CDL China acquires first site
CDL China, a property arm of City Developments Limited (CDL) in China, has acquired a development site in Chongqing, China through a government land auction for around 232 million yuan (S$45.7 million).The site, which is located next to the historic Eling Park, comprises two adjacent plots with a...
Continue Reading • 20 Dec 2010
S-REITs acquire $7bn worth of properties
Singapore real estate investment trusts (REITs) have acquired $7 billion worth of properties in the country and overseas to date this year.Analysts said the shopping spree will likely continue next year but warned that not all acquisitions may be yield-accretive and overseas transactions could...
Continue Reading • 20 Dec 2010
Cushman & Wakefield to expand property portfolio in Asia
The world’s largest privately held property services firm Cushman & Wakefield Inc plans to expand its asset management portfolio, as demand for property investment in the Asia Pacific region grows.“We have about $7 billion under management right now so we have a lot of room”...
Continue Reading • 20 Dec 2010
HK to implement reverse mortgage pilot plan
The Hong Kong government has announced it will implement a reverse mortgage pilot plan next year.This comes after a two-month survey of more than 1000 aging home owners who had almost paid off their mortgages (or had finished paying it off). Nearly 50 percent of those surveyed had showed interest...
Continue Reading • 20 Dec 2010
US mortgage rates hit 7-month high
Mortgage rates in the US hit their highest level in seven months last week, as rates rose for five consecutive weeks alongside the 10-year Treasury note yields.According to Freddie Mac, the average 30-year mortgage rates jumped by nearly a quarter to around 4.83 percent last week, the highest...
Continue Reading • 17 Dec 2010
Hedge funds demonstrating greater transparency
The worldwide hedge fund industry is responding willingly to requests of investors for more transparency, according to a new report from Ernst & Young.Investors said they receive absolute performance data from 95 percent of hedge funds, while another 74 percent of funds present data showing...
Continue Reading • 17 Dec 2010
Pan Pacific unit acquires Hilton's Melbourne hotel
Pan Pacific Hotels Group (PPHG), through its wholly-owned subsidiary Success City Pty Limited, has agreed to purchase Hilton Melbourne Airport Hotel for approximately $141.55 million.PPHG, a unit of UOL Group, said it had entered a sales agreement with Mulpha Hotel and Mulpha Hotel (Melbourne) to...
Continue Reading • 17 Dec 2010
UK net mortgage lending likely to decline in 2011
Net mortgage lending in the UK will likely decline by a third in 2011, as the residential market shows continued weakness, according to London-based lobby group Council of Mortgage Lenders (CML).According to CML, net mortgage lending will plunge S$12.3 billion (£6 billion) next year,...
Continue Reading • 16 Dec 2010
APF gets new executives
The managers of Asia Property Fund (APF) - LaSalle Investment Management and Prudential Property Investment Management (Singapore) Ltd - named Yung Ho as the investment manager and Erle Spratt as fund manager.As an investment manager, Ms. Ho will oversee the implementation of the company’s...
Continue Reading • 16 Dec 2010
Credit Suisse positive on Singapore residential market
While other research houses see risks in Singapore’s residential real estate market, Credit Suisse analysts are optimistic on the sector. Credit Suisse said in a recent report that it expects to see 15 percent year-on-year increase in Singapore’s residential property...
Continue Reading • 16 Dec 2010
Tuan Sing acquires Serene House for $99.1m
Property group Tuan Sing Holdings Limited, through its wholly-owned subsidiary Shelford Properties Ltd, has acquired the Serene House site for around S$99.1 million.The acquisition of Serene House is subject to approval of the Strata Titles Board upon the company receiving an in-principle...
Continue Reading • 16 Dec 2010
US mortgage fraud rose 7%
Number of reports for probable mortgage fraud in the US rose 7 percent in H1 2010, as banks scoured older mortgages for problems, according to a government report.The Financial Crimes Enforcement Network (FinCEN) said banks have filed 35,135 reports of suspicious loans leading to mortgage fraud...
Continue Reading • 15 Dec 2010
Fund managers optimistic on emerging market equities
Fund managers are optimistic on prospects for Asian equity markets and the emerging markets in 2011, according to a report by the wealth management unit of OCBC Bank.“Most fund managers were more optimistic about the economic and earnings outlook for 2011 compared to this year,” said...
Continue Reading • 15 Dec 2010
Thakral eyeing Australia property market
Mainboard-listed Thakral Corporation has unveiled plans to tackle the Australian property market, as well as set up a joint venture company for property investments.The consumer electronics distributor, strategic property and equity investments company said it has set aside between $15 million...
Continue Reading • 15 Dec 2010
Morgan Stanley to shut down SKorea business
Global financial services firm Morgan Stanley will close its property investment business in South Korea before the year ends in order to focus more on other Asian markets, according to several sources.The sources said that after investing in the property market for over 10 years, Morgan Stanley...
Continue Reading • 15 Dec 2010
Soilbuild to exit on SGX
Soilbuild Group Holdings announced that the Singapore Exchange Securities Trading Limited has confirmed that the firm will delist from the Official List of the SGX-ST on December 20.The company applied for a voluntary delisting from SGX following Dolphin Acquisitions’ exit offer of 80 cents...
Continue Reading • 14 Dec 2010
Low Keng Huat profit slips 9% in Q3
Singapore-based Construction group Low Keng Huat has recorded a 9-percent decline in net profit in the third quarter, as construction revenue slipped.Revenue for the third quarter dropped 70 percent to $61.5 million from $205 million in the previous year, while earnings fell to $15.2 million from...
Continue Reading • 14 Dec 2010
Cushman & Wakefield plans expansion in Australia
Cushman & Wakefield, one of the largest property agents in the world, is planning its expansion in Australia.Glenn Rufrano, chief executive and president of the company, said he expected to open corporate offices in Brisbane and Melbourne.While the company has a head-office-owned operation in...
Continue Reading • 14 Dec 2010
No problems seen for 5/95 home loans repayment in Malaysia
As the time period for repayment of homes in Malaysia, acquired under the 5/95 home loan scheme, approaches, everyone is watching if buyers can repay their loans amid forecasts that the economy will slow down in 2011.According to a banking industry source, 20 percent to 30 percent had begun...
Continue Reading • 14 Dec 2010
China Yongsheng sells 51% stake in Suzhou Bochen
China Yongsheng Limited, an investment holding company that is engaged in production and supply of concrete and related products, announced that its subsidiary Suzhou Yongsheng Concrete has agreed to dispose its 51 percent interest in property firm Suzhou Bochen Development Co to Gong Xiaowei for...
Continue Reading • 14 Dec 2010