In the week’s final roundup of regional news headlines, one of China’s most indebted developers had taken another step toward securing some fresh cash as China Evergrande wins approval for its $3 billion Hong Kong property management IPO. Also in the news, Amazon India has agreed to boost its office leasing footprint in Mumbai, and beleaguered WeWork posts lower revenue but highlights its slowing cash burn.
Evergrande Property Services, the property management arm of China Evergrande (3333), has passed its hearing with the Hong Kong stock exchange to raise up to HK$234 billion ($3 billion).
The company has appointed Huatai International, UBS, ABC International, CCB International, CITIC Securities and Haitong International as joint sponsors to handle the spin-off of the property management company. Read more>>
Godrej Fund Management, the real estate private equity arm of the Godrej Group, has entered into a 260,000 square foot (24,155 square metre) lease deal with Amazon India in the company’s commercial office building located in Vikhroli, Mumbai.
The lease deal is a combination of a lease and an option to lease. Amazon India currently occupies around 40,000 square feet in Godrej One and is looking to expand its presence in The Trees at Mumbai with this new lease deal. Read more>>
DHL Express will invest some €690 million ($816 million) over the next two years to build new facilities or expand existing ones in its key growth markets of Australia, Japan, Hong Kong and South Korea.
It also plans to spend close to €60 million to bolster its Asia-Pacific air network, such as by introducing direct, new and frequent flight routes. Read more>>
WeWork Companies’ revenue declined in the third quarter but its cash burn slowed, a company memo showed on Thursday, with management confident the shared-workplace provider can weather the hit to the office sector from COVID-19.
Quarterly revenue slid 8 percent from the second quarter to $811 million, while the company posted cash burn of $517 million, less than the $671 million a quarter ago, WeWork said in a memo to employees seen by Reuters. Read more>>
Hospitality player AF Global’s proposed RMB 292.8 million ($44.3 million) sale of a 55 percent interest in its joint venture did not take place.
This was because the buyers — affiliates of the JV partner — had failed to procure financing for the purchase price as per the conditions precedent, the mainboard-listed firm said Thursday night. Read more>>
Demand for Hong Kong’s prime office space is likely to fall as some of the city’s biggest banks, including Standard Chartered and HSBC, are considering more flexible working arrangements after their success during the coronavirus pandemic, according to market observers.
Financial companies are some of the biggest commercial renters in Hong Kong, accounting for 73 percent of the Grade A office space in Central, according to third-quarter data from Knight Frank. Read more>>
Ping An Insurance Group Co and Sunshine Insurance Group Corp are among the suitors vying for Tahoe Investment Group Co’s life insurance unit, people with knowledge of the matter said.
The firms have been picked to advance in the bidding for Tahoe Life Insurance Co in a deal that could raise more than $1 billion, said the people, who asked not to be identified because the information is private. Negotiations are ongoing and the companies could decide against a deal, the people said. Read more>>