Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

Central China Real Estate / Equity Bottom-Up

<ul><li>CPPIB is set to sell a China mall to Dajia Insurance for $163M, showcasing a significant real estate deal in Asia.</li><li>GDS announces rebranding of its international unit as DayOne, reflecting a strategic shift within the company.</li><li>Henderson Land plans expansion in Mid-Levels, Hong Kong, while Schroders markets Kowloon Complex floor after canceled auction. Singapore private home prices surge in Q4 with 3-5% growth predicted for 2025.</li></ul>

CPPIB is set to sell a China mall to Dajia Insurance for $163M, showcasing a significant real estate deal in Asia.GDS announces rebranding of its international unit as DayOne, reflecting a strategic shift within the company.Henderson Land plans expansion in Mid-Levels, Hong Kong, while Schroders markets Kowloon Complex floor after canceled auction. Singapore private home prices surge in Q4 with 3-5% growth predicted for 2025.

Asia Real Estate Tracker (06-Jan-2025): Asia Real Estate News 2025-01-06

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Henderson Land Development / Event-Driven

<ul>
<li>Hong Kong Chief Executive John Lee Ka-chiu will deliver his inaugural policy address on the 19 October, where he is expected to announce a number of “ground-breaking” measures.</li>
<li>One such measure is non-residents who have owned property in Hong Kong for 3+ years <em>may</em> get their extra stamp duty refunded - if they take up permanent residency.</li>
<li>Secondary home prices have declined  8% year-to-date, and are approaching a five-year low. Goldman Sachs expects home prices to decline 30% in 2023 from last year’s levels.  </li>
</ul>


Hong Kong Chief Executive John Lee Ka-chiu will deliver his inaugural policy address on the 19 October, where he is expected to announce a number of “ground-breaking” measures.
One such measure is non-residents who have owned property in Hong Kong for 3+ years may get their extra stamp duty refunded - if they take up permanent residency.
Secondary home prices have declined  8% year-to-date, and are approaching a five-year low. Goldman Sachs expects home prices to decline 30% in 2023 from last year’s levels.  


Stamp Duty Relief For Hong Kong Foreigners. But Wait ...

<ul>
<li>Last month, a Cheng family vehicle with 24.06% of <strong><a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano (709 HK)</a></strong>, requisitioned an SGM to remove CEO Peter Lau, and install Colin Currie as CEO, plus three other NEDs/INEDs.</li>
<li>That SGM will be held on the 3rd April. The director resolutions - both the removal and appointments - are "ordinary", requiring a simple majority vote. </li>
<li>The outcome will likely pivot off how the shareholders under Halcyon Securities will vote. So I dug a little deeper as to who these shareholders are, with some surprising results.  </li>
</ul>


Last month, a Cheng family vehicle with 24.06% of Giordano (709 HK), requisitioned an SGM to remove CEO Peter Lau, and install Colin Currie as CEO, plus three other NEDs/INEDs.
That SGM will be held on the 3rd April. The director resolutions - both the removal and appointments - are "ordinary", requiring a simple majority vote. 
The outcome will likely pivot off how the shareholders under Halcyon Securities will vote. So I dug a little deeper as to who these shareholders are, with some surprising results.  


Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM

Travis Lundy

<ul>
<li>RTHK just reporting that HK Finance Secretary Paul Chan has said in his budget speech that HK will remove all property cooling measures in place, with immediate effect. </li>
<li>That would be That is Special Stamp Duty, Buyer's Stamp Duty, New Residential Stamp Duty. "Measures no longer necessary given the current economic and market conditions."</li>
<li>This should cause people to get excited short-term about property developers.</li>
</ul>


RTHK just reporting that HK Finance Secretary Paul Chan has said in his budget speech that HK will remove all property cooling measures in place, with immediate effect. 
That would be That is Special Stamp Duty, Buyer's Stamp Duty, New Residential Stamp Duty. "Measures no longer necessary given the current economic and market conditions."
This should cause people to get excited short-term about property developers.


Hong Kong To Scrap All "Spicy Measures" (Property Cooling Measures)

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>With the US interest rate heading lower, the HSI constituent companies with the highest gearing levels are the prime beneficiaries as their interest burden will lessen.</li>
<li>
<a href="https://www.smartkarma.com/entities/sands-china-ltd" target="_blank" data-smartkarma-citation="entities:182:1" rel="noopener">Sands China (1928 HK)</a>, while it has the highest leverage, is not a near-term gain. This is because its debt structure with 100% fixed rate borrowings. </li>
<li>Based on the gearing level, floating rate proportion, and YTD performance, <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> and <a href="https://www.smartkarma.com/entities/hang-lung-properties-ltd" target="_blank" data-smartkarma-citation="entities:49:1" rel="noopener">Hang Lung Properties (101 HK)</a> are the two potential best bets.</li>
</ul>


With the US interest rate heading lower, the HSI constituent companies with the highest gearing levels are the prime beneficiaries as their interest burden will lessen.

Sands China (1928 HK), while it has the highest leverage, is not a near-term gain. This is because its debt structure with 100% fixed rate borrowings. 
Based on the gearing level, floating rate proportion, and YTD performance, New World Development (17 HK) and Hang Lung Properties (101 HK) are the two potential best bets.


HK Strategy: Rate Cut Beneficiaries - Fixed & Floating Rate Debt Analysis

Hong Kong

Henderson Land Development Company Limited, through its subsidiaries, develops, invests in, and manages properties. The Company also provides project management, construction, and finance services. In addition, Henderson Land Development operates department stores, hotels, and infrastructure business.

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Henderson Land Development (12 HK)

Asia Real Estate Tracker (06-Jan-2025): Asia Real Estate News 2025-01-06

CPPIB sells China mall to Dajia Insurance, GDS rebrands international unit, Henderson Land expanding in Mid-Levels, Schroders markets Kowloon...

Asia Real Estate Tracker

Stamp Duty Relief For Hong Kong Foreigners. But Wait ...

Lifting the stamp duty may firm home prices but certainly won't propel price growth. The impact on sales of mass residential projects will be...

David Blennerhassett

Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM

Spilling the board will likely pivot off how the shareholders under Halcyon Securities will vote. So I dug a little deeper as to who these...

David Blennerhassett

Hong Kong To Scrap All "Spicy Measures" (Property Cooling Measures)

HK Finance Secretary has introduced the 2024-2025 Budget. All "spicy measures" (property cooling measures) are now lifted. This should push the...

Travis Lundy

HK Strategy: Rate Cut Beneficiaries - Fixed & Floating Rate Debt Analysis

With the Fed hinting at a slower rate cut path, the beneficiaries mentioned in this Insight will turn to suffer more. The names with the highest...

Osbert Tang, CFA

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