Leading today’s roundup, mainland developer China Oceanwide Holdings has topped out its billion-dollar mixed-use development in downtown Los Angeles, after acquiring the site in 2013. Meanwhile, back in Asia, Singapore’s real estate recovery has spread to the retail sector, as rents for shopping space rise for the first time in more than three years, and one of China’s top developers has decided to have a try at high-tech agribusiness. And there’s news further west, as an Italian fashion house teams up with a local builder in New Delhi, while over in Dubai, one of the world’s largest malls is partnering with Alibaba’s Ant Financial to lure Chinese shoppers.
Three years into construction, the $1-billion Oceanwide Plaza development has topped out across the street from Staples Center and the L.A. Live complex.
The project, which comes from the American affiliate of the Chinese developer Oceanwide Real Estate Group, spans across an entire city block bounded by Figueroa, 11th, 12th and Flower Streets. Its tallest tower, rising to a structural peak of 677 feet above street level, will feature a 184-key Park Hyatt Hotel, in addition to 164-branded residences and amenities. Read more>>
Retail rents in the central region have posted their first increase after 12 consecutive quarters of decline, according to data yesterday.
The Urban Redevelopment Authority rental index inched up 0.1 per cent in the first quarter for that zone over the final three months last year. That is the first quarter-on-quarter rise since the fourth quarter of 2014. Read more>>
Aliyun, the cloud computing unit of Chinese online retail giant Alibaba, has inked a framework agreement with Oceanwide Holdings. This is with regards to a smart city project for Wuhan City.
The inking of the deal comes in the wake of the Chinese online retailer confirming that it had entered the driverless car space and was already carrying out tests. In so doing Alibaba now joins other Chinese tech giants such as Tencent and Baidu. According to a spokesperson for Alibaba, the online retail giant intends to hire about 50 more autonomous car specialists for its artificial intelligence research lab. Read more>>
Evergrande Group, China’s second-largest property developer by sales, has launched the Evergrande High-Tech Agricultural Group, following chairman Xu Jiayin’s stated mission to march into high-tech fields, The Paper reported.
The company said it will adopt the world’s most advanced intelligent and precise environmental control technology, big data, Internet of Things and intelligent machinery automation to achieve all-season and all-weather production. Read more>>
Italian luxury brand Versace and realty firm Unity Group today announced tie-up for developing the Delhi’s tallest building, comprising 160 branded luxury apartments, with an investment of about Rs 500 crore.
The 46-storey twin towers, with interior design by Versace Homes, will be the tallest approved building in the national capital with 182 metres in height, Unity Group Director Harsh Vardhan Bansal told reporters here. Read more>>
Guangzhou’s new RMB 17 billion ($2.7 billion) airport terminal opened on Thursday, designed to handle 100 million passengers a year from southern China’s “Greater Bay Area” by 2025. A subway line connecting the city centre of the Guangdong capital with the new terminal at Baiyun International Airport will also start operating.
Terminal 2 has 397 check-in counters and more than 5,000 car parking spaces and will use facial recognition technology to screen all passengers before they board. Read more>>
On April 26, Shanghai-listed Oriental Pearl disclosed plans for an E-Sports Industry Park and E-Sports Stadium. The E-Sports Industrial Park is envisioned to cover an area of 130,000 square meters and the e-sports venue will span more than 13,000 square meters. The industrial park will include comprehensive functions such as spaces for holding competitions, business, talent training, and product incubation, in order to compete for related industries and commercial entertainment.
At the end of last year, Shanghai released a set of guidelines emphasising the need to build the city into a “global e-sports capital” as soon as possible, and setting policy requirements for the development of Shanghai’s e-sports industry. Read more>>