Pressure from Beijing, looming vacancy tax will force Hong Kong’s developers into faster and cheaper project launches, say analysts

Hong Kong’s developers are coming under mounting pressure to slash their prices and offload new projects as quickly as possible, according to analysts.The pressure is coming from two sources: a looming tax on unsold flats, and a series of Chinese state-media commentaries last week urging the Hong Kong government to boost housing by seizing land being hoarded by developers with “vested interests”.Downbeat sentiment stemming from the social unrest gripping the city and the US-China trade war has… Source link

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Combination of Lands Resumption Ordinance, protests will adversely affect Hong Kong developers, analyst says

Hong Kong, the world’s least affordable housing market, must find ways to provide cheaper housing amid anti-government protests that have now lasted over three months.Use of the Lands Resumption Ordinance, which allows the city’s government to take back private land for an established public purpose, has been touted in some quarters. As it happens, some of Hong Kong’s biggest private developers hold about 100 million sq ft in farmland, one of the easiest sources of new land in the city.In a… Source link

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China’s US$64 billion property management market ripe for consolidation as developers seek growth amid slowdown

China’s 450 billion yuan (US$63.6 billion) property management market is likely to see some consolidation, as the mainland’s real estate companies look for alternative sources of growth amid declining profit in the wake of the government’s cooling measures, according to DBS Bank.Danielle Wang, head of China property team at DBS Bank (Hong Kong), said there was ample scope for mergers and acquisitions in a fragmented market that has more than 100,000 companies, adding that the top 100 companies… Source link

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Hong Kong developers looking to build on farmland, sites of old buildings as government reduces land available for private flats

Hong Kong’s major developers are rushing to build more flats on farmland they already own and at urban sites where old buildings can be bought and torn down.The push comes as the city government is slowing down the amount of land it is making available for developers to buy for private residential projects.In June 2018, chief executive Carrie Lam Cheng Yuet-ngor announced that nine government sites – three in Kai Tak and six in Anderson Road Quarry – originally earmarked for private housing had… Source link

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Developers hope to leverage Shenzhen’s model city status, price residential project as most expensive in its area

A 665-unit project in Shenzhen could be home to flats worth 20 million yuan, if its developers win approval for an average price of 100,000 yuan (US$13,928) per square metre, industry insiders said.Longhua Jinmao Palace, which was completed eight months ago and has been left unsold since then, could – at a 50 per cent premium over its neighbourhood – become the Shenzhen Longhua district’s most expensive residential development.Last week, China Jinmao Holdings Group and state-owned Power… Source link

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Indonesian developers want government to curb land speculation around country’s new capital

Indonesia’s plan to build a US$33 billion new capital from scratch on the island of Borneo has sent real-estate developers scrambling for land in the vicinity of the proposed city. And the industry’s representative body says that is already pushing up prices.The Association of Indonesian Real Estate Companies, which has more than 5,000 member companies, wants President Joko Widodo to take steps to rein in those seeking to profit from the soaring demand in East Kalimantan. Chairman Soelaeman… Source link

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Weakening yuan piles pressure on highly indebted Chinese property developers

Chinese builders – already struggling with a stagnant housing market and several rounds of tightening credit control measures – now have to deal with a falling yuan amid increasing offshore debt.The yuan weakened by 3.84 per cent in August, the biggest monthly loss since January 1994. It also broke through the key level of 7 yuan per US dollar, after US President Donald Trump announced that he would slap import tariffs of 15 per cent on an additional tranche of goods that will ultimately cover… Source link

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Developers’ cosy ties with politics may explain Hong Kong’s biggest woe: widening income gap in the least affordable city on earth

On a sunny morning in early September 2010, Hong Kong’s wealthiest man Li Ka-shing was invited to speak in Shenzhen and was granted an exclusive audience with then Chinese President Hu Jintao.What was unusual about the episode, held during a commemoration of Shenzhen’s 30th anniversary as the special economic zone to spearhead China’s economic reforms, was that Li was the sole Hongkonger to be received by China’s head of state. He was also the only Hong Kong businessman to speak at Shenzhen’s… Source link

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Occupy versus today’s protests: these are far worse in terms of clobbering the city’s retailers, stock investors, developers

After 79 days, the ongoing protests had clobbered Hong Kong’s economy – from its all-important property market and stock exchange to its shop owners and its banks – in a way Occupy Central did not five years ago.On Monday, the current protests reached the 79-day mark, the point at which the earlier pro-democracy effort ended.There is no end in sight. But the deeper damage to business – potentially long-lasting in the international investment community – could not be any clearer.Goldin Financial… Source link

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Vietnam 

Viet Nam’s best developers honoured in awards programme – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Representatives for Khang Dien House Trading and Investment JCS accepting the Best Housing Landscape Architectural Design award. — VNS Photo Văn Châu HCM CITY — The 5th Property Guru Việt Nam Property Awards honoured 52 of Việt Nam’s most prestigious and respected property developers yesterday at the InterContinental Saigon Hotel in HCM City. Presented by Kohler and organised by Oriental Media in Việt Nam, the awards included categories for HCM City and Hà Nội, recognising affordable, mid-end, high-end and luxury condo, office, hotel and retail properties, as well…

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