Real Estate Round Up

Hong Kong Home Values Defying Gravity

According to reports out of Hong Kong the local property market continues to move ever upwards. Analysts have frequently dismissed the stamina in the local market claiming it would have to recalibrate and one of these years they may be correct but for now the numbers speak for themselves.

An 863 sq ft unit in the densely packed South Horizons private estate, located a stones throw from the famous Jumbo floating restaurant in Aberdeen harbour, recently sold for HK$14.88 million or HK$17,200 per sellable square foot making it the highest apartment ever sold in that development.

Last month the Asian Wealth Times reported that 39 Conduit Road had sold for a record price of HK$433.8 million or HK$93,000 a square foot.

The Hong Kong residential price rises are not confined to just private estates and luxury condos though with reports that both Home Ownership Scheme and public rental units are now also breaking through to new price levels.

The recent strong run in the Hang Seng Index will bring more liquidity into the property market and with doubts that the Federal Reserve will be raising rates anytime soon the animal that is the Hong Kong real estate market looks like it will be running feral for a while yet.

Chinese Investors Buy Into US Golf Heartlands

Founders Group International (FGI) has acquired the majority of National Golf Management's assets, giving the company a vested interest in the most visited golf destination in the world.

Formed in 2014 through various purchases and the 2015 acquisition of National Golf Management, FGI owns and operates 22 golf courses in and around Myrtle Beach, South Carolina.

FGI contains a division that undertakes residential and retail development. It has also partnered with one of the largest travel agencies in China to bring golfers, tourists and wedding parties to Myrtle Beach.

FGI’s parent company Yiqian Funding is primarily owned by Chinese investor Dan Liu and Nick Dou an immigration and investment specialist lawyer from New York.

This most recent acquisition makes it one of the largest employers in the area. FGI brings not only new capital to the Myrtle Beach golf market, but also new ideas, enthusiasm and a commitment to the community. Both Liu and Dou are planning to make their permanent homes in the Myrtle Beach area.

Record Prices For Grosvenor Asia Pacific In Tokyo

Announcing their 2014 results Grosvenor the privately owned property group has reported a strong performance in their Asia Pacific unit with most activity coming out of the buoyant Japanese residential property market.

Grosvenor Asia Pacific achieved record sales prices for a residential refurbishment project in Tokyo at The Westminster Roppongi. It also formed its newest development partnership vehicle in Asia and committed to the partnership’s first acquisition of Forest Nanpeidai in Tokyo.

The Westminster Roppongi is a 99-unit apartment building located next to Roppongi Hills, Tokyo. The area combines the dynamic atmosphere of Roppongi and its high-end retail and restaurants with the tranquility of Motoazabu, a district famous for its luxury housing.

In Hong Kong the company commenced foundation work at the site of Monterey Court. Monterey Court is a luxury project located in Jardines Lookout which is due to be completed in 2017. It is Grosvenor's third luxury residential development project in Hong Kong in collaboration with Asia Standard and PDP, following award-winning properties Grosvenor Place Repulse Bay, completed in 2004, and The Westminster Terrace, completed in 2010.

Overall for the group total returns were up to 9.1% (2013: 5.4%) although assets under management decreased to HK$8.3bn (2013: HK$8.9bn) due to some strategic project disposals.

Earlier this year Grosvenor Asia Pacific secured Benjamin Cha as successor to Chief Executive Nick Loup. Cha came from UBS Global Asset Management where he was managing director, Head of Global Real Estate Greater China.

$60 Billion Chinese Property Love In

A report released yesterday by Sydney based Credit Suisse analyst Hasan Tevfik predicted massive inward investment into Australian real estate particularly in Melbourne and Sydney.

The report highlighted the proposed new foreign investment rules that could make Australian real estate less attractive for Chinese buyers, but that, "the potential erosion of demand will be marginal".

Tevfik’s report went on to say “Australia is on the doorstep of the greatest wealth creation in three centuries. Despite moderating growth in China, we expect more Chinese wealth to be invested abroad."

"We expect $60 billion of additional Chinese demand for Australian housing over the next six years to 2020. This will be more than double the $28 billion over the past six years, this is positive for the Australian economy, in our view,” the report said.

Asian Wealth Times reported recently on the purchase of a Melbourne penthouse by a China based businessman which broke price records.


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