PHOTO: AFP

A strong 6.4 magnitude earthquake has struck the southern Philippines, killing five, including one child, destroying property and disrupting power supply. The death toll is expected to rise.

The powerful quake was felt across the Mindanao region, even causing a 3-storey shopping mall to burst into flames. Residents were evacuated and a child was killed when a house collapsed in the town of Datu Paglas.

AFP reports that the quake was 14 kilometres deep and followed by two aftershocks. The Philippines is part of the “Ring of Fire”, a zone of constant seismic activity that stretches from Japan through Southeast Asia and across the Pacific.

Several injuries have been reported as a result of falling debris. The shopping mall that caught fire was evacuated when the quake struck, but it’s not yet known if there were still people inside as the fire took hold.

The mall was still on fire three hours later as nearly 100 firemen battled to put it out.

Residents on the coast in Davao fled to higher ground fearing a tsunami, even though a government seismologist reassured people there was no tsunami risk as the quake had occurred inland.

It’s understood that prisoners in the municipal jail in the town of Bansalan were also let out, but placed in handcuffs and held outside for the duration of the evacuation.

SOURCE: AFP

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PHOTO: Burmese surfer Thwe Thwe Soe practicing off the coast of Ngwe Saung – Myanmore

Paddling hard and smiling, Thwe Thwe Soe flung herself up on the board just as a wave was breaking, spreading her arms out for balance before getting knocked off.

“I can’t live without surfing. I did not expect to be chosen for the national team but I’m thrilled at the opportunity.”

Thwe Thwe Soe was speaking after a day in the blue waters off the small coastal resort town of Ngwe Saung. Competitive surfing was barely known in Myanmar a few years ago but one local beach town is riding a wave of enthusiasm to the Southeast Asia Games for the first time ever.

The Southeast Asian country is flanked by surf-ready coasts to the west and south, but decades of military rule, lack of equipment and poverty kept aspiring athletes from testing the waters. The 25 year old encountered the sport while studying in southern California and has been hooked since, saying she “always feels happy” on the water.

Now she is going up against the region’s giants at the December games in the Philippines. Thwe Thwe Soe has one of the best chances to medal among the handful of surfers going, but all are training hard.

“We surf for at least four to six hours a day,” said American coach Robert Brickell, a 26 year old originally from New York.

The mild waves at Ngwe Saung present a paradox for competitive surfers – they are good to learn on but much tamer than the conditions in surfing hotspots. The team went to Bali in Indonesia for two months to get used to some “big wave surfing” and have made enormous strides in a short amount of time, Brickell said.

“My hope is that we can show everybody that people from Myanmar, we know how to surf, we know how to respect the ocean. And of course our hope is to win some meets.”

The Surf Association of Myanmar was established only this year. The sport is slowly gaining prominence thanks to the impassioned surfers, most from a village near the beach and newcomers themselves. Ngwe Saung is the heartland of the growing craze and has now hosted several competitions.

“We hadn’t heard of surfing before 2017. It will be a difficult competition but we will do our best for sure.” said 19 year old Aung Min Naing.

SOURCE: Agence France-Presse

PHOTO: Aspiring new Burmese surfer, Aung Min Naing – MMTimes.com

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“But now mainland Chinese, who traditionally viewed property in Hong Kong as a safe investment, are opting for rival financial hub Singapore and other south east Asian property hot spots.”

by Sam Reeves, with Catherine Lai in Singapore

From luxury Singapore apartments to Malaysian seafront condos, Hong Kong investors are shifting cash into Southeast Asian property, demoralised by increasingly violent protests as well as the China-US trade war.

Millions have taken to the streets during four months of pro-democracy demonstrations in the southern Chinese city, hammering tourism while also forcing businesses to lay off staff – and the property sector is feeling the pain. Property stocks in one of the world’s most expensive housing markets have plummeted since June, with developers being forced to offer discounts on new projects and cutting office rents.

Hong Kong businessman Peter Ng bought a condominium on the Malaysian island of Penang – which has a substantial ethnic Chinese population and is popular among Hong Kongers – after the protests erupted.

A 48 year old stock market and property investor told AFP he was worried about long-term damage to the Hong Kong economy if the unrest persists.

“The instability was a catalyst for me. Investors will always look at things like that, political stability.”

And Derek Lee, a Hong Kong businessman who owns a Penang apartment, said he knew others in the semi-autonomous city who were considering investing in south east Asian property because of the unrest.

“People are thinking about how to quicken their ideas, how to make a more stable life,” the 55 year old told AFP. Part of the allure of Malaysia is its relative affordability and prices much lower than Hong Kong.

The Malaysia site of Southeast Asian real estate platform Property Guru has seen a 35 percent increase in visits from Hong Kong, according to its CEO Hari Krishnan.

China-fuelled boom

While Hong Kong’s protests are primarily pushing for greater democratic freedoms and police accountability, the summer of rage has been fuelled by years of simmering anger towards Beijing and the local government over falling living standards and the high costs of living.

Hong Kong’s property market is one of least affordable in the world with sky-high prices fuelled, in part, by wealthy mainlanders snapping up investments in a city which has failed for years to build enough flats to meet demand.

But now mainland Chinese, who traditionally viewed property in Hong Kong as a safe investment, are opting for rival financial hub Singapore as a result of the protests and the US-China trade war, according to observers.

There has been a jump this year in sales of luxury apartments in the city-state, which like Hong Kong is known for pricey property, driven partially by mainland Chinese buyers, according to the consultancy OrangeTee & Tie.

“The protests in Hong Kong have made some of the (mainland Chinese) based there… (more concerned) about investing in Hong Kong real estate, so they carry that investment to Singapore,” said Alan Cheong, executive director of the research and consultancy team at Savills.

As well as hitting China’s economy, trade tensions may have discouraged some Chinese from investing in the West and pushed them towards Singapore, with its mostly ethnic Chinese population.

“I think they don’t want to go to the West.”

Singapore is “the closest country culturally to China other than Hong Kong and I think they feel more comfortable with that”. There are further signs the stable, tightly ruled city is benefiting from the Hong Kong turmoil. Goldman Sachs last week estimated as much as $4 billion flowed out of Hong Kong to Singapore this summer.

And analysts warned there was little hope of Hong Kong’s property market recovering soon.

“Hong Kong property share prices have corrected by about 15 to 25% since July,” said Raymond Cheng, head of Hong Kong and China property at CGS-CIMB Securities International.

Residential sales were still holding up but only when developers offered discounts, office rents were expected to fall by as much as five percent and shop rents were also badly affected, he said.

But despite the unrest, businessman Ng, who will rent his Penang property and has no plans to move there permanently for now, was still hopeful about Hong Kong’s long-term prospects.

“The problem may not be solved in the short term but it is not so serious as pessimists think. Everything is still in the government’s control.”

SOURCE: Agence France-Presse

PHOTO: newlaunches.sg

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