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Beijing sees rapid growth in commercial property deals, fuelled by big spenders

Beijing became a star performer in the commercial property investment market in the last quarter with a 50 per cent jump in completed big-ticket transactions.Six en-bloc transactions – sales of multiple units to one buyer – with a total value of US$5.1 billion were completed by institutional investors in the Chinese capital in the first three months of 2019, according to global real estate services firm Colliers.The 50 per cent rise from the previous quarter dwarfs the 8 per cent increase in… Source link

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International investors extend their inroads into China’s commercial real estate sector

International investors have extended their inroads into China’s commercial property sector this year, as the largest cities become hunting grounds for office towers, shopping malls and mixed-use projects.Global investors have splashed out 29.2 billion yuan (US$4.35 billion) in the first three months on properties in Shanghai, a huge jump from 9.1 billion yuan a year ago, according to real estate service firm Cushman & Wakefield. In Beijing, offshore investors accounted for 56 per cent of the… Source link

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Shanghai Commercial Bank’s 2018 profit up 17 per cent on higher interest income, forfeited Hong Kong Life deposit

Shanghai Commercial Bank said on Tuesday that its profit rose 17 per cent in 2018, driven by higher interest income, particularly in the US, and an “extraordinary contribution” resulting from the failed sale of Hong Kong Life Insurance.The bank, which went private in 2017, reported a profit of HK$2.85 billion (US$363 million) for the year ended December 31, up from HK$2.43 billion a year earlier.“In the year ahead, the bank will take a more cautious approach to preserve good credit quality and… Source link

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Impact of low interest rates on Asia-Pacific commercial property prices likely to be limited, says UBS

The pause in US Federal Reserve interest rate increases is unlikely to boost commercial property prices in Asia-Pacific, according to a new report from UBS.Citing historically low rental yields, driven in part by high pricing, the report noted that in Asia-Pacific cities outside Australia, the “marginal benefit from an extended period of low interest rates is very limited”.“Yields across most APAC markets are at their lowest in the last 10 years. Obviously, that does not mean prime yields… Source link

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Rent at office tower redeveloped on The Excelsior’s site may be the highest in Causeway Bay amid shortage of commercial space

The office tower to rise from where The Excelsior hotel stands on the foreshore of Hong Kong’s Causeway Bay may command the highest rent in the district by the time its redevelopment is completed in 2025, barring a catastrophic economic meltdown in Hong Kong.The site, known as Lot One, was the very first piece of land sold in Hong Kong when the city became a British colony in 1841. Jardine Matheson, one of Asia’s largest and oldest conglomerates, has owned it ever since, putting up the 869-room… Source link

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The Excelsior goes out with a bang as iconic waterfront hotel bows to commercial pressure and makes way for an office tower

The front desk of The Excelsior in Causeway Bay as of February 20, 2019. The front desk will be turned into a bar after the final guest checks out on March 31. The concierge’s desk will turn into a DJ station, as the hotel’s staff bid their farewell to the 46-year-old hotel, which will be developed over six years into an office tower. Photo: SCMP / K. Y. Cheng Source link

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US investors remain top buyers of Asia-Pacific commercial property

Investors from the United States continued to be the biggest spenders on commercial property in Asia-Pacific in the first quarter of 2019, according to New York-based data provider Real Capital Analytics, having surpassed their Asian counterparts in 2018. According to the company, as of Monday, US investment in the region’s property markets this year amounted to US$3.2 billion. Hong Kong was second with US$3.1 billion, followed by Singapore at US$636 million, Australia at US$528 million and… Source link

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White City: London's new commercial and residential hotspot

[Sponsored article]With the bulk of London’s urban regeneration projects taking place in the central districts and the east, West London is making up for lost time. White City in W12 is the most dynamic of these revitalized areas, a former industrial and broadcasting site that’s quickly become established as a compelling alternative for overseas property investment.The £8 billion (HKD 82.6bn) White City Opportunity Area is a collaboration between the local Hammersmith and Fulham Council and… Source link

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Joint ventures the only way out for developers eyeing huge commercial site atop high-speed rail terminus worth US$14 billion

Even the wealthiest of Hong Kong developers do not have enough cash to bid individually for a prime commercial site atop the high speed rail terminus in Kowloon that is likely to fetch about HK$110 billion (US$14 billion), which will compel them to form consortiums to spread the risk of developing such a huge project, say market watchers.The government is determined to sell the 632,917 square foot plot, expected to yield a total gross floor area of 3.16 million sq ft, as a whole. It is also… Source link

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China’s commercial property market is thriving even as residential property lags and the overall economy slows

For some time now, the residential property market has topped the list of vulnerabilities in China’s economy. In the latest sign that the slowdown in the housing market is gathering momentum, data published by the National Bureau of Statistics last Friday showed that new home prices in 70 major cities tracked by the government decelerated in January for the third straight month, expanding at their weakest pace since last April. Softening price growth is just one of several cracks that have… Source link

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