Nuveen Real Estate: Perspectives in today’s Asian real estate market
While largely under control across the region, a new (but small) wave of infections in Beijing and the State of Victoria in Australia has led to renewed imposition of physical distancing measures. Singapore has entered Phase 2 of its circuit breaker measures, said Nuveen Real Estate.
In China and Hong Kong, there have been further signs of improvement in activity sentiment on easing coronavirus concerns. New home prices in May rose month-over-month across 57 of 70 Chinese cities. Retail sales growth further improved, declining by a narrower 2.8 percent from a year ago in May, compared with 7.5 percent in April. In Hong Kong, WeWork has given up its Central CBD space, cutting down its total footprint by 30 percent.
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