Hong Kong Picks HKMA Official to Lead $8B Fund and More Asia Real Estate Headlines

Clara Chan is tipped to become CEO of Hong Kong’s new $8B municipal fund

Hong Kong is setting up a new $8 billion municipal investment fund and has named an executive at the city’s de facto state bank as its first CEO, with that story leading Mingtiandi’s headline roundup today. Also in the news, China home prices finally tick up after four straight months of decline and an unfinished Shanghai project becomes the target of the city’s first-ever mortgage boycott.

Hong Kong to Name HKMA Official as CEO of New $8B Fund

Hong Kong is poised to name Clara Chan as the first chief executive of a new HK$62 billion ($8 billion) fund being established to invest in businesses across the Greater Bay Area.

Chan, currently an executive director at the Hong Kong Monetary Authority, is set to be named CEO of the Hong Kong Investment Corp, people familiar with the matter said, asking not to be named discussing an internal decision. The appointment could be made in the coming weeks, said two of the people. Read more>>

China New Home Prices Tick Up in Sept After Four-Month Decline

China’s new home prices rose slightly in September, breaking a four-month decline, data showed on Sunday, as developers sped up launches to take advantage of a recent slew of support measures.

Prices rose 0.05 percent on average from the previous month after falling since May, according to a survey by China Index Academy, a real estate research firm. Only 30 of the 100 cities surveyed reported a fall in new home prices. Read more>>

Stalled Residential Project Triggers Shanghai’s First Mortgage Boycott 

People who had agreed to buy homes at a residential complex under construction in downtown Shanghai have expressed dismay at the pace of the development, which resumed a month ago, raising the prospect of a boycott on mortgage payments that threatens to worsen sentiment in China’s embattled property sector.

Since 31 August, only a handful of workers have been conducting building work at The One-Rivera Shanghai, a project led by Shanghai Dongying Real Estate and located on Puyi Road in Pudong, according to two buyers who signed home purchase contracts and declined to be identified. Read more>>

Evergrande Boss Said Under Investigation for Offshore Asset Transfers

Authorities are investigating whether Hui Ka Yan, the billionaire founder of heavily indebted property developer China Evergrande Group, attempted to transfer assets offshore while the company was struggling to complete unfinished projects.

The company had disclosed an investigation into its founder last week, but offered little explanation. It didn’t respond to questions over the weekend. Ultimately, many say, Evergrande could require significant government intervention, after talks with creditors collapsed last month. Read more>>

Hong Kong Luxury Home Sells for 46% Off 2017 Price

A luxury home in Redhill Peninsula, the upscale district of Hong Kong where inspectors discovered dozens of suspected illegal structures in the wake of a recent landslide, has sold for just over half what the owner paid for it six years ago, according to property agents.

“The owner just sold 174 Cedar Redhill for HK$60 million ($14.24 million). They had an uncompleted renovation with basements that need repairs,” said an agent speaking on condition of anonymity. Read more>>

India’s Allcargo Group Buys Gurugram Industrial Plots for $27M

Allcargo Logistics Ltd’s two subsidiaries — Allcargo Inland Park and Jhajjhar Warehousing Private Ltd — have bought two land parcels in Gurugram for a total consideration of INR 2.31 billion ($27 million).

Allcargo Inland Park bought the land tract from Model Economic Township for INR 1.34 billion while Jajjhar Warehousing also bought land worth INR 970 million from the same company. The land tract is situated in Farrukhnagar in Gurugram. The two land parcels are 56.5 acres (22.9 hectares) and 41.1 acres respectively. Read more>>

Mitsubishi Starts Construction of Japan’s Tallest Building in Tokyo

Construction of a new skyscraper, set to be Japan’s tallest building with a height of about 390 metres (1,279.5 feet), has begun near Tokyo Station, developer Mitsubishi Estate said.

The Torch Tower, expected to be completed in March 2028, will surpass the 330 metre Azabudai Hills Mori JP Tower, currently the tallest building in the country, in Tokyo’s Minato Ward. Read more>>

Four Major Japanese Banks to Raise Mortgage Rates in October

Four major Japanese banks have announced that they will raise their 10-year fixed housing loan rates for the third consecutive month in October.

The hikes come as Japanese government bond yields rise after the Bank of Japan effectively raised its 10-year JGB yield cap to 1 percent from 0.5 percent in July. On Friday, the benchmark yield briefly hit a 10-year high of 0.77 percent. Read more>>

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