Another US unicorn appears to be stumbling in the China market, as room-sharing giant Airbnb announces a sudden leadership shift in its mainland unit today. Elsewhere in the headlines, developer Hysan adds yoga spaces to its latest office projects and Chinese developers find new ways to fund malls and apartment buildings, thanks to new policies read on for all these stories and more.
Airbnb’s China chief is leaving the company after only four months in the position, marking another setback for the company and for US tech groups in China.
Asia Pacific head Kum Hong Siew will act as interim China chief of the home rental group until a replacement is found, according to the company. Mr Siew previously served as Yahoo’s general counsel for Southeast Asia before joining Airbnb in 2012. Read More>>
China’s securities regulator looks like accelerating its approval of rented-flat-backed securities, with a new product by a major developer given the go-ahead on Monday just 10 days after another by a leading flat operator was shown the green light.
Poly Real Estate, the mainland’s fourth largest developer by sale value, has been offered a 5 billion yuan (US$754 million) quota for the sale of securities backed by its rented flats portfolio by the Shanghai Stock Exchange. Read More>>
Workplaces are quickly evolving in Causeway Bay, one of Hong Kong’s busiest shopping and business districts, and the area’s biggest commercial landlord wants to lead on creating a more enjoyable and healthier work environment for millennials.
Hysan Development’s 32-storey, grade A office tower, Lee Garden Three, which is to open by year end, will feature an indoor running track, spaces for yoga and spas and a terrace. Read More>>
CITIC Capital Holdings Limited yesterday announced the successful launch of its “Bohai Huijin-CITIC Capital ID Mall Asset-backed Securities Scheme” backed by the company’s Changsha ID Mall in Hunan.
The mainland near-REIT is said to have been met with strong demand from investors, according to a statement from CITIC Capital, which issued the security in three tranches – an equity tranche, a senior A tranche and a senior B tranche. Read More>>
CapitaLand Commercial Trust this week reported strong demand for its rights issue, with the trust manager receiving ore than 923 million valid applications for over 513 million new units in the Singapore-listed REIT.
CCT issued the units as part of a combined debt and equity financing package following the trust’s agreement to acquire Asia Square Tower 2 from a BlackRock-managed real estate fund last month for approximately S$2.1 billion ($1.5 billion). Read More>>
A single-storey house in Cairnhill Road is up for sale with a $115 million asking price. The freehold house, which has been in the present owner’s hands for about 50 years, is next to the 61-apartment Cairnhill Mansions, which is up for collective sale.
That means a single buyer could snap up both properties and have a 62,903 sq ft area for redevelopment on a street that is near Orchard Road and Newton MRT station. Read More>>