Property 

Two Hong Kong banks cut their valuation of used homes as city’s civic unrest threatens to knock property bull run off its footing

Two of Hong Kong’s biggest commercial banks cut their valuation of pre-owned homes in several housing estates in anticipation of declining prices, after the city was rocked for the past month by record number of street protests.HSBC and Bank of China (Hong Kong), two of the city’s three currency printing banks, cut their valuations for used homes in the New Territories and Kowloon by up to 3.6 per cent, according to data on their websites.“Valuations have dropped as a result of the political … Source link

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China’s venture capital market plummets amid trade war, tech start-up valuation concerns

China went through a five-year surge in venture capital investment that fostered a new generation of start-ups, from ride-hailing giant Didi Chuxing to TikTok-parent ByteDance. Now the boom may be over.Venture capital deals in China plummeted in the second quarter, as investors pulled back amid unpredictable trade talks and growing concerns about start-up valuations. The value of investments in the country tumbled 77 per cent to US$9.4 billion in the second quarter from a year earlier, while… Source link

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Ride-hailing giant Lyft seeks valuation of nearly US$20 billion in year’s biggest IPO

Lyft is seeking to raise as much as US$2.1 billion in its initial public offering, valuing the firm at almost $20 billion.The No 2 US ride-hailing giant is offering 30.8 million shares at US$62 to US$68 each, it said in a regulatory filing on Monday. At the top of that range and including a potential overallotment of shares to investors, the market valuation would reach US$19.6 billion, based on the total numbers of shares outstanding after the IPO as detailed in the filing.At the targeted… Source link

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China 

China scraps valuation limit to kick-start Xi Jinping’s technology board for home-grown companies to raise capital

Shanghai’s stock exchange, tasked by Chinese president Xi Jinping last November to create a technology board for the country’s most valuable start-ups to raise capital, has fine tuned its listing rules and upped the ante with Hong Kong in the race for the title of Asia’s fundraising hub.Initial public offerings ((IPOs) on the tech board will be priced through “interactions with eligible offline investors,” the exchange said late on Friday. That essentially removes the implicit valuation limit –… Source link

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Hong Kong home prices fell by 2.4 per cent in December, says Rating and Valuation Department

The prices of homes in Hong Kong fell by 2.4 per cent in December, the city’s Rating and Valuation Department said on Thursday, slower than a drop of 3.2 per cent in November. The decline from a peak in July amounts to 9.2 per cent. Shih Wing-ching, chairman of Hong Kong-based Centaline Property Agency, said home prices will first rise by 5 per cent to 6 per cent, and then drop by about 10 per cent. “The price at year-end will be lower than that in the beginning of the…

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Fewer developers submit bids for Kai Tak runway plot even as valuation is slashed to January 2017 levels

The third residential parcel on Kai Tak’s runway missed market expectations as fewer than expected developers submitted tenders, while one surveyor slashed its valuation of the plot to January 2017 levels because of downbeat sentiment, lack of full sea view and retail component. The 97,393 square feet plot on the site of Hong Kong airport’s former runway fetched six bids at the close of tender on Friday noon, missing expectations from surveyors who had expected at least eight bids. Intrepid 98-year-old woman buys US$1.9 million flat as Sino Land’s discounted…

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It’s ‘Luckin’ good as Chinese Starbucks challenger sees valuation double with another US$200 million

Chinese coffee chain operator Luckin Coffee has raised US$200 million in its latest funding round, doubling the valuation of the Starbucks challenger in just five months. The B round of fundraising was led by its existing investors including Singapore sovereign wealth fund GIC, China International Capital Corporation, Joy Capital and Centrium Capital, the company said in a statement on Wednesday. The latest investment follows a July A round when Luckin raised US$200 million at a valuation of US$1 billion, bringing the Xiamen-based start-up unicorn status in the six months since…

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Surveyors cut Ho Man Tin land valuation by 10 per cent in another sign of Hong Kong’s softening home prices

Surveyors have cut their valuations of a residential land parcel for sale in one of Hong Kong’s upmarket suburbs, another sign of softening property prices in the world’s most expensive home market. The site next to the Ho Man Tin subway station – with a gross floor area of 639,382 square feet (59,400 square metres), or the size of nine football fields – is estimated at HK$12.8 billion (US$1.63 billion), 10 per cent less than an earlier valuation, after the government scrapped a tender at the city’s exclusive The Peak…

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