Fancy Apartment Rentals for Paris Olympics See Poor Demand and Price Cuts
Locals who’d hoped to turn a big profit by renting out their posh apartments are now slashing prices by 30%-60%.
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Locals who’d hoped to turn a big profit by renting out their posh apartments are now slashing prices by 30%-60%.
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Oct 15, 2019
Bloomberg News
,(Bloomberg) -- Property developer Powerlong Real Estate Holdings Ltd. raised HK$791.6 million ($101 million) in its first share placement since listing 10 years ago, just as additional share sales by Hong Kong-listed companies fall to their lowest level since the 2008 financial crisis.
Companies in the financial hub have raised just $3.57 billion through primary share placements this year, a 57% drop year-on-year and the lowest year-to-date since 2008, according to data compiled by Bloomberg. The decline in Hong Kong is steeper than for the whole of Asia, where additional share offerings have tumbled 46% from a year earlier.
Including block trades, the picture is equally bleak. All additional offerings in Hong Kong, both of new shares and existing ones, have dropped 56% year-on-year, the data show.
The anti-government protests gripping Hong Kong are grinding on into their fifth month, denting business sentiment and threatening to tilt the economy into recession as numerous events -- from investment conferences to concerts -- have been canceled.
Notwithstanding the decline compared with last year, October is shaping up to be a good month for additional offerings in 2019, with $369.7 million raised so far excluding Powerlong Real Estate. In terms of deal value, that makes it the third-highest month this year after April and July.
Biotech company Innovent Biologics Inc. raised $304.3 million two weeks ago while property developer China Vanke Co. raised $994.5 million earlier this year in what is the largest additional sale of new shares so far, data compiled by Bloomberg show.
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To contact the reporter on this story: Julia Fioretti in Hong Kong at jfioretti4@bloomberg.net
To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Margo Towie, Teo Chian Wei
©2019 Bloomberg L.P.