From the Wall Street Journal (Big Players Cash Out of Hong Kong Property), note some of the similarities between the commercial price increases in Vancouver’s market and Hong Kong’s market.

HONG KONG — With the government growing confident that it has halted the meteoric rise in property prices, some of this city’s biggest real-estate investors are getting out.

Several of Hong Kong’s wealthiest families are planning initial public offerings of hotels, offices and other real-estate assets in coming months, while others are lowering prices on luxury apartments to entice buyers.

Fueled by low interest rates and a flood of money from wealthy Chinese, Hong Kong’s real-estate market has boomed, with residential prices up 120% and commercial real-estate prices up 90% since the start of 2008, according to government data.

Among the sellers is New World Development Co. Ltd., a conglomerate run by the Cheng family with interests ranging from hotels to offices to jewelry stores. The family hopes to raise up to $1 billion in an offering of some of its hotel properties, people familiar with the matter said. The company owns the city’s Grand Hyatt and other well-known hotels, but it’s not clear which properties would be included in the offering.

Read more: http://online.wsj.com/article/SB10001424127887324789504578384220036108516.html

The Best Western Plus Abercorn Inn located at 9260 Bridgeport Road has sold. The 99 room hotel is located on the South side of Bridgeport directly across from Costco. The hotel sold for $13,492,000, or $136,000 per room.The building was built in the 80’s but was fully renovated in 2011. Colliers’ Hotel group brokered the deal.

“Anthem Properties Group Ltd. is Pleased to Announce the Strategic Land Disposition of the Molson Brewery Site in Edmonton, AB.

EDMONTON, ALBERTA–(Marketwire – March 13, 2013) – On February 28^th, 2013, Anthem Properties Group Ltd. completed the disposition of its 7.9 acre Molson Brewery site located at the intersection of 104^th Avenue and 121^st Street in Edmonton, AB. The site was sold to joint venture partners First Capital Realty Inc. and Sun Life Assurance Company of Canada.

 The Molson site sits immediately adjacent to the Purchaser’s 6.3 acre Crosstown Chrysler site, which was acquired by the Purchaser in 2012. The sites combined, bring the total assembly to 14.2 acres. The size and location of the assembly will allow for an exciting, comprehensive mixed use development along this important east-west corridor.

A 14-unit apartment building in the South Granville area has sold for $4,000,000, representing a 3.4% cap rate and $286,000 per unit. The building had originally been listed for $5,000,000, but the price was later reduced to $4,400,000. The building, known as St. Charles Apartments, was built in 1927 but was substantially renovated.

The office building known as the Ravensong Community Health Centre located at 2450 Ontario Street has sold to Vedado Properties headed by Chip Wilson of Lululemon. The 38,000 SF office building sold for $15,350,000, or $405 per SF. The building is fully leased to Vancouver Coastal Health, representing a 4.7% cap rate on the deal.