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Hong Kong property developer Chinese Estates Holdings says full-year profit to tumble by as much as 78 per cent

Hong Kong property developer Chinese Estates Holdings said on Wednesday it expected a drop as much as 78 per cent in its full-year net profit for 2018, which it said was down to poor sales performance and losses on investments.The net profit attributable to its shareholders will drop by between 68 per cent and 78 per cent from the HK$3.7 billion (US$471.41 million) in gains reported in 2017, according to a company filing with the Hong Kong stock exchange ahead of its annual results release… Source link

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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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Developer Jiayuan surges by 21.9 per cent in Hong Kong after chairman clarifies how much stock is held as collateral

Mainland China-based small apartment developer Jiayuan International Group surged by 21.9 per cent in a few minutes after it resumed trading on Wednesday afternoon in Hong Kong, following a stock filing that clarified how much of its stock had been pledged as collateral for loans by its chairman. The stock was trading at HK$4.1 – up by 10.5 per cent – at 2.08pm. In the filing, Jiayuan said Chairman Shum Tin Ching had reported that he and an entity registered in the British Virgin Islands he controls together hold 52.86…

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‘Recovering confidence’: China property developer buys two sites in Beijing, Shanghai for US$1.8 billion

Sunac China Holdings, one of the country’s biggest property developers, has bought two sites in Beijing and Shanghai worth 12.5 billion yuan (US$1.83 billion), it said on Monday. Sunac Real Estate, a subsidiary, has acquired a 100 per cent stake in Oceanwide Construction Holdings, a property unit of Shenzhen-listed developer Oceanside Holdings that owns the land. The site in Beijing, with a gross floor area of 668,500 square metres, is located in Chaoyang district, home to most foreign embassies and a number of blue-chip foreign companies such as IBM and…

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Investment 

Chinese developer behind Tuen Mun nano flats comes under severe selling pressure as shares plunge 80pc in Hong Kong

Chinese property developers in Hong Kong came under severe selling pressure, with the shares of two builders sinking by as much as 80 per cent in late trading on Thursday afternoon. Analysts said the stocks may have taken a hit because of banks selling shares used as collateral to borrow money and tightening liquidity conditions on the mainland. Jiayuan International Group, which is behind the T Plus micro flat project in Tuen Mun, plunged 80.9 per cent to HK$2.49 at the close. The mainland-based developer has been under pressure as…

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Property 

Chinese developer Greenland Hong Kong expands into China’s US$1.9 trillion aged care sector as property market slumps

Mainland property developer Greenland Hong Kong has set its eyes in major Chinese cities to expand its elderly care services as a way to accelerate the company’s diversification into non-property businesses amid China’s real estate market slump. Hou Guangjun, chief operating officer of the company, told the South China Morning Post that first-tier cities including Beijing, Shanghai, Guangzhou and Shenzhen were targeted as the Hong Kong-listed developer looked to tap the growing demand among the mainland rich for better health care and senior care offerings. “As we move into health…

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Hong Kong’s first new residential property launch gets off to a good start after developer slashed prices by up to a third

Hong Kong’s first sale by a new residential property project in 2019 got off to a good start, as China Overseas Land and Investment sold most its latest apartment complex in Tai Po with steep discounts. The Regent, a project featuring 1,620 flats ranging from 377 square feet to 761 sq ft, released the first batch of 486 units for sale. As many as 7,500 buyers registered to bid for the flats, or an average of 15 buyers for every available flat. Nearly 86 per cent of the available units…

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Sino Land’s first sale of year gets off to slow start as Hong Kong developer feels backlash after slashing agents’ fees

Hong Kong developer Sino Land’s first property sale of 2019 got off to a lacklustre start, after a dispute with sales agents over commission sapped their motivation amid a market downturn. The developer had sold just 39 of 118 of its Grand Central flats on offer, priced between HK$9 million (US$1.1 million) and HK$25 million, as of 4.50pm on Saturday, according to an official statement. “With the commission rate even lower than that of second-hand flat transactions, sales agents were not the most willing to do their best to promote…

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Record high sales at Chinese developer Vanke, which unveiled ‘to survive’ slogan, in 2018

China Vanke, mainland China’s second-largest property developer by sales, said on Friday it generated 606.95 billion yuan (US$88.28 billion) in sales last year, a record high for the company. Vanke said contracted sales in December were up by 8 per cent compared with the previous month, generating 63.01 billion yuan, according to a filing with the Hong Kong stock exchange. This pushed total contract sales at Vanke up by 14.54 per cent for 2018. Its total contract sales for 2017 stand at 529.88 billion yuan. Chinese developer Kaisa’s Xian fallout…

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Chinese developer Kaisa’s Xian fallout highlights shanty town redevelopment risks

Shares of mainland Chinese developer Kaisa Group Holdings tumbled another 4.3 per cent on Thursday after a 7.2 per cent drop a day earlier as it faces losing its investment in an urban redevelopment project in northern Xian city, highlighting the inherent risks in such deals. The Shenzhen-based developer has invested more than 1 billion yuan (US$150 million) in the project to transform a shanty town into a residential estate before a local developer Xian Xingzhengyuan, which Kaisa is fighting with in court for the development rights, last weekend allegedly…

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