Real Estate
Tuesday, 21 June 2011 12:03
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SINGAPORE: Singapore-listed Treasury China Trust (TCT) is on the lookout for more property acquisitions in China, after making two purchases earlier this year and having several projects under development, its chief executive said.
"We certainly have excess capacity in our platform to take on new opportunities and that's our focus over the next 12-18 months," CEO Richard David told the Reuters Global Real Estate and Infrastructure Summit on Tuesday.
TCT, which is structured as a business trust, owns and manages about 12 billion yuan ($1.9 billion) worth of commercial real estate in China.
Earlier this year, the trust bought a mall in Shanghai for 575 million yuan and completed the purchase of a 55 percent stake in a mall in the port city of Qingdao.
TCT has about 800,000 square metres of office and retail space in China, about 300,000 square metres ...
SEOUL: A North Korean project to build 100,000 new homes in Pyongyang has been drastically downsized due to a lack of funds and building materials, a South Korean source said Tuesday.
The project was planned for completion in April next year, the 100th anniversary of the birth of North Korea's late founding president Kim Il-Sung.
The country has vowed to build "a great, powerful and prosperous" socialist state by then to mark the occasion.
But only 500 homes ...
SINGAPORE: European real estate investors are likely to put a larger proportion of their funds in Asian commercial properties in coming years as they become more comfortable with a region that is leading growth, a senior executive at property services firm Savills said.
"Over the next three to five years, it's going to increase significantly," said Steffen Wolf, who joined Savills earlier this year as Asia-Pacific head of the firm's investment management business.
"The focus has changed ...
CAIRO: Egyptian real estate company Amer Group said on Thursday its un-audited first quarter net profit was 133.9 million Egyptian pounds ($22.5 million).
Amer, a property conglomerate, began trading on the stock exchange Nov. 30, after a heavily oversubscribed initial public offering.
The firm did not provide a figure for the first quarter of 2010 but gave a full 2010 year net profit figure of 557.1 million pounds.
Revenue was 329.9 million pounds for the 2011 first quarter.
The ...
HONG KONG: Hong Kong's finance chief said Friday the risk for people entering the territory's property market was "higher now than ever" as he announced new measures to tame runaway prices.
"This situation is rather unusual -- the property market trend is hard to predict," Financial Secretary John Tsang said.
"I urge citizens to think twice before entering the property market, as the risk is higher now than ever," he added.
Tsang said the government of the ...
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