China Oceanwide broke ground at First and Mission this week
Airbnb is determined not to be the latest in a seemingly unending list of US media companies to fail in China. But most of the earlier online gladiators said the same thing just before they entered the arena of no return. Also in the news, while Silicon Valley’s giants keep coming to China, Oceanwide became the latest mainland developer to establish a beachhead in the Bay Area – breaking ground at First and Mission in San Francisco this week. Read on for all these Asia real estate stories and more.
Airbnb Learns From Uber Losses as It Inches Into China
When Uber retreated from China this summer, it seemed like a bellwether for U.S. companies trying to push their way into the country. The world’s most valuable venture-backed startup lost at least $2 billion in the world’s most populous nation in two years, according to people familiar with the matter, trying to build market share with free rides. In the end it sold its China operations to local leader Didi Chuxing. Now, America’s second-most-valuable startup is betting it can do better.
Where Uber rushed in, Airbnb has taken its time building relationships with China’s industry leaders and government officials. A 2014 partnership with Alibaba made it easy for Chinese users to pay for Airbnb rentals with Alipay, the local equivalent of PayPal. Read more>>
China’s Oceanwide Breaks Ground in San Francisco
No matter what architectural fads are in vogue, there’s one constant in downtown towers: Groundbreakings are an excuse to put on a show.
And the bigger the building, the bigger the show. Which explains the cloudy fenced-off fanfare Thursday morning near the corner of First and Mission streets in San Francisco. Read more>>
HNA Group Completes Acquisition of Carlson Hotels
Today, the Chinese group HNA Tourism Group Co, Ltd. (“HNA”) announced the successful completion of its purchase of Carlson Hotels Inc. from Carlson Hospitality Group, Inc. This transaction includes Carlson`s stake in Rezidor Hotel Group AB (“Rezidor”), representing 51.3% of outstanding shares.
Rezidor notes that HNA is now under an obligation to either launch a mandatory tender offer for the remaining outstanding shares in Rezidor or sell down its ownership in Rezidor below thirty percent within four weeks from the completion, i.e. no later than 4 January 2017. Rezidor has not been provided with any further information regarding HNA`s intentions. Read more>>
MAD Architects Unveils Rolling “Fake Hills” Complex in Beihai
AD architects has revealed the first images of its much-anticipated ‘fake hills’ development, a dense residential community in coastal china. located in beihai, a southern port city, the project seeks to capture the region’s scenic character with an undulating man-made topography.
The design, the first phase of which is now complete, forms an mountainous profile along the waterfront. the photographs of ‘fake hills’ were first presented in MAD works, a new monograph detailing the studio’s distinctive and wide-ranging work. Read more>>
Sri Lanka Trades 80% of Strategic Port to China for Debt Relief
Sri Lanka’s heavily indebted government signed an agreement in principle on Thursday to sell an 80% stake in a deep-water port on the nation’s southern coast, close to one of the world’s busiest sea lanes, to a Chinese state-owned company, senior officials said.
Under the deal, a copy of which was reviewed by The Wall Street Journal, China Merchants Port Holdings Co. would pay about $1.1 billion for its share of the port and adjoining land in Hambantota district. Read more>>
HK Home Prices Expected to Slide as Interest Rates Rise
An imminent rise in interest rates in the United States next week could quicken the correction in Hong Kong home prices, which have bounced back to near record levels last month, according to industry experts.
Analysts estimated that a rate tightening could result in Hong Kong home prices falling 5 to 15 per cent for the next 12 months. Read more>>
Beijing Completes 1,000 KM 7th Ring Road as City Goes Regional
A 1,000-kilometer expressway linking Beijing and nearby cities in Hebei province was completed on Tuesday, which will ease traffic congestion and improve regional economic growth in the area.
The expressway linking Miyun district in Beijing and Zhuozhou in Hebei marks the completion of G95, a ring-road expressway, part of which is in the capital. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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