Adam Neumann co-founded the troubled co-working giant
A messy breakup leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the co-founder and former CEO of coworking giant WeWork has accused Softbank of abuse of power.
In other news around the region, retail sales in one Asian financial hub dropped by 13 percent in March – the most in 22 years – while a mainland developer has taken to livestreaming variety shows on TikTok to sell homes. Elsewhere, a Singapore fund manager has acquired a majority stake in a fintech company.
Neumann Accuses Softbank of Abuse of Power
WeWork co-founder and former CEO Adam Neumann, who once called his relationship with SoftBank’s Masa Son “beautiful”, is now suing the Japanese conglomerate — and his language has changed dramatically.
In the lawsuit, Neumann accuses SoftBank of backing out of a key provision of its nearly $10 billion bailout of the coworking company, which SoftBank agreed to in October. Read more>>
ARA, John Lim Family Office Takes Majority Stake in Fintech Company
ARA Asset Management chief executive officer John Lim’s family office, JL Family Office, and the group’s property management arm have jointly acquired a 52.08 percent stake in crowdfunding platform Minterest for an undisclosed sum.
This is ARA’s entry into the fintech sector and is part of the group’s wider ambitions in the global real estate credit business. Read more>>
Singapore Retail Sales Drop Most in 22 years
Takings at the till in March sank by the most since 1998 as the coronavirus crisis escalated with safe distancing and stay home curbs, but worse is yet to come with tough circuit breaker measures kicking in only in April, said experts.
Retail sales dropped 13.3 percent compared with the same period last year, on the back of a decrease in takings from food and beverage services and most consumer categories, according to data out on Tuesday by the Singapore Department of Statistics. Read more>>
Japan’s NTT Urban Development Buys Melbourne Office for A$72M
Japanese group NTT Urban Development Corporation has bought an office building in Melbourne from an Australian Unity fund for A$72m ($46.3m).
The Tokyo-headquartered firm purchased the property at 200 Victoria St in Carlton through its local subsidiary, UD Australia Pty Ltd, the buyer said. Read more>>
Country Garden Uses TikTok to Livestream Home Sale Promotion
Chinese property developers have found a sure-fire way to boost dwindling sales as buyers stay away from sales centres, fearing they might contract the dreaded coronavirus: live streaming.
Country Garden Holdings is the latest mainland company to jump on to the TikTok live-streaming platform, as it launches the biggest ever online property sales promotion in China to date. Read more>>
Wall Street Still Hungry for China’s Choicest Offices
When JPMorgan Chase & Co. was casting around for new office space in Shanghai in late 2018, executives weren’t interested in just any building.
It had to be one they could stamp their name on. That was Shanghai Tower, China’s tallest skyscraper, from where the bank’s logo shines across the city’s historic Bund area. At the end of last year, it boosted its occupancy to 20,000 square meters (215,300 square feet). Read more>>
Post-merger OUE C-REIT Reports 45% Higher Distribution in Q1
The amount available for distribution by OUE Commercial Real Estate Investment Trust (C-REIT) rose 44.5 percent year on year to S$37.6 million ($26.5 million) for the first quarter, on the back of contributions from Mandarin Gallery, Mandarin Orchard Singapore and Crowne Plaza Changi Airport following the merger with OUE Hospitality Trust in 2019.
Revenue was up 40.5 percent at S$77.73 million, while net property income was 42.5 per cent higher at S$62.07 million. 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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