In today’s roundup of regional news headlines, Hang Seng Bank prepares to rent an Adidas-vacated space in Hong Kong’s Central at a deep discount, SJM’s Angela Leong consolidates her ownership of a Macau hotel and casino, and apartment developer Greystar sounds the alarm on an Australian state’s tax hikes.
Hang Seng Bank is to rent two floors at 36 Queen’s Road Central for HK$1.2 million ($150,000) per month, after former tenant Adidas relinquished the space.
The bank will rent a total of 6,500 square feet (604 square metres) on the ground floor and the first floor, or HK$184.60 per square foot. Read more>>
SJM Holdings co-chairman and executive director Angela Leong has acquired all interests in the group of companies that own Macau hotel and casino L’Arc Macau.
According to a filing by SJM, Leong informed the company that, as of 17 May 2021, she had become the sole owner of L’Arc holding companies City Honour Developments and Power Link Fortune, which indirectly own L’Arc Macau operating entity L’Arc Entertainment. Read more>>
US build-to-rent investor Greystar has warned that the state of Victoria’s budget land tax hikes undo last year’s halving of the tax rate and could drive more than a quarter of its planned A$4 billion ($3.1 billion) pipeline north to New South Wales as a result.
Greystar, which earlier this year raised A$1.3 billion for a build-to-rent fund — the country’s largest to date — that could eventually house over 5000 dwellings, said the higher land taxes and stamp duty worth an estimated A$473 million next year alone slashed the viability of some projects. Read more>>
Frasers Property Industrial and Winten Property Group have launched construction of the A$750 million ($581.6 million) Macquarie Exchange precinct at Macquarie Park in Sydney, appointing Roberts Co to build the first stage.
The mixed-use project includes four commercial buildings, rising from a 15,620 square metre (168,132 square foot) site. When built, the towers will comprise 83,368 square metres of office space, room enough for over 7,000 workers. Read more>>
WeWork, the office-rental company most closely associated with entrepreneurial excess, has seen demand bounce back in the aftermath of the COVID-19 pandemic and inquiries from potential customers exceed what they were before nationwide lockdowns, its executive chair said.
“The demand for WeWork space today is higher than it was prior to the pandemic,” Marcelo Claure, who is also chief operating officer of SoftBank Group, WeWork’s biggest investor, told the Bloomberg Businessweek virtual summit. Read more>>
City Developments Ltd said there are signs of improvement across its core business segments, but the prolonged COVID-19 pandemic remains a concern as it continues to adversely impact operations.
CDL and its joint venture associates sold 319 units with a total sales value of S$513.6 million ($385.5 million now) in the first quarter of 2021 ended 31 March, a 72 percent increase from a year ago, CDL said in an operational update on Wednesday. Read more>>
Guests at a private August dinner hosted by billionaire entrepreneur Jack Ma were intrigued by a fellow diner who introduced himself as a humble car salesman.
It was Xu Jiayin, better known as the chairman of China Evergrande Group, the country’s biggest real-estate developer and one of China’s most indebted companies. At the time of the dinner, Evergrande was just weeks away from a potentially devastating showdown with its creditors. Read more>>
The number of landed homes transacted at S$5 million ($3.8 million) and above in the first quarter this year again rose in tandem with the surge in trading activity on the Singapore stock exchange’s mainboard.
This correlation between big-ticket purchases and turnover in the equity market was driven by increased liquidity and an improvement in overall sentiment at the time, said Lee Nai Jia, deputy director of the Institute of Real Estate and Urban Studies at the National University of Singapore. Read more>>