Hutchison Whampoa Ltd., controlled by Asia’s richest man Li Ka-shing, won preliminary approval to build as many as 3,500 homes less than two miles (3.2 kilometers) from London’s Canary Wharf financial district.
Teranet Holdings LP, which operates Ontario’s land registry and profits each time a house is sold, has had its credit rating downgraded by DBRS Ltd. on dimming prospects for the province’s housing market.
London’s housing market is beginning to show “bubble-like conditions” as overseas investors bid up prices and buyers take on more debt to purchase properties, according to a report today by the EY Item Club.
Sun Hung Kai Properties Ltd., Hong Kong’s second-largest developer by market value, cut prices by 40 percent on average for some apartments at its Riva project in the city’s northwestern Yuen Long district, a move that may spur a price war, the Standard reported today.
Developers in Singapore and Hong Kong, cities which last year implemented some of their most- restrictive curbs to rein in residential property prices, are shifting focus to the U.S., China and the U.K. as demand is stifled at home.
Chu Kin-lan has already shuttered six of 11 offices of her Hong Kong real estate agency, whose Chinese name translates as Precious Prosperity, and let go half of her 70 employees amid the city’s toughest curbs on home buying in its history. The worst pain may be still to come.