The news kicks off this week with a tally of international investment in India revealing the top five foreign players in an increasingly global market. Also in the headlines, C&W says finding a home for your company in Hong Kong costs nearly triple the rate in Singapore, and yet another Hong Kong developer seems to have had a happy fourth quarter. Read on for all these stories and more.
Singapore’s sovereign wealth fund GIC and private equity firm Blackstone Group have emerged as the two top global investors in India’s real estate sector after almost a decade of investing in the country. Canada’s Brookfield Asset Management Inc. is fast moving into the big league.
GIC and Blackstone, which have different investment strategies and return expectations, have bought some of the best projects across real estate assets classes—residential, office space, hotels and shopping malls—since 2006. Read more>>
Hong Kong’s office rents are almost three times more expensive than those in Singapore as property markets in two of Asia’s largest commercial centers have diverged sharply in recent years. The spread has boosted Singapore’s appeal as a competitive business hub and made it a more attractive location for companies to house their regional headquarters, according to Cushman & Wakefield Inc.
Scarce supply in Hong Kong’s Central area has helped push rents higher, while the situation has been just the reverse in Singapore, which is grappling with ample supply in areas including the newer financial district in Marina Bay. Read more>>
Wheelock Properties reported revenue for 4Q and FY16 doubled to $224.3 million and $769.7 million respectively from a year ago.
Full year earnings rose 44.7% to $58.3 million although 4Q losses widened to $16.4 million from $0.9 million a year ago. Read more>>
As the 94-story, ultra high-end Wanda Vista Tower hotel and condominium complex rises from its massive foundation near Chicago’s lakeshore, the developer says about a third of the residential units are under contract with buyers.
That includes six of the building’s 21 penthouses priced in the $8 million to $10 million range, said Sean Linnane, executive vice president of Magellan Development Group, which is developing the building along with China’s Dalian Wanda Group. Read more>>
Dusit Thani Plc, a leading hotel and property development company, will start work on a landmark mixed-use real estate project in partnership with Central Pattana Plc.
The project in Sala Daeng will feature will feature a hotel, residences, retail areas and offices with a large green space. Read more>>
Troubled Chinese property developer Kaisa Group, whose shares have been suspended from trading in Hong Kong for almost two years, said it aimed to release its 2014 and 2015 annual results by the end of March, clearing the last hurdle for trade resumption.
“We target to announce the financial result from 2014 to 2016 first half, by the end of March,” Tam Lai Ling, a senior adviser and former vice chairman of Kaisa, told the South China Morning Post in a phone interview on Thursday. Read more>>
Chinese property developer CC Land Holdings, the new owner of London’s landmark building “Cheesegrater”, says it expects to incur a loss for last year.
The company said in a filing to the Hong Kong stock exchange on Friday it expected to report a net loss of HK$385 million (US$49.6 million), compared to a profit of HK$1.4 billion for 2015. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.