Elon Musk is already bracing for the first mainland regulatory change
Leading today’s property news from around the region, one of America’s best known entrepreneurs crossed the front lines of the current trade war to purchase an 860,000 square metre Shanghai site, as Tesla gears up to start production in China.
Also getting some headlines is Sino Land’s plan to build 2,000 new homes in Kowloon East and JD.com has established another tie-up with an offline retailer. Read on for all the details on these stories and more.
Tesla Buys Land for Shanghai Factory
Tesla has signed an agreement with the Shanghai government for an 860,000-square metre plot of land to build its first overseas Gigafactory, the electric carmaker said in a Chinese social media post on Wednesday.
The land agreement marks a key step towards the firm and its chief executive Elon Musk making cars locally in China for the fast-growing market, even as tariffs imposed by Beijing on US-made goods have caused it to hike prices of its imported models. Read more>>
Sino Land Project to Bring 2,000 New Homes to Kowloon East
Kwun Tong, a former industrial area in Hong Kong’s Kowloon East district, is being transformed into a modern neighbourhood complete with stylish apartments and offices, through an urban renewal project.
The redevelopment site occupies an area of 570,000 sq ft and has five development phases, three of which have been earmarked for residential use. The redevelopment will have a gross floor area of 4.32 million sq ft. Read more>>
JD.Com Signs Grocery Delivery Deal with Carrefour
Chinese online grocery and delivery company Dada-JD Daojia recently announced a formal collaboration with French hypermarket chain Carrefour SA, with a plan to have approximately 200 Carrefour stores having presences on JD Daojia by the end of this year.
There are 158 Carrefour stores in 31 major cities across the nation that have joined JD Daojia by the end of last month. Following deeper collaboration, Carrefour’s online sales increased 720 percent compared with the previous month’s data. Read more>>
Edmund Tie to Retire From SG Agency
The founding executive chairman of the 400-strong local property consultancy, Edmund Tie & Company, will retire on Jan 1. Edmund Tie will remain as a senior adviser and the firm will continue to be led by chief executive Ong Choon Fah, the company said yesterday.
Mr Tie founded Edmund Tie & Company in 1995 with 12 partners and, in late 1999, sealed a joint venture with DTZ and Hong Kong-based CY Leung to form DTZ Debenham Tie Leung. Read more>>
Mainland Developers Cut Staff as Winter Chills Market
Chinese real estate companies are shifting strategies to stay afloat as growth in the sector cools off, with many resorting to laying off workers or otherwise restructuring their business.
“At the beginning of the year, I suggested to the chairman he prioritize business scale while putting profit on the sidelines,” a senior manager at a listed realty firm told Yicai Global. “But now the situation has changed, we’re giving them equal attention.” Read more>>
Korean Coffee Chain Caffe Bene Liquidates China Operation
The Chinese joint venture of Caffe Bene, South Korea’s largest coffeehouse chain, has gone bankrupt after years of racking up debt.
A Shanghai court accepted the insolvency and liquidation case of Caffe Bene Shanghai Investment Management just over two months ago, online news portal Jiemian News reported. The first meeting of creditors, who should claim their rights by Nov. 9, is scheduled for Nov. 16, the report said, citing a statement from the Fengxian District People’s Court dated Oct. 9. Read more>>
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