Workers at R&F One Nine Elms have downed tools after not getting paid
In today’s roundup of regional news headlines, workers desert a Guangzhou R&F project in London as contractor bills go unpaid, private equity firm Apollo acquires a stake in a Dalian Wanda-owned film production company, and the power struggle between Nam Tai Property and Kaisa Group continues in a British Virgin Islands court.
Workers Walk Away From R&F’s $1.2B London Project
Contractors have started leaving Guangzhou R&F Properties’ £900 million ($1.2 billion) One Nine Elms site in London as builder Multiplex chases the developer for payment.
Construction workers started to leave the site this week after being told work was being paused. Workers were seen leaving throughout Monday morning, with some telling Construction News their work at the site was over for now. Read more>>
Apollo Buys Minority Stake in Wanda Movie Unit for $760M
Apollo Global Management is buying a minority stake in Legendary Entertainment, the latest in a series of deals struck by Hollywood firms cashing in on the growing demand for streaming content.
Apollo, a private equity firm, said Monday it agreed to pay $760 million for its stake in Legendary, the California company owned by Chinese conglomerate Dalian Wanda Group that has backed movies like Dune, Jurassic World and The Dark Knight. Read more>>
Kaisa Sued by Shenzhen Developer Nam Tai
Shenzhen’s Nam Tai Property says a British Virgin Islands court has ordered a unit of Kaisa Group to stop hindering its operations as an ongoing power struggle plays out.
Nam Tai, which appointed a new board last year after a Kaisa-dominated set of directors was dethroned by shareholders, says individuals linked with Kaisa have interfered with the board’s ability to control Nam Tai’s assets and operations, with the court ordering the Kaisa unit to turn over any correspondence with local governments regarding Nam Tai’s business. Read more>>
Shui On Land Says Complaints Resolved at Wuhan Project
Hong Kong-listed developer Shui On Land said it resolved owners’ complaints at Optics Valley Innovation Tiandi, its joint venture flagship mixed-used development in Wuhan.
Some owners of flats at Wuhan Optics Valley, which is part of the mixed-use development’s second phase, had complained of “cracks and leaks” caused by poor workmanship, substandard materials and discrepancies between blueprints and actual features, according to a letter sent by a representative. Read more>>
Chinese Developer Shimao Feels Chill of Sector’s Liquidity Crisis
In late September, as a liquidity crisis at Evergrande put traders on high alert around the world, the bond prices of another Chinese property developer told a different story.
Shanghai-based Shimao, named after a father and son duo who have run the company since 2001, was rated investment grade by Fitch and deemed a safe bet. Even as Evergrande’s bonds plummeted, Shimao’s held firm. Read more>>
Offshore Investors Drive Aussie Commercial Market to Record Upswing
Overseas investors drove a record 69 percent increase in purchases of Australian commercial property in 2021, keyed by industrial megadeals involving Blackstone and Singapore’s GIC.
According to the latest Australian Capital Trends report from Real Capital Analytics, commercial property sales skyrocketed to a new annual record of A$70.8 billion (now $50.2 billion) — the highest the figure has been since 2015. Read more>>
Singapore’s ERA Launches Capital Markets Unit
Real estate agency ERA Singapore on Friday announced a new business unit to deal with big-ticket assets of high-net-worth individuals, family offices, developers, institutional investors and REITs.
The capital markets and investment sales department is headed by managing director Steven Tan. He is joined by directors Donald Goh and Desmond Lim, as well as ERA’s managing director of investment sales, Tay Liam Hiap. Read more>>
The Standard to Open Asia Flagship Hotel in Bangkok During May
The Standard Bangkok Mahanakhon will be The Standard brand’s flagship hotel in Asia and the latest addition to the company’s global portfolio. The company announced that the hotel will open its doors to the public on 11 May 2022 and will begin taking reservations on 4 February.
The hotel is located in Bangkok’s central business district between the Sathorn and Silom corridors and is housed in the landmark King Power Mahanakhon Building, a 78-storey mixed-use building that is one of the tallest in Thailand. 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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