Asset managers, co-workers and smart phone makers all find their way into Asia’s top real estate stories today with news of New York-based BlackRock delegating more authority to its local team in Asia landing at the top of Mingtiandi’s list of news from around the region today.
WeWork is also on the move, acquiring an online office service provider in New York for an undisclosed sum and China’s trendiest gadget maker, Xiaomi, may have designs on the rental housing market, judging from some recent corporate moves. We have all the details on these stories and more.
BlackRock is giving its new Asia-Pacific head more power under a management reshuffle announced internally Tuesday as the U.S. firm eyes further expansion in China and the broader region.
Geraldine Buckingham, who in February became chair and head of BlackRock Asia Pacific, now takes “primary responsibility” for the institutional client business there, according to a memo seen by the Nikkei Asian Review. Read more>>
Xiaomi has recently set up a new company which has a license to provide real estate rental services, company registration information shows.
Mi Space Information Technology, which was registered on March 26 in Nanjing, lists Xiaomi’s founder Lei Jun as its executive director and Xiaomi vice president Liu De as general manager. The company’s parent, Mi Space NJ Limited, is a company that was registered in Hong Kong last December. Read more>>
Hong Kong developers are likely to flood the market with more than 9,000 homes – nearly half the government’s annual target – as they look to cash in on the rising prices. But analysts say increases could be dampened as builders woo buyers with hefty discounts.
Derek Chan, head of research at Ricacorp Properties, said that he expects developers to speed up their sales plans to take advantage of the recovering appetite. “However, to win over buyers amid the likely fierce competition, developers will not tag their homes at a much higher price.” Read more>>
Co-working space provider WeWork Inc. has acquired Managed by Q Inc., a subscription and on-demand office services company for an undisclosed sum.
Founded in 2013, Managed by Q offers a range of subscription and on-demand services that may be required in an office ranging from cleaning and maintenance to supply replenishment and wellness services. The company claims that it is “committed to spreading a mission of economic empowerment, by creating good jobs for its operators and providing opportunities for small business to flourish.” Read more>>
India’s Raymond Ltd is venturing into real estate business to monetise its land bank, the textile and branded apparel company said on Wednesday, at a time when the sector is reeling from rising debt and funding crunch.
Several project failures have made banks cautious on lending to developers, leading to a slump in a property market that relies heavily on borrowing for both homebuilding and buying. Read more>>
Fortnum & Mason, the upmarket London department store that counts the British royal family among its regular customers, has chosen Hong Kong for its first stand-alone shop overseas since it was founded three centuries ago.
Ewan Venters, chief executive of Fortnum & Mason, said the company has signed an eight-year lease to open a two-storey shop at the Victoria Dockside in Tsim Sha Tsui. The shop will open as part of the new high-end K11 MUSEA mall in September. Read more>>