In today’s roundup of regional news headlines, Canada-based real estate investor Ivanhoe Cambridge joins forces with US venture capital firm Fifth Wall on a proptech partnership, food giant Nestle is reportedly allowing its entire workforce in mainland China to work remotely via a deal with IWG, and CIMB Singapore faces a restructuring exercise with local layoffs planned.
Ivanhoe Cambridge has created a strategic partnership with Fifth Wall, a venture capital firm with a focus on real estate technology.
To date, Ivanhoe Cambridge has also committed $85 million across four Fifth Wall funds focused on climate technology, retail and real estate technology in North America and Europe, and is the first investor in Fifth Wall’s Climate Technology Fund. Read more>>
Nestle and DBS are joining the ranks of organisations adapting to the coronavirus pandemic by switching to new work arrangements.
While Nestle, the world’s largest food company, will allow all of its 10,000 employees in mainland China to work remotely, Singapore-based lender DBS is giving up some of its office space at Swire Properties’ One Island East in Hong Kong’s Quarry Bay district, according to Bloomberg. Read more>>
CIMB Singapore will be laying off staff and shutting its branch in Orchard Road as part of a restructuring exercise after a review of its business, according to an internal memo seen by The Business Times.
This comes as the bank revises its strategy to emphasise sustainable growth, in line with the group’s vision to be a “leading focused Asean bank”, CIMB Singapore’s CEO wrote in the memo sent Tuesday morning. Read more>>
Li Ka-shing and his eldest son Victor Li are stepping up efforts to boost the stock of family business CK Asset Holdings, after HK$4.4 billion ($566 million) in personal purchases of the company’s shares failed to reverse slumping prices, Bloomberg reports.
Li’s charity, the Li Ka Shing Foundation, is selling CK Asset four companies holding stakes in infrastructure operations in the UK and the Netherlands for HK$17 billion in stock. To avoid diluting current shareholders, the company will buy back the same amount of shares from the market at an 8.4 percent premium to the previous closing price. Read more>>
Swire Properties of Hong Kong is selling all 20 units at its completed freehold luxury apartment development, Eden, at 2 Draycott Park in a deal amounting to about S$300 million ($222.7 million), The Business Times understands.
It is not clear how the deal is being structured, but the buyer (or buyers) is said to hail from North Asia. Read more>>
PGIM Real Estate has invested in Fifth Wall European Real Estate Technology Fund as part of its global innovation strategy.
Details of the investment were not disclosed, a spokeswoman said. Read more>>
Five Guys, the American burger chain, is opening a branch on Russell Street, taking advantage of a near 60 percent drop in rents following an exodus of luxury brands.
It will be the first US fast-food outlet on one of Hong Kong’s most exclusive shopping strips since 2013 when McDonald’s, the world’s largest chain of hamburger restaurants, had to move out because of soaring rent. Read more>>