CK Asset’s Chiu may scoff at fashion rules but he’s toeing the party line for the new security law
A company controlled by Hong Kong’s richest man leads the way in Mingtiandi’s roundup of Asia real estate headlines today as the firm defends Beijing’s new security law for Hong Kong ahead of its biggest property launch of the year.
In other news around the region, a Japanese luxury toilet maker has sold its stake in a household goods retailer for $524 million, while a Singapore property giant warns that its profit will take a hit as a result of the lockdown in the city.
Elsewhere, luxury homebuyers are realigning their preferences post-pandemic.
CK Asset Director Bundles Security Law Together with Condo Pitch
CK Asset Holdings, the second largest developer in Hong Kong by value, has sought to ease homebuyers’ concerns over China’s hugely controversial security bill ahead of its biggest property launch this year.
Beijing’s tailor-made security law for Hong Kong, which was unveiled at the annual National People’s Congress on May 21, would have a positive impact on the city’s property market, said executive director Justin Chiu Kwok-hung on Tuesday at a media briefing about the Sea to Sky project in Lohas Park. Read more>>
Singapore Considers Tighter Casino Regulations
Singapore is considering tighter regulations at its casinos in an effort to prevent money laundering and financing for terrorism, according to the Casino Regulatory Authority (CRA).
The move comes after it was reported that the Singapore casino of Sheldon Adelson’s Las Vegas Sands Corp. is being probed by the US Department of Justice over whether anti-money laundering regulations were breached in the way it handled the accounts of top gamblers. Read more>>
Japan’s Lixil Sells Stake in Household Goods Retailer for $524M
Japanese luxury toilet maker Lixil Group Corp said it is selling its stake in household goods retailer Lixil Viva as it continues to streamline its operations following a high-profile boardroom drama last year.
Lixil Group said on Tuesday that it had agreed to offload its entire 53 percent interest in Lixil Viva to Arcland Sakamoto for JPY 56.6 billion ($524 million), or 2,423 yen a share. Read more>>
1MDB’s Jho Low Found New Ways to Move Money in Kuwait
Last September, fugitive Malaysian financier Jho Low traveled to Kuwait, slipping free of international arrest notices and authorities in the US and Malaysia seeking him for his alleged role in a multibillion-dollar fraud.
Mr. Low entered Kuwait despite red notices from international police agency Interpol, according to documents reviewed by The Wall Street Journal and people familiar with his Kuwait relationships. Read more>>
CapitaLand Expects Earnings to be Hit
Property giant CapitaLand said it will further waive and potentially defer rent for certain small and medium-sized enterprise (SME) tenants, although this will have an “adverse impact” on its earnings this year.
This move is in accordance with the COVID-19 Temporary Measures Amendment) Bill, which requires landlords to provide SME tenants with additional rental relief amid the pandemic. Read more>>
Pandemic Shifts Investor Preferences in HK, NYC Luxury Markets
The coronavirus pandemic is ushering in a common trend in the luxury real estate market among prospective buyers at home and abroad.
In Hong Kong, inquiries for property in Clear Water Bay on the eastern side of New Territories have tripled since January. In Paris, some prospective buyers have included an outdoor area as a requirement, while the New York suburbs of North and Central New Jersey and Hudson Valley are gaining popularity. Read more>>
Hong Kong Developers Rush Sales as Buying Momentum Builds
Hong Kong developers are expected to price their new projects at lower levels as they rush to capture a revival in buying interest as the government eases measures to control the coronavirus pandemic, according to analysts.
New home sales surged in May to 2,085 new units worth HK$22.1 billion ($2.85 billion), the highest in a year, according to data provider Dataelements. That is also more than double the business in April, and an almost five-fold jump over February when the market hit a multi-year low of 340 units. Read more>>
Tune in again soon for more Hong Kong news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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