HNA’s turbulent financial trajectory leads the headlines from around Asia today with the news that the auditor at the company’s Hongkong Airlines affiliate has jumped ship, hopefully not taking the last parachute, while there could be stormy weather ahead for the booming real estate industry in India.
Elsewhere around the region, Hong Kong loses its spot as the hottest for commercial real estate investment transactions in Asia Pacific to Beijing, while Li Ka-shing gets his sons together for heritage project in Kowloon, and Airbnb is shunned again in Singapore.
Read on for all these stories and more.
HNA Troubles Deepen as Hongkong Airlines Auditor Resigns
The auditor for financially troubled Hong Kong Airlines has resigned, according to a company filing.
A document lodged by the airline with Hong Kong’s Companies Registry showed a “notification of resignation” of the company’s auditor, which is believed to be PwC. The filing was posted on May 3rd but the document has not yet been made accessible to the public. Read more>>
Sons of Hong Kong’s Li Ka-shing Work Together on Kowloon Heritage Project
A newly refurbished heritage project in the tourist hotspot of Tsim Sha Tsui is the result of an unusual collaboration.
The revamp of 1881 Heritage, a historical building that housed the former Marine Police Headquarters, involved the two sons of Hong Kong’s richest man Li Ka-shing and their companies working together on a project for the first time. Read more>>
Beijing Pips HK as APAC’s Top Q1 Investment Spot with $4.5B in Deals
Beijing surged to become the most active Asia Pacific metro for commercial real estate investment in the first quarter of 2019, reported in the latest edition of Real Capital Analytics’ Asia Pacific Capital Trends.
Acquisition activity in the Chinese capital city jumped to the number 1 spot from the number 7 spot in 2018, powered by two deals priced at more than $1.3 billion. The total sales volume was approximately $4.5 billion. Read more>>
HK Home Buyers Warned to be Prudent Amid Buying Frenzy
Hong Kong’s property market may be on an upswing, but market observers warned that homebuyers shouldn’t throw caution to the wind.
Potential buyers should remain prudent when assessing the local housing market as the outcome of the ongoing US-China trade negotiations remains uncertain, said Joseph Tsang, managing director of real estate services firm JLL in Hong Kong, who echoed a similar warning on Monday by the chief of the region’s de-facto central bank. Read more>>
Singapore Reaffirms Airbnb Rental Ban
Short-term rentals offered by platforms such as Airbnb will remain illegal in Singapore, the authorities announced on Wednesday (May 8) after nearly four years of discussions.
A minimum stay of three months will continue to apply to private residential properties. Read more>>
CapitaLand Leases 98% of Funan Project Office Space in SG
The twin office blocks of CapitaLand’s Funan integrated development has garnered 98 percent pre-leasing commitment for its total office net lettable area (NLA) of 214,000 square feet (19,881 square metres).
The CapitaLand Mall Trust-owned (CMT) Funan secured the pre-leasing commitment of about 210,000 square feet of its NLA when it got its Temporary Occupation Permit last month. Read more>>
Prudential Warns of Real Estate Debt Flashpoint in India
The next flash point in India’s credit markets could be real estate debt.
That’s the view of ICICI Prudential Life Insurance Co, a major corporate bond buyer and one of India’s top life insurers. The firm avoided investing in debt of stressed companies before credit market strains spread last year. Read more>>
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