Homebuying still looks scary to most Chinese (Getty Images)
Buying a home in China was once a step on the road to wealth, but it may now look like the first chapter in a horror story, according to a Morgan Stanley survey that leads today’s headline roundup. Also in the news, Cushman & Wakefield goes negative on Hong Kong home prices and the IMF says China needs to take action on its property market.
Morgan Stanley Says Most Chinese Afraid of Buying a Home
Chinese households remain cautious over the housing outlook despite Beijing’s slew of property easing measures, according to Morgan Stanley.
More than 80 per cent of surveyed households remain unwilling to enter the market or unsure about doing so when asked about their property purchase plans, Morgan Stanley said in an Oct 10 research note, citing a recent poll of around 2,000 consumers. Read more>>
Cushman Turns Negative on Hong Kong Home Prices
Cushman & Wakefield cut its full-year estimate for Hong Kong’s property prices, expecting them to drop by up to 5 percent this year as prices of residential properties accelerated their decline in the third quarter.
The real estate services firm had earlier expected local home prices to rise by 3 to 7 percent for the whole year. Read more>>
China Needs ‘Forceful’ Action on Its Real Estate Woes
China’s real estate woes require a “forceful” response by officials there to restore confidence, the International Monetary Fund said.
Speaking at a press conference after unveiling lower economic growth forecasts for the country as part of the Washington-based lender’s World Economic Outlook, chief economist Pierre-Olivier Gourinchas highlighted the need for robust policy. Read more>>
Singapore Is Fighting Rising Seas to Save $50B in Real Estate
During a half-century of independence, Singapore has fought to expand its territory, inch by hard-won inch. On the tip of the Malaysian peninsula, the island city-state piled up sand to expand its coastline and reclaim land from the sea.
In that time, Singapore has grown by one-quarter, adding landmass more than twice the size of Manhattan. At 284 square miles (736 square kilometres), Singapore is now approaching the size of all five boroughs of New York City. It plans to grow an additional 4 percent by 2030. It’s a striking accomplishment, given that many other coasts are receding because of rising sea levels, a result of climate change. Read more>>
Oyo Talks to Apollo for $660M Refinance on IPO Delay
Oyo Hotels is in talks with Apollo Global Management to refinance a $660 million loan as the once-high-flying startup seeks more time to cut debt after a delay in its initial public offering, according to people with knowledge of the matter.
Oravel Stays Pvt, as Oyo’s parent company is known, is seeking to extend maturity to five years compared with the existing 2026 deadline, one of the people said, asking not to be named discussing private negotiations. A decision could be reached as early as next month, another person said. Read more>>
Manulife US REIT Plans to Stay Alive Until 2025
Based on what took place at a presentation by Manulife US REIT’s manager and an audience at CGS-CIMB on 10 October, it appears increasingly that the manager and sponsor of MUST are speaking with one voice.
“Stay alive till 25” is what Tripp Gantt, CEO of MUST’s manager, is reported to have said during the presentation. On the other hand, he didn’t appear to provide a timetable for an EGM, which is required for a sale of Phipps Tower in Atlanta to the sponsor, or details on any other plans. Read more>>
Calpers CEO Expecting to Name New CIO in Early January
The largest public pension fund in the US is looking to hire a new chief investment officer by early next year after the surprise resignation of its previous leader less than 18 months on the job.
The California Public Employees’ Retirement System is aiming to fill the CIO role by sometime in January, and several potential candidates have already expressed interest, chief executive Marcie Frost said in an interview at Bloomberg’s San Francisco office. The $451 billion fund is retaining a headhunter firm, and Frost said she is searching for an executive with private asset experience as Calpers plans an aggressive expansion into private credit. Read more>>
Yanlord Reports $3.5B in Property Presales for First 9 Months of 2023
Chinese developer Yanlord Land Group recorded RMB 26.1 billion ($3.5 billion) in total contracted presales from residential units, commercial units and car parks for the first nine months of the year.
The presales were for a contracted gross floor area of about 1.02 million square metres (10.9 million square feet) and were 51.7 percent lower than presales for the year-ago period, the group said in a bourse filing on Tuesday. Read more>>
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