Property 

Office glut creeps up in Shenzhen, Beijing and Shanghai as trade war saps growth plans while start-ups move to hipper co-working space

A building frenzy in southern China’s version of Silicon Valley has driven the vacancy in Grade A offices to a record high, putting the squeeze on part-time developers whose blind inexperience have led them into the industry.A record 1.79 million square metres (19.27 million square feet) of vacancy, equivalent to 10 of Hong Kong’s IFC towers, stood in Shenzhen at the end of June, requiring about two years to fill up, according to the real estate consultancy CBRE. Half of that empty space lies… Source link

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Vietnam 

Solar power glut overloads power transmission lines in Ninh Thuận, Bình Thuận – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The Vietnam Electricity has worked with National Power Transmission Corporation and Southern Power Corporation to speed up the progress of power grid projects in Ninh Thuận and Bình Thuận province in order to handle the power transmission overload  in the area. – VNA/VNS Photo Nguyễn Thanh  NINH THUẬN – Electricity transmission lines, especially in Ninh Thuận and Bình Thuận provinces, are being overloaded after a number of renewable power projects began production simultaneously without the requisite strengthening of transmission capacity. According to Vietnam Electricity (EVN), at the end of…

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China’s stock benchmark extends biggest drop in nine weeks as interest rate outlook and IPO glut weigh on sentiment

China’s stocks extended their steepest decline in nine weeks on Tuesday, as concerns about global monetary policies and increased stock supply continued to weigh on sentiment.The Shanghai Composite Index fell 0.2 per cent to 2,928.19. The benchmark had tumbled 2.6 per cent in the previous session on fears the Federal Reserve would not cut interest rates soon amid improved US jobs data and a slew of IPOs would drain liquidity.Hong Kong’s Hang Seng Index slid for a fifth session. It fell 0.8 per… Source link

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Shanghai posts sixth straight day of losses while Hong Kong gains as fears of oil glut are added to jitters around ongoing trade war

The Shanghai Composite Index posted its sixth straight trading day of losses, while Hong Kong bounced into slight gains near the close, as a global oil glut added to existing worries over the ongoing US-China trade war.The Shanghai Composite began down Thursday and stayed down, ending with a loss of 1.17 per cent to 2,827.80, helping to pull the first week of June trading into a 2.45 per cent decline. That was its lowest level since February 22. It posted a weekly gain last week.Meanwhile the… Source link

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Fitch flags looming casino ‘glut’ in Asia-Pacific, amid arms race catering for wealthy Chinese gamblers

Casino operators in Asia-Pacific banking on Chinese gamblers may find themselves in trouble in the years to come, amid potential oversaturation of the premium market, according to a recent report by Fitch Ratings.The ratings agency cited the huge investments in gaming operations in Asia-Pacific that cater to wealthy Chinese consumers combined with the economic slowdown on the mainland, which they say has hurt Chinese demand for gaming activities.“Billions of dollars were invested in the last… Source link

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Hong Kong’s glut of unsold flats could put more pressure on prices

Hong Kong home builders could face greater pressure to slash ­prices as the number of completed but unsold new flats they held increased at the end of last year. Analysts said some home builders would offload stock by cutting prices by 5 per cent to 10 per cent from the current levels on completed unsold units, stepping up efforts to lower inventory as the government’s proposed vacancy tax looms. The city’s developers held 3,295 unsold homes which were completed in 2017 and 2018 as of December, about 10 per cent…

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Alibaba-backed Babytree cuts Hong Kong IPO size by 70 per cent amid glut of new offerings and depressed stock market

Babytree Group, China’s biggest parenting platform operator, slashed the size of its Hong Kong initial public offering by more than 70 per cent as investors’ demand for new shares fades amid a surge in listings in the city and a major sell-off in the equities market. The company, in which Alibaba Group Holding owns a 9.9 per cent stake and Fosun International a 25 per cent stake, plans to raise as much as HK$2.2 billion (US$282 million) from the first-time sale of up to 250.3 million shares, according to its…

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