The big news today could make pachinko passe as Japan gets ready for the 21st century money-milking machines that are modern casinos. While Melco Crown’s Lawrence Ho looks to Japan for his next deal, China Vanke has found a way to make money from WeWork in New York and Citic Bank is a step closer to collecting on a very bad debt indeed. Read on for all these stories and more.
Global gambling chiefs said they are ready to spend $10 billion or more to set up shop in Japan, which in December opened a path to legalizing casinos.
It is “a good number to use at this point of time,” MGM Resorts International Chief Executive James Murren said Wednesday, noting that its City Center project in Las Vegas cost about $9 billion. Read more>>
Shared workspace provider WeWork, one of the most prolific consumers of office space in New York City, has inked a 64,390-square-foot lease at the historic Bush Tower at 130 West 42nd Street, according to the New York Post.
WeWork agreed to take the space—occupying the entire fifth through eighth floors of the 29-story, century-old office tower, located between Avenue of the Americas and Broadway—earlier this month. Asking rents at the 250,000-square-foot property range up to the mid-$70s per square foot, according to the Post. Read more>>
China’s Citic Bank has won a landmark ruling in a Canadian court, which ordered a mainland national to comply with a Chinese judgment and repay the bank RMB50 million (US$ 7.3 million), plus interest, that the bank says was spent in part on real estate in Vancouver.
The rare ruling could open the “floodgates” for the pursuit of illicit Chinese funds in Canada on the basis on mainland rulings, according to a money-laundering expert involved in the case on Citic’s behalf. Read more>>
Chinese developer Luvarc has emerged as the buyer of a major block of land in Melbourne’s Wheelers Hill as it builds up its holdings in the city’s eastern corridor.
Luvarc is stepping up to larger developments and is believed to have paid more than $20 million for the block, which can sustain a mixed-use residential development. Read more>>
Billionaire Henry Cheng Kar-shun’s New World Development reported better-than-expected earnings for the first half of the current financial year.
The Hong Kong real estate developer saw its net profit climb 31.4 per cent to HK$4.3 billion (US$ 559 million) in the six months ended December 31, the company said in a statement to the stock exchange. Earnings per share stood at 46 HK cents. Analysts polled by Bloomberg had forecast a net profit of HK$3.4 billion. Read more>>
Hong Kong-listed developer Sino Land posted an 11.4 per cent drop in net profit to HK$3.4 billion (US$437 million) for the six month period ended December 31, because of lower gains from the disposal of investment properties.
Earnings per share stood at HK$ 0.56, down from HK$0.64, while the interim dividend was unchanged from a year ago at 13 HK cents. Read more>>
Ye Jianming isn’t a name that rings many bells. But it will, considering what he’s achieved so far in a country where the state firms take all.
He is the sole private entrepreneur to win a stake in an Abu Dhabi onshore oil concession – which has a lifespan of 40 years – with 4 per cent. British Petroleum and China National Petroleum Corp got 10 and 8 per cent respectively. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.