In today’s roundup of regional news headlines, Chinese developer Jiayuan agrees to sell a mixed-used complex as it fends off wind-up petitions, Hong Kong rejects a New Territories housing plan submitted by two key builders, and shareholders approve ESR Cayman’s name change in a lopsided vote.
Jiayuan International Group agreed to sell a mixed-use complex in China’s Jiangsu province as it faces two winding-up petitions that it said it will fight vigorously.
The embattled developer is selling a 130,827 square metre (1.4 million square foot) mixed-use complex in Yancheng with a total gross floor area of 469,279 square metres to a joint venture of Zhejiang Taiding Investment and Shaoxing Buheng Property Development for RMB 879 million ($131.4 million). Read more>>
Hong Kong’s Town Planning Board rejected on Wednesday the 2019 proposal of Sun Hung Kai Properties and Hongkong Land for an 11,292-flat project in Shek Wu Wai in the city’s Yuen Long district.
The project is located at San Tin/Lok Ma Chau and the future development of the area has not yet been formulated, therefore the rezoning application was not supported, the board said. The developers said they were aware of the decision and that they had submitted another rezoning application in May. Read more>>
The Australian arm of Singapore-listed luxury watch retail group The Hour Glass agreed to buy a two-storey retail and office building in Brisbane from Dexus Wholesale Management for A$82.2 million ($58.9 million).
The targeted freehold property sits on a 1,521 square metre (16,372 square foot) site at the junction of Edward Street and Elizabeth Street, within the main luxury retail precinct in the city’s CBD. The property has a total net lettable area of 2,030 square metres. Read more>>
Projects in Shanghai are expected to be slowed by about six months due to lockdowns, a top executive of Henderson Land Development said at Wednesday’s annual meeting.
But as Shanghai authorities are now rolling back COVID restrictions in the city, the situation is starting to improve, co-chairman Peter Lee Ka-kit said, and so the developer expects to catch up on progress considerably in the second half of the year. Read more>>
ESR Cayman shareholders approved the proposal to change the Hong Kong-listed company’s name to ESR Group during the annual general meeting on Wednesday.
The proposal passed with 3,991,030,063 votes cast in favour of the plan and only eight against, according to a filing. Read more>>
China Merchants Land secured a RMB 1 billion ($149.6 million) revolving loan facility with a three-year term from an unnamed bank.
The validity of the credit line depends on China Merchants Shekou Industrial Zone Holdings maintaining a shareholding of at least 60 percent in the borrowing developer. Read more>>
International law firm Dorsey & Whitney relocated on Wednesday to a 3,500 square foot (325 square metre) prime office space in Hong Kong’s main business district of Central, making it the latest law firm to take advantage of an office glut.
Such moves have offered some relief to the city’s office landlords, who have been struggling as overall office vacancy rates remained stubbornly high at 9.4 percent in March and April, according to JLL. Read more>>
Alibaba Cloud, the cloud computing arm of the Chinese internet giant, has built five new global data centres in the past year as the firm accelerates its internationalisation.
“In the past twelve months, Alibaba Cloud added five new data centres,” Yuan Qian, president of Alibaba Cloud Intelligence International, told Yicai Global on Wednesday. The new hubs in the Philippines, Thailand, and South Korea were built from scratch, while the firm added a third to an existing two in Indonesia and Germany, she said. Read more>>
Lai Sun has signed an agreement with the Zhuhai Duty Free Group to cooperate in Hengqin Island, a special economic zone in Zhuhai.
Under the pact, Zhuhai Duty Free Group will open duty-free outlets in Novotown, the commercial real estate project undertaken by the Hong Kong developer on the island. Read more>>