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HSBC selling its Paris, London, NY offices

Posted on 1 Oct 2009 | Comments Off

HSBC is close to selling a trio of landmark offices in London, New York and Paris to boost its balance sheet by around US$2 billion by the end of the year, a person familiar with the matter told Reuters.

Europe’s biggest bank has been mulling offers to sell its premises on New York’s Fifth Avenue, the Champs Elysees in Paris and London’s Canary Wharf for several months. It is now in advanced talks with buyers on each asset with a view to striking deals within weeks, the source said.

‘We can confirm we have received expressions of interest in the properties and we are evaluating those expressions of interest,’ a spokesman for HSBC told Reuters.

Bids for the New York office have come in at between US$350 million and US$400 million, the source said. The London and Paris buildings have attracted offers of around US$1.3 billion and US$500 million respectively, he said. Continue reading →

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Posted in Overseas Property

Tagged Canary Wharf, Champs Elysees, HSBC, London Office, New York Office, Paris Office

More local than foreign interest in M’sian property

Posted on 1 Oct 2009 | Comments Off

Domestic interest in Malaysian property is now higher compared to that from overseas in contrast to a year ago, an analysis by property website thinkproperty.my showed.

It had analysed its visitor traffic data over the last three months and compared it with the status last year.

The data is pertinent because in 2008, 82.7 per cent of visitors were from Malaysia, while in 2009, that proportion rose to 85.2 per cent.

Over 80 per cent of the visitors were interested in buying or renting property in Malaysia, thinkproperty.my said in a statement yesterday.

While there was increased interest from Malaysian property buyers, it was less among those from countries such as Singapore, the United Kingdom, India, Australia, Japan, the United Arab Emirates (UAE) and Pakistan, it said.

Asim Qureshi, the chief executive officer of Think Media Sdn Bhd, the company that owns thinkproperty.my, commented that the data provided mixed signals. ‘On one hand, it indicates the confidence of Malaysians in investing in property, has increased in contrast to those from overseas. Continue reading →