With nations around the world still grappling with the pandemic’s toll on the health of their citizens and economies, how have the property markets of Hong Kong — a global financial hub and one of the world’s most expensive real estate markets — been faring, and what macrotrends are influencing their recovery?
From the Current Issue
Asia Pacific’s growth story and maturing market have brought immense opportunities and changes to the region’s real estate landscape. Once seen as an opportunistic part of the world, key gateway cities in Asia Pacific have since become the darling of the core and core-plus investing space among global investors, with several major trends supporting such investment strategies in the region.
The growing rationale for flexibility depicts hotelisation as the definition of modern real estate. It is apparent real estate as a service stacks up; the premise of flexible leases is less clear-cut. Therefore, how likely is the market to go all in on the hotelisation trend?
Since the onset of the pandemic, it has been a calamitous year globally, with nearly every country facing severe headwinds. Nations across continents have responded in different ways, and continue to fight the pandemic on one hand and seek to orchestrate an economic recovery on the other.
“There are decades where nothing happens, and there are weeks where decades happen.” Often attributed to Vladimir Lenin, this quote says a lot about 2020, which all of us cannot wait to be finished with. It is worthwhile to recap how global events have accelerated the macrotrends developing in the Asia Pacific, which I hope may provide some guidance on where things are as we head into 2021.
South Korea’s KRW 752 trillion (US$666 billion) National Pension Service and €538 billion (US$638 billion) Dutch pension fund manager APG are joining forces to invest internationally in large-scale infrastructure and commercial real estate projects, and will share asset management expertise and resources.
Gaw Capital Partners, through a fund under its management, and consortium partners, including Schroder Pamfleet, entered into a sale and purchase agreement with Swire Pacific and Swire Properties for the purchase of CityPlaza One.