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Shanghai’s Pre-Owned Home Sales Surge Amid Government Support

Shanghai’s pre-owned home sales have surged, surpassing 1,000 units in a single day for the first time in four months. On October 15, 1,334 second-hand properties were sold, marking a significant rebound in the market. This recovery is largely attributed to the supportive real estate policies introduced by the Chinese central government in late September. The revival follows key measures announced by Pan Gongsheng, governor of China’s central bank, on September 24. These policies include a 50-basis-point reduction in mortgage rates, bringing them closer to new loan levels, and lowering the minimum down payment for second homes from 25% to

October 16, 2024 No Comments

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Metro Seeks Community Input on Affordable Housing Near 17th Street Station

Metro is moving forward with its ambitious 10,000 Home Commitment, focusing on creating affordable housing on underutilized Metro-owned land. One of the first major projects is planned near the 17th Street/Santa Monica College station, where Metro aims to develop income-restricted housing. To ensure the development aligns with the needs of the local community, Metro is actively seeking feedback from residents. Residents have two main ways to provide their input. Metro has launched an online survey and will also hold a virtual meeting on October 23, allowing community members to share their thoughts on the project’s design, the types of services

October 15, 2024 No Comments

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Kengo Kuma’s Yama-Tani: A Human-Scaled Masterpiece in Paris

Kengo Kuma & Associates have introduced an architectural gem in the northeast of Paris with the Yama-Tani residential building. Unlike the towering structures surrounding it, Yama-Tani blends seamlessly with its low-rise neighborhood, offering a refreshing departure from the city’s typical high-rises. Designed to evoke a village-like atmosphere within an urban setting, this development emphasizes both human scale and a deep connection with nature. A Village in the City The Yama-Tani project stands as a testament to the firm’s commitment to designing with nature in mind. The name “Yama-Tani” translates to “mountain-valley,” reflecting the building’s organic, flowing form. Its stepped structure,

October 14, 2024 No Comments

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Proposition 33: The Heated Debate Over California’s Rent Control Measure

California’s Proposition 33 has sparked a fierce debate as it heads to the November 2024 ballot. This controversial measure, which could transform the state’s rental market, has supporters and opponents clashing over its potential impacts on housing affordability and the broader economy. With both sides launching aggressive campaigns, the conversation around Prop 33 is becoming increasingly heated, dominating airwaves and online platforms. What is Proposition 33? Proposition 33 aims to address California’s ongoing housing affordability crisis by repealing the Costa-Hawkins Rental Housing Act of 1995. Currently, Costa-Hawkins allows rent control only on housing units built before 1995. It also permits

October 9, 2024 No Comments

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Silver Lake’s Silva Apartment: A New Landmark in LA’s Hot Market

A new chapter begins in Silver Lake, Los Angeles, as Cityview and Wafra secure a $73 million loan from 3650 REIT to acquire Silva, a newly built Class-A apartment community. Located at 235 N. Hoover Ave, Silva boasts 360-degree views of iconic landmarks like Hollywood, Downtown LA, and West Los Angeles, offering residents a unique combination of luxury and convenience. With 221 units averaging nearly 1,000 square feet, each home features modern amenities such as 9-foot ceilings and floor-to-ceiling windows. This prime location, only a mile from the heart of Silver Lake, is renowned for its vibrant culinary scene and

October 4, 2024 No Comments

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New Yorkers Say ‘Yes’ to Affordable Housing: The “City of Yes” Initiative

New Yorkers are uniting for a future where affordable housing is within reach, thanks to the approval of the “City of Yes for Housing Opportunity” proposal. This initiative, marking a pivotal change in the city’s zoning code, aims to address the housing crisis and meet the growing demand for affordable homes. With the city’s vacancy rate at a low 1.4%, rent prices are skyrocketing, forcing families out of their homes. Mayor Eric Adams, alongside state officials, has taken proactive steps to tackle this crisis head-on. Now, it’s up to the City Council to join forces and pass this landmark proposal,

October 3, 2024 No Comments

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Hackney Wick Gets Green Light for 337-Home Co-Living Development

Hackney Wick, a vibrant and creative area in East London, is set to welcome a new co-living development after receiving approval from the London Legacy Development Corporation (LLDC). This exciting project, led by investor Mitheridge and developer Halcyon, will deliver 337 co-living homes in two modern blocks located along the canalside at 115-119 Wallis Road. The development is set to transform the waterside location, which currently houses three low-rise warehouses, into a thriving residential and commercial hub. The co-living scheme will feature a mix of five- and eight-storey blocks, offering studio apartments designed for individuals who value a community-oriented lifestyle.

September 30, 2024 No Comments

Hong Kong News

How Shanghai and Shenzhen’s Eased Property Restrictions are Revitalizing China’s Real Estate Market in 2024

China’s real estate market, a critical pillar of its economy, has faced unprecedented pressure in recent years. A combination of strict purchase restrictions, cooling market sentiment, and high home prices had led to a slowdown, particularly in major cities like Shanghai and Shenzhen. To combat this, China has introduced a series of measures aimed at stimulating demand and ensuring the sector’s recovery. Most notably, in 2024, both Shanghai and Shenzhen have lifted significant home purchase restrictions in an effort to reinvigorate their real estate markets and stabilize economic growth. Easing of Restrictions in Shanghai Shanghai, one of China’s most economically

September 28, 2024 No Comments

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Caltrans Property Sales: LA Residents Left Out of Homeownership

California’s transportation department, Caltrans, is selling over 500 properties it seized decades ago for a defunct highway project along the 710 Corridor. While this sale offers a unique chance for reparations to communities harmed by urban renewal projects, many local residents feel excluded from the process, sparking controversy and frustration. Historically, government projects often targeted Black and Latino neighborhoods, displacing families and depriving them of generational wealth. The recent property sales, intended to provide opportunities for homeownership, are failing to fully address these historical injustices. Many long-time tenants who live in the homes being sold are now struggling to secure

September 25, 2024 No Comments

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New JLL and Richmont Partnership Unlocks Lucrative UK Property Investment Opportunities for Thai Buyers

A new partnership between Jones Lang LaSalle’s (JLL) International Residential business and Richmont’s Co Ltd is opening fresh opportunities for Thai investors to venture into the UK property market. This collaboration promises a wide range of property types and price points in London and other global investment hubs, catering to both high-end buyers and those looking to diversify their portfolios with lower-price assets. James Puddle, head of International Residential for JLL in Southeast Asia, emphasized the significance of this agreement at a press conference. He highlighted that London remains an attractive market due to low global interest rates and a

September 21, 2024 No Comments