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Real Estate
Office Landlords Shifting To Tiered-Membership Model In Hong Kong
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Suck It Up: Dyson Takes Multimillion-Dollar Loss On Singapore Digs
"An offer of S$62 million has been accepted for the "super penthouse" – or a drop of more than 15% from Dyson's purchase price. -
Swire Properties Sells 21-Story Hong Kong Building For $1.27 Billion
"Swire Pacific attributed its interim loss to the slump in the business of its Cathay Pacific Airways unit.
The Latest
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Manhattan Real Estate Shifts to Buyer's Market Amid Price Drops and Inventory Surge
Manhattan's real estate market is experiencing a notable shift, with falling apartment prices and rising inventory marking a transition to a buyer's market. In the second quarter of 2024, the average sales price of Manhattan apartments decreased by 3%, settling just above $2 million, according to reports from Douglas Elliman and Miller Samuel. The median price saw a 2% drop, reaching $1.2 million, while luxury apartment prices declined for the first time in over a year. 
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Mortgage Rate Eases to 6.86%, Lowest Since April, Amid Expectations for Continued Decline
The national average for a 30-year fixed-rate mortgage has declined for the fourth consecutive week. According to Freddie Mac's latest report, the rate inched down to 6.86% from 6.87% the previous week, marking its lowest point since early April. This trend offers a glimmer of hope for a housing market that has been sluggish due to high rates and affordability challenges. 
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Mainland Demand Drives Hong Kong Rents Back to Pre-Pandemic Levels
An influx of job seekers from mainland China is driving Hong Kong rental prices higher, bringing them back to their pre-pandemic levels in 2019. 
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China's Property Market Continues to Plummet Despite Government Intervention
China's property market continues to struggle, with the latest data revealing the most significant drop in new home prices in nearly a decade. Despite Beijing's efforts to stabilize the sector, the National Bureau of Statistics (NBS) reported that prices in 70 major cities fell by 0.7% in May from April. 
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China Fines Evergrande’s Hengda $577 Million for Fraudulent Bond Issuance
China's financial regulatory body has imposed a substantial fine on China Evergrande Group's onshore flagship unit, Hengda Real Estate, amounting to 4.18 billion yuan ($577 million) for fraudulent bond issuance and illegal information disclosure. 
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Mortgage Rates Top 7% Again Amid Federal Reserve's Inflation Concerns
Mortgage rates have once again surged past 7%, hitting an average of 7.03% for a 30-year fixed mortgage this week, up from 6.94% the previous week, according to Freddie Mac. This marks a return to higher rates that have predominantly hovered above 7% since mid-April, after a brief period of decline. 
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US Home Sales Unexpectedly Drop in April Despite Increased Inventory and Rising Prices
Sales of previously owned homes in the United States unexpectedly fell in April, marking the second consecutive monthly decline, as higher mortgage rates and escalating home prices continued to weigh on demand. -
China Unveils 1 Trillion Yuan Rescue Package for Crisis-Hit Property Sector
China has announced a comprehensive rescue package for its crisis-stricken property sector, with the central bank facilitating 1 trillion yuan ($138 billion) in extra funding and easing mortgage rules, while local governments are set to buy "some" unsold apartments. 
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China's Property Market Sees Sharp Decline in May Day Home Sales
China's real estate sector faced a significant setback during the recent May Day holiday period, with average daily home sales plummeting by 47% compared to the previous year, according to a private survey released on Monday. The data, compiled by the China Index Academy, indicates a worrying trend of declining demand in the housing market, prompting calls for urgent policy interventions to stabilize the industry. -
China Vanke's Stocks and Bonds Dip Following Downgrade and Executive Probe
In a tumultuous week for China Vanke, shares and bonds of the property giant took a hit following a downgrade by S&P and the revelation that a company executive is under investigation. The Shenzhen-listed stock of China's second-largest developer by sales fell 1.8%, hitting its lowest point since May 2014, while its Hong Kong shares also dipped to a record low. 
