London’s mayor at the time had hailed a little-known Beijing developer as a Chinese mega-investor
In today’s roundup of regional news headlines, Chinese developer ABP draws flak for a stalled mixed-use project in London, cash-strapped Evergrande moves forward with efforts to sell a Hong Kong plot despite the property’s receivership, and manufacturer Karrie International gets the go-ahead for an HKEX listing of its real estate business.
Beijing’s ABP Given March Deadline for Stalled London Dock Scheme
A £1.7 billion ($2.3 billion) regeneration project in east London that’s been sitting undeveloped for years is on the brink of collapse unless its Chinese developers can guarantee it will be completed, the Sunday Times reported.
In 2013, then-mayor Boris Johnson awarded a contract to Beijing-based Advanced Business Parks to turn the 35 acre (14.2 hectare) site into offices, shops and homes. But ABP only secured a handful of tenants and halted construction more than two years ago. Read more>>
Evergrande Tries to Sell Hong Kong Site Despite Oaktree Receivers
China Evergrande Group will continue with efforts to sell a plot of undeveloped land in Hong Kong even after the appointment of a receiver by a creditor, a person with direct knowledge of the matter said.
The appointment of a receiver will also not have any bearing on the group’s restructuring process, the person said. Read more>>
Property Arm of Mainland Manufacturer Karrie Intl Wins HK IPO Approval
KRP Development, the real estate business of Chinese metal and plastics maker Karrie International Holdings, is heading for a listing in Hong Kong after the city’s bourse approved the unit’s spin-off, the company said last Friday.
The Hong Kong exchange “has confirmed that the company may proceed with the proposed spin-off” of KRP, a filing with the bourse said. Read more>>
Co-Working Provider Ucommune Warned by NASDAQ as Stock Slides
Beijing-based co-working company Ucommune announced on 3 February that it received a warning from the NASDAQ exchange after its stock price had fallen below the minimum bid price of $1 for 30 consecutive business days.
Once touted as China’s rival to WeWork, the mainland flexible office firm had gone public on the NASDAQ in 2020 through a backdoor listing and has since watched its shares steadily slide from an opening day price of $10.22 to close 18 percent lower at $0.55 a share on 4 February. Read more>>
Hong Kong’s Property Market Sank to 17-Month Low in January
Hong Kong’s property market is expected to see even fewer deals in the coming month amid a fifth coronavirus outbreak linked to the Omicron strain, with the overall number of deals in the city sinking to a 17-month low in January.
The overall number of transactions, including residential, commercial and industrial properties, as well as parking spaces, came in at 5,894 in January, down 16.7 percent from December, according to data from Centaline Property Agency. Read more>>
India’s Godrej Pulls Out of $93M Deal With DB Realty
Godrej Properties Ltd on Friday said it had decided not to proceed with plans to invest equity capital in DB Realty Ltd and set up a joint redevelopment platform, just one day after it announced the two proposals.
On Thursday, GPL said it planned to invest INR 400 crore in Mumbai-based real estate firm DB Realty to acquire about a 10 percent stake. The GPL board had also granted its approval to a plan to set up a special purpose vehicle as a joint venture with DB Realty to undertake slum rehabilitation and redevelopment projects in Mumbai for the Maharashtra Housing and Area Development Authority. Read more>>
COVID to Continue Disrupting HK Office Market Says UBS
The office market in Hong Kong will continue to be disrupted by the work-from-home trend this year as the coronavirus pandemic rages on, a UBS real estate analyst said.
With new office supply coming on to the market this year, more multinational firms may take the opportunity to consolidate their office needs and revisit their real estate strategy. Read more>>
Young Koreans Bought Record Number of Homes in 2021
The proportion of apartments bought by people in their 30s or younger reached an all-time high last year amid “panic buying” over soaring housing prices, data showed Sunday.
The buyers of this age group accounted for 31 percent of the country’s total apartment sales in 2021, up from 29.2 percent in 2020, according to the data compiled by the Korea Real Estate Board. Read more>>
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