. He said the city’s housing problem was to blame. “If you look at Hong Kong, there’s no doubt the developers are looking at issues around sustainability and resilience. The government is increasingly looking at this and it’s getting higher up the priority list. But is there any central coordination and control around resilience? Not as…

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