Wanda’s Wang Jianlin is trying out the ‘asset light’ model at a Beijing mall (Getty Images)
Two Chinese developers lead today’s roundup of regional news headlines, as Dalian Wanda revamps one of Beijing’s biggest malls and a new investor takes over construction at a pair of China Evergrande’s projects in Kunming. The city of Dongguan, meanwhile, has lifted its remaining restrictions on homebuying in a bid to spur demand.
Dalian Wanda to Open Renovated Beijing Mall Under ‘Asset Light’ Model
Dalian Wanda, the Chinese conglomerate controlled by billionaire Wang Jianlin, plans to open a new mall in Beijing in June 2023 under the group’s “asset light” business model, further expanding its shopping centre empire on the mainland.
Wanda has taken over the 300,000 square metre (3.2 million square foot) Wukesong Shopping Center in the northwestern Haidian district and renamed it Beijing Wukesong Wanda Plaza. It is Wanda’s first mall in the area and one of the biggest in China’s capital. Read more>>
New Investor to Resume Construction at Evergrande Projects in Kunming
Two stalled China Evergrande Group projects in Kunming, the capital of China’s southwestern Yunnan province, are on track for completion after a takeover by a new investor.
Kunming Green Star Construction Development, established in September as a subsidiary by Shanghai Green Star Construction Development, has resumed construction work at Evergrande City and Evergrande Jiulongwan in Kunming’s Guandu district. No financial terms have been disclosed. Read more>>
Dongguan Lifts Property-Buying Restrictions to Stimulate Demand
China’s high-tech manufacturing hub of Dongguan has removed homebuying restrictions across the entire city, joining several Chinese Tier 2 cities in easing curbs to boost the property market amid overall weak sales.
Dongguan’s Housing and Construction Bureau on Monday lifted the ban on individuals buying new homes in the last five areas that were still subjected to the restrictions, making it the second city in the Greater Bay Area after Foshan to remove such constraints to stimulate demand this month. Read more>>
Indian Data Centre Industry’s Capacity to Double by 2024: JLL
India’s data centre industry is expected to close the year with robust demand growth, with estimated absorption in the range of 150 to 170 megawatts. This growth can be attributed to the delivery of pre-committed supply to hyperscale cloud service providers, according to a JLL report.
Co-location operators are scaling up construction to meet their delivery targets. Some operators are retrofitting existing buildings to reduce the time of delivery, JLL said. Read more>>
US Funds Turn Cagey on Indian Real Estate
Big deals in India’s commercial real estate market have slowed significantly as US investors in such properties turn cautious due to reasons ranging from looming recession in the American economy, rising interest rates, inflation and a mismatch in cap rates, fund managers and investment bankers say.
Besides a couple of big names like Blackstone and CPPIB, it is mostly investors from West and Southeast Asia such as GIC, Mapletree and CapitaLand that are the most active investors in real estate now. Read more>>
Korean NPS Taps Seo Won-joo as New Chief Investment Officer
The National Pension Service of South Korea, the world’s third-largest pension fund, has tapped Seo Won-joo as its new chief investment officer, according to sources.
Seo served as CIO of the Government Employees Pension Service of Korea for three years from May 2019. At NPS, his term is two years and can be extended on a yearly basis depending on fund management performance. Read more>>
Australia Housing Set for Correction and Possible Bust, Report Warns
Australia’s housing market is hurtling headlong into a correction that could burst the property bubble.
That’s according to a new report from the International Monetary Fund released earlier this month. The research found that Australia has one of the most “misaligned” housing markets in the world and is among the most unaffordable. Read more>>
Singapore Office Leasing to Take a Hit, Shadow Space to Rise
In the face of a weakening global economy and a slowdown in the tech sector, office leasing activity in Singapore is poised to shrink in 2023.
Property consultants also expect an increase in shadow space — excess space on an existing lease obligation that a tenant would like to give up by finding a replacement tenant for the landlord. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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