In Mingtiandi’s latest roundup of regional news headlines, Hong Kong property giant CK Asset drops its lawsuit against Goldin chairman Pan Sutong, WeWork says it will launch its biggest Singapore space within a year, and China’s statistics bureau reports that real estate investment surged more than 38 percent year-on-year in the first two months of 2020.
CK Asset has withdrawn a lawsuit against Goldin Financial chairman Pan Sutong, according to local media reports.
On 19 February, CK Asset filed a writ against Pan and his privately-owned Gold Brilliant Investment, claiming that the chairman had breached an agreement granting CK the right of first refusal on the Ho Man Tin station phase-one property development. Read more>>
Dash Living, a Hong Kong co-living startup, is helping hotels switch to monthly leases to survive the unprecedented downturn in the city’s tourism sector.
More business opportunities have emerged for Dash since the coronavirus outbreak, and it is collaborating with six hotels. “We did not have third-party hotel partners before COVID-19, and we [have grown] pretty quickly over the last three months, actually,” said Eddie Sit, Dash’s head of marketing. Read more>>
WeWork is set to launch its largest location yet in Singapore — at the 21-storey former HSBC building at Collyer Quay — in the next nine to 12 months, Samit Chopra, the company’s managing director for international strategy and operations, told the Business Times.
The co-working operator is also expecting to turn EBITDA-positive in Southeast Asia, as well as in the overall Pacific region, around the second quarter, said Chopra, who oversees the EMEA and Pacific regions. Read more>>
Office space absorption across India’s six major cities is expected to touch 41.3 million square feet (3,836,896 square metres) in 2021, marking growth of 22 percent from last year despite the disruption caused by the pandemic in the last few quarters, said international property consultant Savills India.
Of the major cities, the country’s financial capital Mumbai is likely to post the highest on-year growth in leasing activity at 5.5 million square feet in 2021 against 2.9 million square feet of absorption clocked in 2020. Read more>>
Investment in fixed assets in China in the first two months of the year recorded a 35 percent rise on a yearly basis, among which, investment in real estate saw the biggest rise with a jump of 38.3 percent year-on-year and accounted for over 30 percent of total fixed-asset investment, official statistics showed on Monday.
From January to February, the investment in real estate development nationwide reached RMB 1.3986 trillion ($215.2 billion), up 38.3 percent from 2020 and 15.7 percent over the January-February period of 2019, with a two-year average growth of 7.6 percent. Of this, residential investment was RMB 1.0387 trillion, up 41.9 percent. Read more>>
Singaporeans bought 60 percent of a Perth development’s apartments off-the-plan, illustrating a growing appetite for Australian real estate, according to Asian proptech company Juwai.
Luxury boutique developer Jean Yip Holdings, a Singaporean entity, is developing Elements at Carousel in the Western Australia capital. There has been strong Singaporean engagement in the development, which is due for completion in 2023. Read more>>
China Evergrande and Tencent Holdings have agreed to set up a company to develop an operating system for smart vehicles, as competition heats up amid Beijing’s push to accelerate the roll-out of automobiles that run on non-fossil fuels and artificial intelligence.
An electric vehicle unit of Evergrande, the largest Chinese real estate developer by sales and the most indebted builder, will own 60 percent of China Evergrande New Energy Vehicle Group, while Tencent unit Beijing Tinnove Technology will own the remaining 40 percent, according to a filing with the Hong Kong stock exchange. Read more>>