In today’s roundup of regional news headlines, Canada’s Ivanhoe Cambridge is reported to be taking a new direction in its office partnership with India’s Embassy Group, and Chinese developer CC Land expects to swing to a hefty 2022 loss.
Ivanhoe Cambridge, the real estate subsidiary of Canada’s second-largest pension fund, and Bengaluru-based Embassy Group have shelved their planned $500 million India office development platform.
The partners will instead look at asset-level deals in the country, sources in the know said. Recently, Ivanhoe Cambridge and Singaporean investor Mapletree announced a partnership to develop, own and operate technology-focused office spaces in the country. The two have identified strategic properties and projects to meet this objective. Read more>>
CC Land Holdings expects to record a loss attributable to shareholders for the year ended 31 December 2022 of HK$2 billion (now $250 million), which would reverse a profit of HK$490 million in 2021.
The loss was primarily attributable to the provision for expected credit losses of the amounts due from associates as a result of the prolonged credit crisis within the mainland property market and the fair value losses arising from the group’s investment properties in the UK, the developer said in a filing with the Hong Kong stock exchange. Read more>
Integrated Health Information Systems, the healthtech agency for Singapore’s public healthcare network, and a few related entities are said to be leasing 250,000 square feet (23,226 square metres) of business park space at the Elementum project in One North.
The Business Times understands that the bulk of this space, around 200,000 square feet, will be for IHiS, which is a fully owned subsidiary of MOH Holdings, the holding company of Singapore’s public healthcare clusters. Read more>>
Resale prices of private condominiums dropped for the first time in 28 months, as prices slipped in the city fringe and suburban areas, and dragged on overall prices in January. Flash estimates from SRX and 99.co on Monday (Feb 27) showed that overall condo resale prices in January dipped 0.6 per cent month on month.
In the Rest of Central Region (RCR), prices were down 0.2 per cent. In the Outside Central Region (OCR), where prices have risen the most over the past year, they fell 1.2 per cent. However, prices in the prime Core Central Region (CCR) rose by 2.5 per cent in January from December. Read more>>
China Renaissance Holdings said Sunday that its missing chairman and star dealmaker Bao Fan was cooperating with relevant Chinese authorities conducting an investigation.
This is the first time the mainland-based boutique bank has given a reason for the disappearance of its founder — who was reported missing 10 days ago — though no details about the investigation were shared. Read more>>
HSBC Holdings is looking for a new global headquarters less than half the size of its current space in London’s Canary Wharf, according to The Sunday Times.
The bank is considering a new head office of between 400,000 and 500,000 square feet, the newspaper reported. HSBC has been reviewing its workplace needs once its current lease ends in 2027, as it looks to cut office space by 40 per cent globally compared with pre-pandemic levels. Read more>>
Alfred Chen, a 44-year-old engineer in Hangzhou, had been thinking about moving to a bigger home and taking his parents with him. An extra bathroom for the elderly parents would be great, he thought.
He had kept an eye on the property market over the past year, and figured that he would need an extra RMB 500,000 ($72,227) for that. But, given his age, he could at best get a 26-year mortgage, rather than the longest 30-year plan. In China, most big banks take a cautious approach and tend to cap the age limit and mortgage terms at 70 to 75 years. He stopped entertaining the idea. Read more>>
Changi Airport’s Jewel recorded its best-ever monthly retail sales in December 2022 as shoppers and tourists returned in force.
Prospects look rosy with airport passenger traffic and retail footfall recovering strongly. But the going has been tough on tenants at the glossy new mall that opened some nine months before the COVID-19 pandemic paralysed businesses. Read more>>