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Hong Kong developer Henderson Land sells a third of 101 units at Yuen Long project

Hong Kong developer Henderson Land sold about a third of the 101 apartments on offer at its Reach Summit project in Yuen Long on Tuesday, in further evidence a recovery in the city’s property market was taking hold after a five-month correction in prices.The apartments, ranging from 255 to 381 sq ft in area, were offered at an average discounted price of HK$16,088 per square foot, an increase of 1.3 per cent over the average price of HK$15,881 offered when the project was launched late last… Source link

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Hong Kong developer Henderson sells 76 out of 100 units at Cheung Sha Wan project without offering discounts

Hong Kong developer Henderson Land sold 76 out of the 100 units on offer at The Addition, a new residential project in Cheung Sha Wan, on Tuesday, without offering a discount on the selling price.The apartments, ranging from 220-277 sq ft in size, sold at an average selling price of HK$21,055 (US$2,683) per square foot. Most units were going for between HK$5 million and HK$6 million. Most apartments sold on Tuesday, the first day of sales, were one and two-bedroom units.Interest in the property… Source link

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Hong Kong developer Chinachem sues co-working operator Kr Space for failing to execute One Hennessy lease

Chinachem Group, the chemical producer-turned-property developer, has slapped a law suit on one of China’s biggest co-working space operators for reneging on a contract, according to a writ filed with the Hong Kong High Court.The Hong Kong developer has sued Kr Space, a spin-off of technology platform 36kr.com, claiming HK$500.9 million (US$63.8 million) in damages for breaching a contract to take up seven floors at Chinachem’s One Hennessy building in Wan Chai, according to the writ.Chinachem… Source link

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Sunac, China’s fourth-largest property developer, recorded highest selling price among ‘Big Five’ companies last year

Sunac China, the country’s fourth-largest property developer by sales, recorded the highest average selling price – 15,200 yuan (US$2,264.9) per square metre – among China’s “Big Five” developers last year.According to data by JPMorgan, Sunac, which focuses mainly on large cities, beat China Vanke, the country’s second-largest developer by sales, by a whisker. The average selling price at Vanke was 15,032 yuan per square metre. Country Garden, China’s biggest developer by sales, reported an… Source link

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Property 

‘Banks are confident in our future’, says chairman of SHKP after the developer secures US$2.6 billion syndicated loan

Sun Hung Kai Properties, Hong Kong’s biggest developer by market value, said it had signed a five-year HK$20 billion (US$2.55 billion) syndicated loan for general working capital for business development.The credit arrangement is in line with the group’s policy of extending the maturity profile of their loan portfolio and arranging substantial committed facilities for future development.“This facility has gained strong support from the banking community, a reflection of their confidence in SHKP… Source link

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‘Micro home’ developer says it will relaunch stalled Tuen Mun project next month

Mainland developer Jiayuan International says it will relaunch its “micro home” residential building in Tuen Mun around the middle of April, offering few details apart from a pledge to give homebuyers a “surprise” in the project, which remains 99 per cent unsold.Analysts said prices at the 356-flat T Plus, which is slated for completion in September, might be slashed by up to 15 per cent.Of 27 flats on offer only two were sold during a marketing launch on December 8, as the project competes… Source link

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Hong Kong developer Chinachem’s Sol City project met with weak demand despite discounted prices

Home sales at Hong Kong property developer Chinachem Group’s Sol City development in Yuen Long got off to a slow start on Tuesday, and only a fifth of the 148 units on offer were sold. The lacklustre sales, which started at 6pm, added to evidence that a correction in Hong Kong’s property market is far from over.Twenty-nine apartments were sold, with most buyers seeking one-bedroom units, said Sammy Po Siu-ming, the chief executive of Midland Realty’s residential division, the project’s sales… Source link

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Tahoe, Chinese developer at biggest risk of default, tries to offload a dozen projects to ease liquidity stress

Mainland Chinese developer Tahoe Group is seeking to offload a dozen projects that it bought for at least 40 billion yuan (US$5.97 billion) in the past two years, according to sources familiar with the matter.It is the latest builder to resort to asset sales to raise cash in the face of mounting debts.China’s 20th largest developer according to consultancy CRIC, Tahoe is a poster child of the sector’s debt-fueled growth, its expansion and ambition having outstripped most of its peers.Tahoe… Source link

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Hong Kong-listed developer Shui On reports drop in earnings for 2018 and slashes sales target for this year

Hong Kong-listed property developer Shui On Land reported on Wednesday that its core earnings had dropped by 3 per cent to 3.06 billion yuan (US$457.09 million) for the year ending December 31, 2018.The company, which has the second-largest commercial property portfolio in Shanghai, said its revenue had jumped by 35 per cent to 24.84 billion yuan for the year, and that it would pay a final dividend of 8.4 Hong Kong cents, an increase of 20 per cent year on year.Vincent Lo Hong-sui, Shui On’s… Source link

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Meet the Chinese property developer that reckons it can take on Tesla

A Chinese property developer known for its investments in everything from soccer clubs to spring water companies is taking on Elon Musk in the electric vehicle (EV) arena, declaring it can be the biggest manufacturer in the world within three to five years.China Evergrande Group, the country’s second largest property developer, has been moving further away from its real estate roots for years, but this may be its boldest departure yet. The firm said in a statement on its website on Tuesday that… Source link

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