Equinix is adding to its India footprint (Getty Images)
One of the largest data centre operators in the US is expanding its India footprint with the news of Equinix’ latest Mumbai location leading today’s roundup of headlines. Also in the news, Hong Kong’s Hysan keeps profits steady despite some renovation work and Shanghai homebuyers are threatening a mortgage boycott as more projects get delayed.
Equinix to Invest $42M in Fourth Mumbai Data Centre
Equinix on Wednesday said it was investing $42 million for the establishment of its fourth International Business Exchange (IBX) data centre in Mumbai, named MB4.
MB4 will offer an expanded array of connectivity options to major telecommunications networks and will include Metro Connect availability to Equinix’s highly interconnected data center sites MB1 and MB2. The inaugural phase of MB4 is anticipated to roll out with a capacity of 350 cabinets. Upon full completion, the facility is projected to house up to 700 cabinets. Read more>>
Hong Kong’s Hysan Keeps Profit Steady as Retail Market Recovers
Hysan Development on Thursday declared underlying profit of HK$1 billion ($128 million) for the first half of 2023, as Causeway Bay’s largest landlord saw weaker results from both its office and retail holdings.
The commercial developer saw turnover for the first six months of the year decline 9.3 percent to HK$1.6 billion as it undertakes renovation and enhancement works at some of its Hong Kong island properties. The company reported 89 percent occupancy in its office portfolio and 98 percent occupancy in its retail properties. Read more>>
Shanghai Homeowners Threaten Mortgage Boycott as Condos Fail to Complete
Dozens of homebuyers in Shanghai have threatened to stop repaying mortgages as they protest against a developer’s delay in handing over flats, evoking memories of a nationwide boycott about a year ago that spread to more than a hundred cities as builders were behind schedule due to tight funding and strict Covid-19 curbs.
These warnings reflect the continued stress in China’s property market as the government attempts to rebalance the sector, exposing developers to completion risk and marking the first mortgage boycott threat in the mainland’s financial and commercial hub where residential units have long been viewed as safe investment amid a property boom. Read more>>
IWG Reports 48% Surge in Profit for 2023 1H
Office rental firm IWG retained a “cautiously optimistic” outlook after posting a 48 percent surge in half-year profit on Tuesday, helped partly by high demand for its spaces and improved pricing.
Office landlords are slowly recovering from pandemic lows as employers opt for permanent hybrid working models, where employees need to be in the office for a stipulated number of days in a week or a month. Read more>>
WeWork Adds Bankruptcy Experts to Board After Directors Resign in Protest
WeWork reshuffled its board after the resignation of three directors who disagreed with its governance and strategy, replacing them with corporate bankruptcy experts as it cast doubt on its ability to survive turmoil in the office-building market.
The flexible workspace provider, once valued at $47 billion but now a penny stock, said Tuesday that board members Daniel Hurwitz, Vivek Ranadivé and Véronique Laury resigned last week because of “a material disagreement regarding board governance and the company’s strategic and tactical direction.” Read more>>
Mainland Venture Capital Boss Bao Fan Still Detained
Bao Fan, the founder and chairman of China Renaissance Holdings, is still “cooperating” in an unspecified investigation launched by mainland Chinese authorities, according to the company.
It is the company’s first announcement since the highly influential deal maker in China’s tech industry suddenly disappeared six months ago, which sent its shares tumbling. The investment bank added that it was operating normally under the supervision of its executive committee and directors and that it would continue to monitor matters related to Bao and update investors “when appropriate”. Read more>>
Country Garden’s Yang Huiyan Suffers World’s Biggest Decline in Fortune
Asia’s once-richest woman has lost more wealth than any other billionaire in the world in just over two years as her Chinese property development company falls deeper into a debt crisis.
Yang Huiyan, chair of Country Garden Holdings Co., has seen her fortune slump by 84 percent since its peak in June 2021, including a drop of 8.2 percent on Tuesday alone, according to the Bloomberg Billionaires Index. Country Garden missed coupon payments due on Monday, putting the real estate developer on course for its first public default if it doesn’t make the payments within a 30-day grace period. Read more>>
Trades of Singapore HDB Flats Rebound
Housing and Development Board (HDB) resale volumes in Singapore recovered in July 2023 from a decline observed the month before, while prices maintained their upward trajectory.
Flash data from real estate portal SRX and property agency 99.co released on Thursday (Aug 10) showed that 2,056 HDB resale flats transacted in July, up 10.7 percent from the earlier month, albeit 13 percent lower when compared with the previous year. Read more>>
PropNex Reports 18.4% Profit Drop as Singapore Housing Market Slows
Propnex posted an 18.4 percent drop in net profit to S$22.1 million ($16.4 million) for its first half year ended June, from S$27.0 million in the previous corresponding period. This came as the real estate services group’s revenue fell 22.9 percent to S$364.3 million from S$472.3 million, mainly due to a decrease in commission income from both its agency services and project marketing services segments, it said on Thursday (Aug 10).
Commission income from agency services declined 13.3 percent to S$248.7 million, while commission income from project marketing services dropped 38.1 percent to S$113.5 million in the first half year. Read more>>
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