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Canadian asset manager Brookfield looks past short-term row as it picks up US$1.5 billion Shanghai project, China’s second largest commercial property deal

Brookfield Asset Management, which traces its roots to a tram operator in Brazil at the turn of the 20th century, has its sights on the very long-term, a strategy that helped it seal the second-biggest commercial property acquisition in China by a foreign firm.The Toronto-based asset manager agreed in April to pay 10.57 billion yuan US$1.54 billion for the Huangpu Centre on the South Bund of Shanghai, with the plan to rename it One East when constructions are completed this year.“We are… Source link

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Singapore 

Former property agent charged with renting out homes for illegal short-term stays back in court, Singapore News

SINGAPORE – Another former property agent has been charged with renting out residential properties for illegal short-term stays. Joel Su Jiqing, 38, is facing six counts of renting out properties for less than three months, the minimum length of stay. He was charged on May 19. Two of the apartments are in #1 Loft, an 80-unit condominium in Geylang, according to court documents. Another three are units in condominiums, while the last is a terrace house, all in the east. Su was in the State Courts on Tuesday (June 25)…

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Beijing eases short-term liquidity for smaller financial firms, orders fifth brokerage in a week to lift fundraising quota

Shenzhen-based brokerage GF Securities said on Monday it had been asked to lift the quota on short-term fundraising by Beijing, a move that may boost lending to smaller financial firms.“The company has received a notice from the People’s Bank of China [PBOC] to improve the upper limit to 17.6 billion yuan [US$2.6 billion] for outstanding commercial bill issuance,” it said in a filing to the Shenzhen Stock Exchange. Commercial bills are a key form of short-term fundraising in the interbank… Source link

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Taiwan wafer foundry TSMC expects short-term impact from US ban on China’s Huawei

Washington’s move to ban US companies from doing business with China’s Huawei Technologies will have a short-term impact on wafer foundry Taiwan Semiconductor Manufacturing Co (TSMC), its chairman said on Wednesday, although he was upbeat on the outlook for this year.TSMC previously said shipments to Huawei were not affected by US action aimed at curbing the telecoms equipment maker’s access to American technology, and that it would continue to be a supplier to Huawei.“It certainly will have… Source link

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Singapore 

Airbnb-style short-term home sharing still illegal: URA, Singapore News

SINGAPORE – The Urban Redevelopment Authority (URA) will not be going ahead with proposed changes to the rules for short-term stays in private homes after extensive consultations since 2015 with diverse groups of stakeholders. It announced on Wednesday morning (May 8) that the minimum stay duration of three months will continue to apply. This means short-term accommodation of less than three consecutive months remains illegal. The authority had considered a draft regulatory framework proposed last April to allow owners at strata-titled developments to accommodate short-term stays if they get 80…

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Property 

These co-living concepts can help companies slash short-term staff housing costs by 50 per cent

Financial institutions, consultancy firms, universities and start-ups are looking to co-living as a flexible, short-term accommodation solution that could cut costs by as much as 50 per cent, industry players said.“Approximately 25 companies have shown interest in our co-living solution in the last six months,” said Wang Tse, co-founder of Campfire, which offers 80 rooms in Sham Shui Po. “They are looking for short-term or flexible accommodation for interns and project staff from 18 to 28 years… Source link

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Vacancy tax is a short-term solution to Hong Kong’s long-term housing shortage crisis

The Hong Kong government plans to introduce a vacancy tax on empty new flats to pry open supply bottlenecks by imposing fines on developers for hoarding new homes. Under the proposed legislation, a tax equivalent to twice the estimated annual rental value will be levied on flats that remain unsold after 12 months of receiving an occupation permit. According to the Rating and Valuation Department, the preliminary findings in the Hong Kong Property Review 2019 indicate that the vacancy rate of… Source link

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Can China boost short-term growth while maintaining long-term prospects? Li Keqiang may have the blueprint

Premier Li Keqiang’s government work report, unveiled on the opening day of the National People’s Congress, argued that Beijing would do well to safeguard near-term growth without undermining the long-term sustainability of the economy.The question is: can Beijing achieve this daunting task against a challenging local and global backdrop, and with a smaller policy toolkit to deploy compared with five or 10 years ago?Let’s take a look at what has been proposed for the task. First, the government… Source link

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Vietnam 

Banks raise deposit rates but only short-term – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A member of staff at a bank staff changing numbers showing interest rates. Many commercial bank raised deposit interest rates in recent months. – Photo vietnamfinance.vn Viet Nam News National Citizen Bank, Viet Capital Bank, Bắc Á Bank, VPBank, PVComBank, VietA Bank, Sài Gòn Commercial Bank and Orient Commercial Bank were among those offering 7 per cent interest rate for deposits of six-month term. At VPBank, depositors would be provided rates of up to 7.7 per cent per year for deposits from six to 12 month terms. For…

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China 

China’s central bank keeps short-term borrowing rates steady despite US Fed rise

China’s central bank left its short-term borrowing rates unchanged on Thursday, choosing not to follow its US counterpart, which raised its benchmark rate just hours earlier. The decision follows the The People’s Bank of China’s (PBOC) announcement on Wednesday of a new lending tool, the Targeted Medium-Term Lending Facility, aimed at spurring lending to smaller firms. The PBOC kept the interest rate on seven-day reverse bond repurchase agreements at 2.55 per cent, and kept the 14-day reverse repurchase rate at 2.7 per cent, it said in a statement on Thursday.…

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