WeWork Aims for $40B Valuation in Talks With Softbank and More Asia Real Estate Headlines

Any analysts still agog over WeWork’s $20 billion valuation may need to seek professional help if the shared office superstar achieves its goal of a $40 billion valuation as it discusses a new round of funding led by Softbank. Meanwhile, in the more mundane world of multi-billion dollar funds and new retail, Blackstone shares some strategy about what it will do with its latest Asia cash and Alibaba announces a digital makeover of 400 mainland hypermarkets. All the details are in our daily list of stories below.

WeWork Aims for $40B Valuation in Talks With Softbank

SoftBank Group is in discussions to invest another giant slug of capital in WeWork Cos., with a deal that would value the shared-office company at $35 billion to $40 billion, according to people familiar with the matter.

Such an investment would roughly double WeWork’s $20 billion valuation, set last August when SoftBank invested $4.4 billion in the company. It would make the New York firm the second-most-valuable privately held, venture-backed US startup behind Uber Technologies Inc. Read more>>

Blackstone Says It Will Spend Cash from New APAC Fund in Asia Pacific

Blackstone Group LP said it will accelerate its Asia-Pacific investments after raising a combined $9.4 billion from two funds dedicated to the region.

The New York-based alternative asset manager will have $15 billion to deploy to real estate, private equity and other opportunities in Asia once money from its global funds is included, according to Jonathan Gray, Blackstone’s president and chief operating officer. Read more>>

Investa Office Fund Gives Final Approval to $2.3B Blackstone Buyout Offer

Australia’s Investa Office Fund (IOF) (IOF.AX) and Blackstone Group (BX.N) on Wednesday entered into a scheme implementation agreement through which the U.S. private equity giant would acquire real estate investment trust for A$3.08 billion ($2.3 billion).

The directors of IOF manager Investa Listed Funds Management said they unanimously recommend the offer, which equates to a distribution adjusted price of A$5.15 per unit. Read more>>

Alibaba Gives Digital Makeover to 400 RT-Mart Stores

RT-Mart has finished a months-long digital transformation of a quarter of its 400 stores using New Retail technology developed by Alibaba Group, the Chinese hypermarket chain said Monday.

Using Alibaba’s Hema supermarket as a model, RT-Mart has rolled out a series of features aimed at improving the shopping experience for customers including in-store fulfillment of online orders, interactive kiosks or a selection of popular products from Tmall. Read more>>

WeWork to Share Workplace Analytics With India Members

WeWork India, the Indian arm of US-based co-working space provider WeWork, is launching its ‘design-build-operate’ services here and will offer data analytics to companies, to boost its growth.

WeWork, which has a joint venture with Bengaluru-based property developer Embassy group for the local unit, is in talks with a few large companies to offer both the services, said Karan Virwani, chief executive officer of WeWork India. So far, it was following a subscription-led model in which it would charge users for shared services at its centres. Read more>>

Yuhu Group Closes in on Top Out Troubled for Gold Coast Jewel

The Jewel towers will top out before winter is over, with new owners Yuhu Group moving full steam ahead on the three-tower Surfers Paradise apartment and hotel development.

After settling on the Circular Quay and Gold Coast projects left behind by Chinese development giant Dalian Wanda, Yuhu Group has undertaken a review of the Gold Coast development, announcing plans to retain its name. Read more>>

Hainan Home Sales Fall 14% in May After Govt Clampdown

Tough measures to cool the property market in China’s resort island of Hainan have put the brakes on a real estate boom and underscore the policy risks developers and investors face as the government tries to rein in prices.

Home prices in Hainan, known for its resort-lined beaches, recorded China’s second-fastest monthly price increase in April, spurred by Beijing’s commitment to promote the island province as a tourism hub and free trade zone. Read more>>

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