Alibaba Group headquarters in Hangzhou
In today’s roundup of regional news headlines, Alibaba Cloud announces plans to build its first data centre in the Philippines, China Evergrande’s shares take investors on a wild ride, and Hong Kong transit operator MTR tries to ease conflict-of-interest concerns after entering a bid for a Central harbourfront site.
Alibaba Cloud to Launch First Data Centre in the Philippines
As part of an aggressive $1 billion plan to expand its presence across Southeast Asia, Alibaba Cloud will be launching its first data centre in the Philippines by the end of this year. The objective is to extend the reach of services including elastic compute, databases, security, machine learning and data analytics.
The new data centre will be constructed in the capital Manila and bring the company’s total number of availability zones or data centres to 76, spread across 25 regions worldwide. Read more>>
Evergrande Bounces After Hitting Four-Year Low
China Evergrande Group shares posted wild swings on Monday, rallying as much as 7 percent after touching a four-year low in Hong Kong, squeezing short sellers.
Shares of Chinese billionaire Hui Ka Yan’s flagship property developer jumped to as much as HK$10.60, rebounding from the lowest since May 2017. The stock has dropped about 50 percent since he clinched a deal with investors to avert a cash crunch in September. Read more>>
MTR Says Central Site Bid Did Not Involve Govt Board Members
Government board members were absent from meetings related to the discussion and decision to bid for a prime site in Central, MTR Corp said to allay public concerns about conflict of interest.
The rail operator and property developer, in which the Hong Kong government holds a 75 percent stake, issued a statement in response to media queries over potential conflict of interest after it said it had taken part in the government land tender for the New Central Harbourfront Commercial Site 3. The decision to bid was based on purely commercial consideration, it said. Read more>>
New World Pavilia Farm Flats Snapped Up for Third Straight Week
Hong Kong’s homebuying frenzy shows no sign of abating, with investors on Sunday snapping up nearly all units put on sale at a large residential project in Tai Wai for a third consecutive week.
169 out of 173 units at The Pavilia Farm III above Tai Wai MTR station were sold by the day’s close at 8pm, builder New World Development said. Read more>>
China REITs Could Give S-REITs Some Competition
China real estate investment trusts might give Singapore REITs a run for their money, given the vast properties in the North Asian country that could be injected as assets.
While C-REITs are starting in a modest way, they have “tremendous” potential, said Gabriel Yap, executive chairman of investment firm GCP Global. Read more>>
Hong Kong Homebuyers Snap Up Vanke’s Vau Residence
Hong Kong homebuyers returned in droves to snap up new flats in Ho Man Tin on Saturday, showing confidence in the city’s property market amid the improving local coronavirus situation and early signs of economic recovery.
Vanke Holdings Hong Kong, a unit of third-largest Chinese developer China Vanke, sold 54 of the 55 units on offer at its Vau Residence project in Ho Man Tin as of 8pm, agents said, adding that they expected the remaining two units to sell out by the end of the day. Read more>>
World’s Most Expensive Housing Market Grinds Towards Record
The world’s most expensive property market is unstoppable. Despite a struggling economy and a wave of emigration after years of political turmoil, demand for homes in Hong Kong — ranging from luxury mansions to shoebox apartments — remains unquenched.
In a few hours, buyers snapped up 45 new apartments worth a total of HK$248 million ($32 million) in Henderson Land Development’s The Upper South project on a recent Sunday. New World Development’s The Pavilia Farm III was so popular that 88 buyers had to vie for one apartment — making it the most in-demand project since 1997. Read more>>
Colliers Moves to New Office in Gurugram, India
Property consultancy firm Colliers has signed a 10,000 square foot (929 square metre) flexible office space at WeWork Two Horizon Centre in Gurugram.
“Our new office is designed to drive productivity and collaboration which will foster a community, facilitating connections and innovative ideas, while cultivating our enterprising culture, which are critical success factors for our people and clients,” said Sankey Prasad of Colliers. Read more>>
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