CLSA will be keeping its three floors in One Pacific Place
Tales of Hong Kong turmoil lead Mingtiandi’s collection of real estate news today as Hong Kong brokerage has renewed its lease at a Swire property in the city despite reports of pressure from its mainland parent to steer clear of deals with non-believers.
By sheer volume of headlines WeWork continues to dominate the news cycle as media outlets rush to explain the company’s downfall, with the unconventional behaviour of CEO Adam Neumann attracting new scrutiny in a Wall Street Journal account. Oh, and up in China home sales continue to slow.
We have collected all these stories to help you navigate real estate investment today.
CLSA Renews Lease at Pacific Place Despite Report of CITIC Pressure
Brokerage CLSA has renewed its office lease at Hong Kong conglomerate Swire Properties’ flagship property. The Financial Times reported on Wednesday the firm had been under pressure to quit the premises by its mainland Chinese state-owned parent, Citic Securities.
Swire Properties’ parent, Swire Group, which owns Hong Kong carrier Cathay Pacific, has drawn Beijing’s ire after airline staff took part in the protests that have rocked the city since June. Read more>>
WeWork CEO’s High-Flying Ways Questioned in Wake of IPO Faceplant
Adam Neumann was flying high. Literally.
His office-rental giant WeWork was months away from being valued at $47 billion. Revenue was doubling annually. And Mr. Neumann was zipping across the Atlantic Ocean in a Gulfstream G650 private jet with friends last summer, smoking marijuana.
After the group landed in Israel and left the plane, the flight crew found a sizable chunk of the drug stuffed in a cereal box for the return flight, according to people familiar with the incident. Read more>>
Softbank Hopes India’s Oyo Can Be the Next WeWork
A former Hooters casino resort in Las Vegas is the unlikely test-bed for a revolution in the hotel industry.
The 675-room property is this week being rebranded under the banner of Oyo, the Indian budget outfit that has reshaped its home market and is now opening a hotel a day in the UK and US.
Fuelled with funds from SoftBank, the Japanese technology group, Oyo is plotting to become the world’s biggest hotel chain. Read more>>
China Home Price Growth Continued to Slow in August
China’s new home prices rose 0.5% month-on-month in August, less than July’s growth of 0.6% and was the slowest increase since February, Reuters calculated from official National Bureau of Statistics (NBS) data on Tuesday.
However, it still marked the 52nd straight month of gains. On a year-on-year basis, average new home prices in China’s 70 major cities rose 8.8% in August, compared with a 9.7% gain in July and the slowest since October 2018. Read more>>
University of Michigan Invested $50M in Phoenix Fund
University of Michigan, Ann Arbor, disclosed $226.3 million in alternative and absolute-return commitments, as well as a direct investment, from its $12.4 billion long-term endowment pool ahead of its board of regents meeting on Thursday.
In alternatives, the university made three $50 million commitments. Two were in February — one to Phoenix Asia Real Estate Investments VI(A), a Hong Kong-based real estate fund managed by Phoenix Property Investors, and another to Turner Multifamily Impact Fund II. The last $50 million alternative commitment was in March to SSC VI, a real estate fund managed by Spear Street Capital. Read more>>
Singapore Commercial Project Launched for S$300M Collective Sale
Manhattan House is to be launched for collective sale by public tender on Sept 20, at a reserve price of $300 million. This reflects a land rate of about $1,681 psf per plot ratio, and is inclusive of differential premium payable. ERA Realty is the marketing agent.
More than 80% of the owners are in favour of the en bloc sale. The 99-year leasehold Manhattan House comprises 269 units, and occupies a land area of about 44,861 sq ft. Zoned “commercial” under the 2014 Master Plan, it has an indicative plot ratio of 4.7. Read more>>
Mandarin Oriental Hotel to Open at Hongkong Land Nanjing Project in 2022
Mandarin Oriental Hotel Group has announced it will manage a luxury hotel in Nanjing, the capital of Jiangsu Province in China. The property is scheduled to open in 2022.
Mandarin Oriental, Nanjing will be located on the Qinhuai River and in close proximity to historic landmarks including the Gate of China, which forms part of one of the longest ancient city walls in the world built by the first emperor of the Ming Dynasty over 600 years ago. Read more>>
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