Money 

China’s government sets up Dajia Insurance to take over Anbang’s assets as the disposal of former asset buyer nears

China’s government has established a new insurer to take over the operations of Anbang Group, more than 16 months after one of the country’s biggest asset buyers was put under state ward and its chairman was jailed for fraud.Dajia Insurance Group was registered on June 25 in Beijing with 20.4 billion yuan (US$3 billion) of capital put up by identical shareholders as Anbang, according to documents published by the business registrar.The move is the clearest sign that the China Banking and… Source link

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Home 

Buyer walks away from US$32 million Hong Kong luxury home, as trade war and protests sap appetite for real estate investment

A Hong Kong customer has backed out of buying a HK$251.23 million (US$32.11 million) luxury home in the Deep Water Bay neighbourhood, marking the second property default in nine days.The buyer, who is unidentified, failed to conclude the sales contract for the 3,641-square foot (338 square metres) apartment on the ninth floor of Tower One at 8 Deep Water Bay Drive, forfeiting HK$12.56 million of initial payment made to the developer Nan Fung Development.Deep Water Bay, located on the southern… Source link

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China 

China’s May rare earth export falls as supply tapers off amid a worsening trade war with the biggest buyer of the elements

China, the world’s largest refiner and supplier of rare earth, cut back on overseas shipments of the elements in the first five months of 2019, amid growing calls by nationalists to use the country’s stockpile as a tit-for-tat response in its trade war with the United States. Exports of rare earth elements fell 16 per cent in May from a month earlier to 3,640 tonnes, according to the General Administration of Customs data. Overseas shipments for the first five months of 2019 fell 7.2 per cent… Source link

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Property 

Wheelock gets second time lucky, finds buyer for house in Asia’s priciest address after offering extra sweeteners

The developers of Mount Nicholson, Asia’s priciest address, have found a new buyer for a 7,978 square feet villa, four months after the previous buyer reneged on a deal.On Monday, Wheelock Properties sold House 16 at the ultra exclusive development on The Peak for HK$720 million (US$91.74 million), or HK$90,248 per square foot. It was also HK$1.88 million, or 0.3 per cent, cheaper than the cancelled sale.Wheelock did not identify the buyer.The new deal allows for the transaction to be completed… Source link

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‘Micro-home’ project T-Plus in Tuen Mun halts sales drive amid lacklustre buyer response

T-Plus, the residential project in Tuen Mun made up of micro homes smaller than a car parking space, said on Friday it will suspend sales with immediate effect, without providing a reason for the halt. The project, co-developed by mainland developer Jiayuan International Group and local developer Stan Group, announced the freeze after having sold just two units in the 356-unit project since its launch on November 29. On Thursday, AVA 228 a micro-home project in Sham Shui Po debuted its price list for an initial batch of 50 units,…

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Home 

Buyer beware: Hong Kong’s $4.8 billion stock wipeout shows risk

Hong Kong’s second unexplained wave of stock plunges in three months shows the risks investors face in the world’s fourth-largest equities market. Ten mid- and small-cap shares plummeted as much as 81 per cent for no apparent reason Thursday, wiping out $4.8 billion of investors’ money. The firms hadn’t published news that would move markets and said they knew no reason for the drop, fuelling speculation that ranged from debt repayments to missing executives. The next day, as several of these stocks rebounded, another inexplicably tumbled. The swings should concern…

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Home 

Buyer of house on The Peak in Hong Kong walks away from deal – loses US$4.6 million deposit

A buyer has walked away from the purchase of a luxury house on The Peak, losing a deposit of some HK$36.09 million (US$4.6 million) in the latest sign of trouble in Hong Kong’s property market. The unidentified buyer did not proceed with the transaction for House 16 on Mount Nicholson, according to official documents, after agreeing to buy it for HK$721.88 million on December 31. “It is definitely not good news for the market,” said JLL executive director Joseph Tsang. “There are stories about buyers walking away from their purchases…

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New Zealand grants developer of Auckland tower exemption under anti-foreign buyer law

Foreigners are allowed to buy units in the new 57-storey Pacifica project under construction in Auckland despite the government’s law change restricting non-citizens and non-residents’ purchase of property in New Zealand. Gavin Lloyd, residential projects national director at sole marketing agents CBRE, said developers of The Pacifica had been granted an exemption by the Overseas Investment Office so they could sell to foreigners. This was the first time the government had granted an exemption under the new anti-foreign buyer law, he said. The government passed amendments to the Overseas Investment…

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Property 

What the UK foreign buyer tax means for Hong Kong investors

Britain’s status as a favoured investment destination for Hong Kong property buyers is expected to face headwinds from a proposed foreign buyers’ tax and ­uncertainties over Brexit. British Prime Minister Theresa May announced late September her cabinet was looking at imposing a 1 to 3 per cent tax on foreign homebuyers, saying the funds raised would be used to help the homeless. “[The proposed tax] may force buyers to think a little bit harder … 1 per cent is 1 per cent,” said Adam Challis, the head of residential ­research…

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