Wang Jianlin miscalculated badly. Going for an "asset-light" strategy, he wanted to build fewer apartments and spend more time managing shopping malls and theme parks, while hunting for what he deemed more lucrative media assets.
Property companies such as City Developments and UOL Group Ltd. are among the top performers in Singapore in 2017, with developers collectively on track for their best annual performance in five years.
Ayala Land is investing three billion pesos (58 million dollars) building five dormitories on four sites in the Makati and Taguig business districts.
Despite government rules restricting the likes of Airbnb operating in Singapore, there are signs that home-sharing has become more prolific in the city state.
Singapore property prices have declined for 15 quarters – the longest slide since data was first published in 1975 – as the government rolled out a series of curbs.
The Malaysian government revealed that the Malaysia My Second Home programme has managed to attract more than 33,000 foreigners from 126 countries to settle in the country since its inception.
Morgan Stanley earlier this month said home prices in Singapore will climb two percent this year and 10 percent by the end of 2018, turning around earlier and rising faster than people expect.