China’s property tycoons continue to fill the headlines for al the wrong reasons today, as the Hong Kong exchange rules that heavyweight contender Sun Hongbin needs some re-education on corporate governance. Naughtiness of other sorts is in the news in Macau as a US casino chain bets that a billion dollar fake London will lure in China’s high rollers and someone is leaking stories about bad behavior by the now ex-Airbnb chief. Keep reading for all these stories and more.
The chairman of property developer Sunac China Holdings, Sun Hongbin, and another director have been ordered back to school for 26 hours by the Hong Kong stock exchange operator after it ruled the two had failed to meet full disclosure rules during a big takeover deal in January 2015.
Hong Kong Exchanges and Clearing said in a statement on Thursday that Sun and Wang Mengde would need to each attend 24 hours of training on stock exchange listing rules and compliance, director’s duties and corporate governance, and an additional two hours on the disclosure requirements under Chapter 2 of the listing rules. Read more>>
Las Vegas Sands Corp., capitalizing on the rebound in Macau gambling, will spend $1.1 billion renovating its properties there, including turning the Sands Cotai Central into a London-themed resort.
The property will be rebranded as the Londoner Macao and feature attractions tied to some of the English capital’s most recognizable landmarks, the company said Wednesday in a statement. The remodeling will add an additional 1.7 million square feet of space, and the resort will accommodate more overnight guests than the Venetian and the Parisian combined, said billionaire founder and CEO Sheldon Adelson. The Four Seasons Macao will get 295 new suites in a separate tower. Read more>>
Ardern, who was sworn in on Thursday after negotiating a Labour-led coalition after a tight election result, said she had already started work on the restrictions.
“Whether it’s TPP or any other agreement it’s making sure we have the ability to ban foreign buyers from buying existing homes in New Zealand,” Ardern told reporters in Wellington. Read more>>
Airbnb Inc.’s precarious situation in China became more complicated last week after the company discovered allegations of a romantic relationship between the top local executive and an underling. The ethical quandary contributed to growing rift and a power struggle with executives in San Francisco that led to the China chief’s exit after just four months.
The home-rental company determined Hong Ge, the former China head, violated its code of conduct by dating a female employee, said two people with knowledge of the matter. The relationship was whispered about in the Beijing office and created a distraction, said the people, who asked not to be identified discussing personnel matters. Ge told colleagues he was leaving for another job. Read more>>
Hong Kong’s sky-high prices and low affordability rank it as one of the riskiest property markets for Savills Investment Management, which is avoiding the city in favor of Japan and Australia.
“Hong Kong is highly, highly expensive,” Kiran Patel, who helps manage $18 billion as chief investment officer at Savills Investment, said in an interview in Singapore. “Even with the lowest cost of capital, it is hard to justify today. We don’t think you can keep going up one year after another.” Read more>>
Hong Kong’s subway operator MTR Corp will start a tendering process for a plot of land for residential development next to its Wong Chuk Hang station from Friday, while other property firms eye high prices from a series of sales set for November.
MTR is inviting developers to submit expressions of interest for phase two of a residential development on the southwestern side of the station, located in the south of Hong Kong Island. Read more>>
Future homes from government land sale sites and collective sales could nearly double the number of private residential units in the pipeline, according to Urban Redevelopment Authority (URA) figures released on Friday (Oct 27).
This potential supply of around 16,700 units – including executive condominiums – would add to the 17,178 units that have already obtained planning approval and have not yet been sold. Read more>>