Singapore developers gain from Chinese cooling efforts
Efforts in China to cool the local property market are serving up bargains to Singapore investors, according to TodayOnline. Increased interest rates and suspension of mortgages on third homes, plus rumors of new property taxes, have stalled or even lowered prices. Prime sites in the most attractive Chinese cities are now available to foreign investors who might otherwise have stayed out.
Singaporean companies like CapitaMalls Asia (CMA) and City Developments (CDL) have seized the chance. CMA bought a 66% stake in a S$747.2 million (US$578.5 million), 24,000 sq m Shanghai retail and office complex in November, then followed up in December with its announcement of a joint venture with Chinese developer CapitaLand China (and others) to build Shanghai’s second Raffles City complex for S$1.6 billion (US$1.24 billion). CMA now has S$7.3 billion invested in China with plans for a further S$2 billion, and a goal of 100 shopping malls over the next five years.
CDL is focusing on the residential market through its subsidiary CDL China, with a $45.7 million, 27,000 sq m residential complex in Chongqing. The company has big plans for China, and has identified 12 cities as targets for expansion.
source & article: TodayOnline
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