Singapore Real Estate
New private home sales slump in June amid few launches, but sales set to rise strongly in July
Developers sold 278 private residential units in June 2023, a 73.2 per cent fall from May’s figures of 1,039 units, and fewer than the 488 units sold in the same period the year before. This is the lowest number of private homes sold this year. The figures, which exclude executive condominiums (ECs), were released by Urban Redevelopment Authority (URA) on Monday (Jul 17), based on its survey of licensed housing developers.
https://www.businesstimes.com.sg/property/new-private-home-sales-slump-june-amid-few-launches-sales-set-rise-strongly-july
https://www.straitstimes.com/business/new-private-home-sales-skid-to-6-month-low-in-june
https://www.channelnewsasia.com/singapore/ura-private-home-sales-launch-june-2023-fall-3633991
https://www.edgeprop.sg/property-news/june-new-private-home-sales-slump-73-m-o-m-absence-launches
https://www.scmp.com/business/article/3227970/singapore-home-sales-hit-six-month-low-limited-supply-while-levies-almost-kill-foreign-demand
Consider tax changes for shophouses as Singapore businesses face being priced out
Many locals chase dreams in the competitive food and beverages (F&B) sector. Open a cafe or restaurant or bar in a trendy shophouse. Work hard, be creative, and capture the hearts of discerning and demanding patrons.
https://www.businesstimes.com.sg/opinion-features/consider-tax-changes-shophouses-singapore-businesses-face-being-priced-out
Companies’ Brief
RHB keeps CDL Hospitality Trusts ‘neutral’ amidst a slow recovery
RHB Group Research is maintaining its “neutral” call on CDL Hospitality Trust (CDLHT) with an unchanged target price of $1.25, as data has shown a steady growth in Singapore visitor arrivals and a promising 2024 with major concerts and air shows coming up.
https://www.theedgesingapore.com/capital/brokers-calls/rhb-keeps-cdl-hospitality-trusts-neutral-amidst-slow-recovery
TA Corp unit unable to pay debts; appoints provisional liquidators
TA Corporation’s wholly-owned subsidiary, Tiong Aik Construction, has been placed under provisional liquidation as it is unable to pay its debts, the group said in a bourse filing on Monday (Jul 17).
https://www.businesstimes.com.sg/companies-markets/ta-corp-unit-unable-pay-debts-appoints-provisional-liquidators
https://www.straitstimes.com/business/tiong-aik-construction-unable-to-pay-debts-appoints-provisional-liquidators
https://www.theedgesingapore.com/news/company-news/ta-corporation-requests-voluntary-trading-suspensio
Global Economy & Real Estate
China’s 6.3% GDP growth in Q2 puts pressure for more policy support
https://www.businesstimes.com.sg/international/chinas-63-gdp-growth-q2-puts-pressure-more-policy-support
https://www.channelnewsasia.com/business/china-q2-gdp-growth-63-economy-pressure-policy-support-3633331
https://www.scmp.com/economy/economic-indicators/article/3227936/china-gdp-economy-grew-63-cent-second-quarter-amid-recovery-fears
Wall Street cuts China growth forecasts as economy disappoints
https://www.straitstimes.com/business/wall-street-cuts-china-growth-forecasts-as-economy-disappoints
https://www.channelnewsasia.com/business/wall-street-banks-cut-chinas-growth-forecast-after-dull-second-quarter-3633936
China’s road to recovery set to be bumpy, with economists still unimpressed by progress
https://www.straitstimes.com/business/china-s-road-to-recovery-set-to-be-bumpy-with-economistsstill-unimpressed-by-progress
Analysis:Will China ever get rich? A new era of much slower growth dawns
https://www.channelnewsasia.com/business/analysiswill-china-ever-get-rich-new-era-much-slower-growth-dawns-3635661
China property giant Wanda Commercial’s bonds suffer record slump
https://www.businesstimes.com.sg/property/china-property-giant-wanda-commercials-bonds-suffer-record-slump
https://www.channelnewsasia.com/business/china-property-giant-wanda-commercials-bonds-suffer-record-slump-3634996
China property giant Evergrande loses US$113 billion over two years
https://www.businesstimes.com.sg/property/china-property-giant-evergrande-loses-us113-billion-over-two-years
https://www.straitstimes.com/business/evergrande-s-overdue-results-to-show-steep-losses
https://www.channelnewsasia.com/business/evergrandes-overdue-results-show-steep-losses-liabilities-3633721
Chinese developer Zhongliang’s restructuring pact gets initial support of bondholders
https://www.businesstimes.com.sg/property/chinese-developer-zhongliangs-restructuring-pact-gets-initial-support-bondholders
China warns youth unemployment to worsen after hitting record high
https://www.businesstimes.com.sg/international/china-warns-youth-unemployment-worsen-after-hitting-record-high
https://www.straitstimes.com/business/china-q2-gdp-disappoints-youth-unemployment-hits-record-213
ECB to bring rates to 4% peak in September, economists say
https://www.businesstimes.com.sg/international/ecb-bring-rates-4-peak-september-economists-say
France to cut government spending by 4.2 billion euros next year: minister
https://www.businesstimes.com.sg/international/france-cut-government-spending-42-billion-euros-next-year-minister
German economy may contract slightly in 2023: IMF
https://www.businesstimes.com.sg/international/german-economy-may-contract-slightly-2023-imf
Hong Kong mortgage relaxation yet to lift secondary market out of interest rate hike gloom
https://www.scmp.com/business/article/3228014/hong-kong-mortgage-relaxation-yet-lift-secondary-market-out-interest-rate-hike-gloom
London new home sales tumble to lowest since 2012 as rates weigh
https://www.businesstimes.com.sg/property/london-new-home-sales-tumble-lowest-2012-rates-weigh
South Korea home prices stabilise in June as buying in Seoul improves
https://www.businesstimes.com.sg/property/south-korea-home-prices-stabilise-june-buying-seoul-improves
https://www.channelnewsasia.com/business/south-korea-home-prices-stabilise-june-buying-seoul-improves-3633686
South Korea central bank warns of financial stability risk as debts rise
https://www.businesstimes.com.sg/international/south-korea-central-bank-warns-financial-stability-risk-debts-rise
https://www.channelnewsasia.com/business/s-korea-central-bank-warns-financial-stability-risk-debts-rise-3633451
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