Stressed assets lead the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that institutional investors have invested $1 billion in stalled projects in India this year.
In other news around the region, luxury brands in one Asian financial hub are postponing store launches amid an uncertain market, while a flexible office provider secures $1.5 million in series A funding in India.
Elsewhere, a Mumbai-based company inks the largest ever co-working deal in India.
Investors Pump $1B into Stressed Property Assets in India
Institutional investors have invested $1 billion in stressed assets in real estate during the current year and more such transactions are expected with 87 companies in the sector facing liquidation, a property consultant said.
The residential segment with stalled projects worth $66 billion provides opportunities to these investors, JLL India CEO and country head Ramesh Nair said in a statement. Read more>>
GDS Posts 8% Increase in Revenue Driven by Hyperscale Growth in China
GDS Holdings, the top data centre landlord for hyperscale cloud platforms in China, continues to hit the cover off the ball with new bookings.
The Shanghai-based data centre operator reported 57MW in capacity leased by customers in the last quarter, including three 10MW-plus deals with existing customers and a new logo belonging to a hyperscale video streaming service, which signed for 9MW in a single location. Read more>>
Luxury Brands Postpone Openings in Hong Kong
“Opening soon,” says the white hoarding covering a Chanel Beauty store on the aptly named Fashion Walk, a retail area normally teeming with shoppers in Hong Kong’s Causeway Bay district.
The shop, which has looked like this for nearly four months, is just one of many whose openings have been significantly delayed by recent anti-government protests, adding to the increasing number of empty storefronts appearing in the city’s retail enclaves. Read more>>
myHQ Raises $1.5M in Series A Funding
On-demand workspace provider myHQ has raised $1.5 million in its pre-Series A round, led by India Quotient.
The funding round also saw investments from Singapore-based family office RB Investments, Ashish Goenka from Suashish, angels from online platform LetsVenture and existing investors – Anupam Mittal and Nitish Mittersian among others. Read more>>
Wanda Sports Share Value Hit after $34M Q3 Losses
Wanda Sports Group saw the value of its shares drop by more than 14 per cent this week after it reported net losses of $34 million for the third quarter of 2019.
Shares in the Beijing-based, Nasdaq-listed company, which owns and manages media and marketing rights to a host of major sports events, fell to $2.78 on Monday following news of the losses, which compare to profits of $14.5 million for the same period in 2018. Read more>>
Smartworks Inks Largest Ever Co-Working Deal in India
In the largest deal in the shared office space in the country, the Noida-based Smartworks Coworking has leased out a 500,000 square feet of space in the upcoming commercial project Amar Pristine Eighty-Three (AP83) in Pune.
This is the fifth facility for the company in Pune and will be operational by 2021, the company said. It already has a portfolio of 6,000 seats in the city. Read more>>
Shanghai Urban Renewal Projects Offered as Blueprint for Neighbouring Cities
Shanghai’s urban renewal projects involving historical structures and old communities have become models for neighbouring cities in the Yangtze River Delta region to drive urban development.
The China Urban Renewal Yangtze River Delta Region Summit was held in Huangpu District on Wednesday for city government officials, experts and urban planners to share their experiences in best urban face-lift practices. 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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