China Home Sales Volume Drops to 35-Month Low

59
Stephen-Ng-Tin-hoi

Wharf’s Stephen Ng is moving ahead with the spinoff of some HK assets

China’s home sales are falling to a new low, just as mainland developers face a wall of maturing debt. So it’s time for another policy change. Also in the news, Wharf is spinning off some of its core Hong Kong assets, and there’s much more, if you just keep reading.

China Home Sales Volume Drops to 35-Month Low

China’s new home sales fell by the most in almost three years last month, adding to signs of cooling as local governments keep rolling out curbs to limit price increases.

Sales by value dropped 3.4 percent from a year earlier to 909 billion yuan ($137 billion), according to Bloomberg calculations based on data released Tuesday by the National Bureau of Statistics. That was the biggest year-on-year decline since November 2014. Read more>>

China Eases Developer Access to International Bond Markets

Chinese developers facing a looming wall of debt repayments have been thrown a lifeline by regulators easing access to offshore financing. That won’t solve all their problems.

The nation reported the deepest slowdown in new home sales in almost three years on Tuesday, as local authorities have rolled out curbs to cool runaway prices and President Xi Jinping urges citizens to end their speculation on housing. Read more>>

Hong Kong’s Wharf Moves Forward With Spinoff of HK Assets

Hong Kong property-to-media conglomerate Wharf said on Tuesday its board had approved a spin-off proposal for its property investment unit.

The plan would increase the operational and financial transparency of each listed entity, and would enable the new entity to have independent access to equity and debt capital markets, the company said in a filing. Read more>>

Hilton Unhappy as Anbang Converts 1000 Waldorf Astoria Rooms to Condos

A massive renovation is in the works for the renown Waldorf Astoria. The historic hotel will have fewer rooms for guests, but more condos for New York City’s upper class.

The Waldorf’s owner, the Chinese insurance giant Anbang, has tapped Aecom Tishman (NYSE: ACM) to begin a massive renovation of the historic hotel, according to the New York Post. Construction will begin in the coming weeks. Read more>>

Mainland Visitor Rebound Helps Out HK Shopping Malls

Rents at some Hong Kong shopping centres have climbed to as high as HK$1,000 (US$128) per square foot as improving sales at the city’s malls increase their attraction as a location for retailers.

In a stark contrast to the rising number of empty street-level shops in the city’s main tourist areas, shopping centres are seeing increased numbers of retailers seeking space, drawn by rising numbers of shoppers. Read more>>

Fortis Healthcare Seeks S$965M Buyout of India Assets

Rents at some Hong Kong shopping centres have climbed to as high as HK$1,000 (US$128) per square foot as improving sales at the city’s malls increase their attraction as a location for retailers.

In a stark contrast to the rising number of empty street-level shops in the city’s main tourist areas, shopping centres are seeing increased numbers of retailers seeking space, drawn by rising numbers of shoppers. Read more>>

Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.

Source