China added as much new clean energy generation in the first half of this year as the UK produced from all sources in the same period last year, data shows, as wind and solar power generation continued to surge in the world’s biggest emitter of greenhouse gases.

Electricity generation from coal and gas dropped by 5% in China in July, year on year, according to an update from the Centre for Research on Energy and Clean Air (CREA) thinktank, basing its analysis on data released by the Chinese government on Thursday.

The latest figures reinforce a clear trend – China is racing ahead in renewable energy, adding record-breaking amounts of solar and wind generation, eclipsing the rest of the world. It is a transformation that analysts are saying could be the world’s best hope yet of staving off climate catastrophe.

“China is leading against all of its competitors, when it comes to green technology,” said Li Shuo, the director of the China Climate Hub at the Asia Policy Institute in Washington DC. “China has a real advantage, and has established a huge green industry.”

Last year, China installed a record 293GW of wind and solar generating capacity. Last month, solar and wind capacity outstripped China’s coal-fired electricity capacity. By 2026, solar power alone will surpass coal as China’s primary energy source, with a capacity of more than 1.38TW, or 150GW more than coal, according to forecasts by Rystad Energy.

Electric vehicles production is surging ahead, with hybrids and fully electric cars making up more than half of all new models sold in July, and the steel industry is also changing, with no permits for coal-fired plants issued in the first half of this year.

This continuing boom in clean technology has led some analysts to suggest China’s greenhouse gas emissions may have already reached a peak, perhaps as early as February this year. This would be momentous.

For China, the world’s second biggest economy behind the US, to reverse its decades of almost unbroken rapid growth – nearly tripling from about 3.6bn tonnes of carbon emitted in 2000 to 11.4bn in 2022 – would have seismic implications for the global climate emergency.

Source: The Guardian

The world’s highest single-arch rail bridge is set to connect the valley region in Indian-administered Kashmir with the rest of the country by train for the first time.
It took more than 20 years for the Indian railways to finish the bridge over the River Chenab in the Reasi district of Jammu.

The showpiece infrastructure project is 35m taller than the Eiffel Tower and the first train on the bridge is set to run soon between Bakkal and
Kauri areas.

The bridge is part of a 272km (169 miles) all-weather railway line that will pass through Jammu, ultimately going all the way to the Kashmir valley (there is no definite timeline yet for the completion). Currently, the road link to Kashmir valley is often cut off during winter months when heavy snowfall leads to blockages on the highway from Jammu.
Experts say the new railway line will give India a strategic advantage along the troubled border region.

The Himalayan region of Kashmir has been a flashpoint between India and Pakistan for decades. The nuclear-armed neighbours have fought two wars over it since independence in 1947. Both claim Kashmir in full but control only parts of it.
An armed insurgency against Delhi’s rule in the Indian-administered region since 1989 has claimed thousands of lives and there is heavy military presence in the area.

“The rail bridge will permit the transport of military personnel and equipment around the year to the border areas,” said Giridhar Rajagopalan, deputy managing director of Afcons Infrastructure, the contractor for the Indian railways that constructed the bridge.

This will help India exploit a “strategic goal of managing any adventurism by Pakistan and China [with whom it shares tense relations] on the western and northern borders”, said Shruti Pandalai, a strategic affairs expert.

On the ground, sentiment about the project is more nuanced. Some locals, who did not want to be named, said the move would definitely help improve transport links, which would benefit them. But they also worry it would be a way for the Indian government to exert more control over the valley.

The railway line is part of a larger infrastructural expansion – along with more than 50 other highway, railway and power projects – by Prime Minister Narendra Modi’s government, which stripped Jammu and Kashmir of its special status and divided the state into two federally administered territories in 2019.

Source: BBC

Thailand’s property market has seen a sharp fall in foreign condominium purchases during the second quarter of 2024, according to the Government Housing Bank’s Real Estate Information Centre (REIC).

A report released on Friday revealed a sharp drop in foreign condo transfers, totalling 14 billion baht, primarily attributed to challenges faced by Chinese buyers. Despite this, Chinese nationals remain the largest group of foreign property owners in the Thai market.

Wichai Wiratkapan, acting director of the REIC, noted a 6.2% decrease in the number of foreign-owned condo units transferred and a 17.7% decline in value compared to the same period last year. While the overall picture for the first half of 2024 shows 7,280 units transferred to foreign owners, valued at 32.888 billion baht, the second quarter figures highlight a cause for concern.

Chinese buyers continue to lead in condominium ownership transfers with 2,872 units valued at 13.203 billion baht. Myanmar nationals follow in second place with 638 units worth 3.240 billion baht, while Russian buyers rank third with 567 units valued at 1.874 billion baht. Taiwanese and American nationals complete the top five, with 326 and 292 units respectively.

However, the report indicates a notable decline in purchases by Chinese, Russian and Myanmar nationals during the second quarter.

Interestingly, while Chinese buyers dominate in volume, Indian nationals are purchasing the highest-value condominiums, with an average purchase price of 6 million baht. Indian buyers are also acquiring the largest units, with an average size of 71.3 square metres.

Source: The Nation

Luxury Residential Market Booming

At a time when global house prices are rebounding, Manila’s luxury market is experiencing a surge. According to a Knight Frank index of prime residential prices in 100 cities worldwide, the Philippine capital recorded the fastest growth last year. Prices grew a staggering 26.3 percent, surpassing even Dubai. Manila also held the top spot in the first quarter of this year.

Strong demand from a rising number of high-net-worth individuals and limited supply have driven up prices. The Philippines was Southeast Asia’s fastest-growing economy last year and has enjoyed annual growth rates in the past decade that have nearly equaled India’s.

However, capital values remain much lower than in leading Asian cities. According to Knight Frank, $1 million bought 158 square meters (1,700 square feet) of prime residential property in Manila in 2022, compared to just 34 square meters in Singapore, 60 in Tokyo and 113 in Mumbai. Manila’s luxury market is booming but remains relatively affordable.

Bricks-and-Mortar Retail Thriving

While physical retail faces challenges due to the rise of online shopping, the Philippines is a haven for shopping center landlords. With private consumption accounting for more than 75 percent of economic output and online retail spending at just 2 percent in 2022, Manila’s shopping centers are in a prime position.

Surprisingly, Manila is home to two of the world’s largest shopping centers. In a country with heavy rain and high temperatures and humidity, large shopping centers serve as both a refuge and an entertainment destination. “Malling is a way of life here, providing shelter from the rain and heat,” said Joe Curran, chief executive at KMC Savills in Manila.

Business Process Outsourcing Drives Office Market

The expansion of the business process outsourcing (BPO) industry is the biggest story in Philippine commercial real estate. The sector is not only the country’s largest employer, but also a key driver of growth and the main source of demand for office space. Revenues have been increasing at an annual rate of 9 percent since 2019 and are expected to reach a substantial $38 billion this year.

The Philippines overtook India as the world’s call center hub over a decade ago. As a former U.S. colony with a large population of young English speakers, the Philippines is fertile ground for multinational firms seeking to streamline operations and optimize back-office functions. A popular approach is to leverage lower labor costs and deep talent pools in emerging markets.

Data from Knight Frank shows that offshoring-related wage costs in the Philippines are still significantly lower than in India, while prime office rents in Manila are nearly 50 percent lower than in Bengaluru, Mumbai and New Delhi.

This incentivizes multinational companies to locate more call centers in the Philippines. “For every 100 jobs they outsource to India, they add 10 to 20 in the Philippines,” said Anshul Jain, head of Asian tenant representation and managing director for India and Southeast Asia at Cushman & Wakefield.

In the first quarter of this year, outsourcing and offshoring accounted for 53 percent of leasing activity in metropolitan Manila’s office market. In Cebu, the share was as high as 80 percent, according to JLL.

Source: Real estate news. Ph