Actis to invest $700m in life science assets in India
In today’s regional news roundup, British investor Actis is preparing to make a big bet on India’s life sciences sector, as Hong Kong house prices resume their decline after a brief rebound and expatriates are recoiling from the surge in rents in Singapore.
Actis targets $700m in life science assets in India
Actis, a global sustainable infrastructure investor, plans to invest over $700 million to build and develop assets under its platform focused on providing real estate to tenants in the life sciences and related sectors in India.
The London-based investment firm is looking to grow its life sciences property portfolio through its recent acquisition of Rx Propellant and is also eyeing inorganic growth through a few more buyouts. Learn more>>
Hong Kong house prices fell in May due to rising borrowing costs
Private house prices in Hong Kong fell in May after a short-lived rebound, the latest official data showed on Tuesday, as potential buyers were wary of rising borrowing costs.
House prices fell 0.3% last month from the previous month, official data showed, compared with a revised 1% rise in April, and prices fell from January to March. The Asian financial hub has been ranked by survey firm Demographia as the world’s most unaffordable housing market for the 12th consecutive year. Learn more>>
Skyrocketing rents in Singapore shock expats and encourage scammers
When Canadian expat Michelle went to renew the lease on her three-storey house in Singapore in May, her landlord wanted to raise the rent by almost 40%.
Michelle tried to negotiate, but the landlord didn’t budge on the asking price of 10,000 Singapore dollars ($7,200) per month. She is moving her family to a three-bedroom apartment next month. Learn more>>
The revival of the Chinese real estate market called into question
Chinese local governments are increasingly turning to a tool used during the last housing slump to revive the market. Analysts say it’s unlikely to work.
Authorities in at least 20 small towns have allowed households who agree to have their dilapidated properties demolished to choose so-called “housing vouchers” as compensation, according to a Bloomberg tally of local policies. Vouchers can be used to purchase new homes on the private market, and some cities offer cash grants as additional incentives. Learn more>>
Desperate Chinese town lures shoppers with employment service
A southern Chinese city is sending officials to nearby villages to drum up interest in its unsold homes and offering to help find jobs for apartment buyers as a growing real estate unease grips homes small Chinese towns.
Yulin, a city of 5.8 million known for its annual summer dog meat festival, will recommend a homebuyer for more than three jobs, the Economic Observer, a weekly newspaper, reported Sunday. Learn more>>
Two major Singapore condo launches scheduled for July
After nine years in the rental market, the luxury Cape Royale development in Sentosa Cove is launched for sale. Co-developers IOI Properties and Ho Bee Land began sales previews for the 99-year-old lease project on Tuesday, and bookings begin July 6 with prices starting at S$2,103 ($1,518) the square foot.
Units at Cape Royale have been rented since its completion in 2013, when developers felt prices were low after two rounds of property cooling measures that year. But the upcoming launch this week may reflect a change in sentiment. Learn more>>
Indiabulls Real Estate found guilty of profiteering
India’s National Anti-Profit Authority has found Indiabulls Real Estate guilty of failing to pass on more than INR 64.6 million ($819,604) in input tax credits to homebuyers through a proportional reduction in taxes. prices after the deployment of the GST.
Based on a case filed by a home buyer that Indiabulls Real Estate failed to pass on ITC benefits to Sierra-Vizag project, Visakhapatnam, the Profit Control Branch investigated and found the builder guilty of profiteering. Learn more>>
APAC Warehouse Demand Expected to Increase
Demand for modern warehouses is poised for substantial growth as occupiers seek to balance “just-in-time” and “just-in-case” inventory models, CBRE said in a report.
As pandemic-related border controls and the rising cost of global shipping and rising energy prices continue to put pressure on supply chains, occupiers are responding by building their chain’s resilience procurement, noted the consultancy. Learn more>>
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