Xiaozhu’s Chen Chi is aiming to pass $1B in valuation
Online, offline and new skyscrapers all get some ink in today’s real estate news as a mainland home -sharing platform aims to raise $200 million from GIC, a Foster+Partners project breaks ground in Shanghai and KPMG predicts big things for India’s real estate market. Read on for all thee details on these stories and more as we head into October.
Xiaozhu in Talks to Raise $200M From GIC at $1B+ Valuation
One of Airbnb’s biggest Chinese rivals is in talks with Singapore’s sovereign wealth fund and other investors for more than $200 million in new funding to take on the American home-sharing giant, according to people familiar with the deal.
Beijing-based Xiaozhu.com, said to have been a potential acquisition target for Airbnb in 2016, lets users rent and host homes and apartments across the country. It’s now targeting a valuation greater than the $1 billion it hit in November, but those figures could change as discussions are still underway, said the people, who asked not to be identified talking about a private deal. Read more>>
India’s Real Estate Market to Reach $1T by 2020 Says KPMG
Indian real estate market is expected to touch USD 1 trillion by 2030, becoming the third largest globally, according to a survey conducted by KPMG in association with Naredco and APREA.
The study released Thursday revealed that the sector is estimated to grow to USD 650 billion by 2025 and surpass USD 850 billion by 2028 to touch USD 1 trillion by 2030. The report released Thursday here noted that India has consistently improved its ranking in global real estate since 2014, which has instilled confidence in investors. Read more>>
200-Metre-Tall CR Land Commercial Project Breaks Ground in Shanghai
Work has begun on a 200-metre-high office tower designed by Foster + Partners in Shanghai, as part of a regeneration programme in the east of the city.
The 42-storey tower is being built for property development company China Resources Land as part of the Suhewan redevelopment project in northern Jing’An district (formerly Zhabei). It will be the first office tower in this primarily residential area, and is intended to be the centrepiece of the Suhewan East Urban Complex. Read more>>
JD.Com Kicks Off Thai Ecommerce Project With Central Group
JD Central, an e-commerce joint venture between Central Group, the biggest retail conglomerate in Thailand, and JD.com, the largest retailer in China, has announced its official launch in Thailand.
It said it wanted to bring the number of warehouses to five within this year, in support of its e-commerce business’s robust growth. To provide a boundless online shopping experience, the firm guarantees all 100 per cent authentic products on its platform and relies on its integrated logistics service to offer fast delivery, with an aim to be the most trusted brand and leading online e-commerce player. Read more>>
CapitaLand to Open Revamped SG Mall Ahead of Schedule
The revamped Funan mall and office complex will open months ahead of schedule by the second quarter of next year and use facial recognition technology to offer shoppers recommendations.
The launch of its co-living serviced residence component lyf Funan, managed by The Ascott, will meanwhile be brought forward from 2020 to the fourth quarter of next year. Read more>>
Keppel Land Ups Stake in Vietnam JV
Keppel Land (Keppel Land), through its wholly owned subsidiary, Ibeworth, has entered into an agreement with third party investors to divest 51 per cent of its 500 billion Vietnamese dong (about S$29.4 million) convertible bonds issued by housing developer Nam Long Investment Corporation (NLG) for 393 billion dong.
The divestment will “create sufficient headroom in NLG for Keppel Land to convert the remaining 49 per cent of the bonds that the company holds into shares, as NLG has a foreign shareholding limit of 49 per cent”, it said. Upon completion of the statutory procedures of the bond conversion by end-2018, Keppel Land will become the second largest shareholder of NLG, doubling its shareholding to 10 per cent. Read more>>
Staples Centre Owner in $309M Deal to Open Thai Stadiums
AEG has entered into a partnership with Thailand-based retail and entertainment developer The Mall Group, which will see a 10 billion baht ($309 million) investment in two new arenas in Bangkok.
The two venues, the EM Live at The Emsphere and The Bangkok Arena at the Bangkok Mall, will have capacities of 6,000 and 16,000 respectively. Both arenas are scheduled to open by the end of Q4 2022. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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