Luckin Coffee will be leaving the NASDAQ just over one year after its IPO
Yet another too good to be true online-to-offline venture took its latest step into oblivion this past week as Luckin Coffee decided not to resist its delisting from the NASDAQ exchange with the latest instalment in that tale leading Mingtiandi’s news roundup today.
Also in the headlines, Singapore continues to be a data centre hotspot as an NYSE-listed server facility developer announces a new lease, and China’s quantitative easing to fight the coronavirus impact on the economy seems to be seeping into the Shenzhen property market, with looser residency requirements also stoking up the mainland market. Keep reading for all these stories and more.
Luckin Coffee to Delist on 29 June
Luckin Coffee said on Friday it had withdrawn a request for an oral hearing submitted to the Nasdaq exchange in New York, paving the way for its delisting.
The Xiamen-based start-up, often viewed as China’s answer to Starbucks, said in a statement that it would “not to seek to reverse or stay the listing qualification staff’s determination of delisting the company from the Nasdaq global select market”. Read more>>
Iron Mountain Signs 3MW Lease for Singapore Data Centre
Iron Mountain Incorporated IRM has signed a 3-megawatt data-center lease deal for its SIN-1 data center in Singapore. This leasing with a Fortune Global 200 company reflects the decent demand for the company’s data-center space. The tenant will make use of the company’s colocation space and network services, along with storage and office space.
Iron Mountain is building out 2-megawatt of turn-key data-center capacity at SIN-1 to meet consumer demand. This is likely to be accomplished in the fourth quarter of the current year. Moreover, the company has started construction on an additional 2.25-megawatt of capacity for supporting future demand. Read more>>
Shenzhen Leads Mainland Real Estate Rebound
Property investment has surged across cities in China, especially across the border from Hong Kong in Shenzhen, even though the broader economy is still struggling amid coronavirus pandemic, a trend that runs against Beijing’s intention of channelling more funds into farms and factories instead of office towers.
Investment into real estate development in Shenzhen surged 17.0 per cent from a year ago in the January-May period, accelerating from a rise of 11.6 per cent in the first four months of the year, according to the data released by the city’s statistics bureau last week. Read more>>
Hong Kong Strata Office Market Dries Up as Player Await a Reset
Hong Kong’s distinctive Lippo Centre – twin glass-fronted octagonal towers whose facade some say resembles koala bears climbing a tree – has long been a gauge for the health of the world’s most expensive office market.
Right now, it’s barely showing a pulse.
In a market where buying and selling individual floors, or even just suites in a building, can lead to quick profits, just three deals have been done in the Lippo Centre this year, with the average price dropping 17 per cent from a year earlier. The number of deals is down from as many as 18 in the first half of 2017 – the most active of recent years. Read more>>
Relaxed Hukou Restrictions Spark China Housing Revival
China’s property market is shaking off the coronavirus effects as a gradual economic rebound and the further relaxing of centuries-old permits boost demand beyond the major hubs of Beijing and Shanghai.
Almost 60,000 prospective buyers flooded onto the registration website of Xixi Mansion last month for a chance to buy one of 959 apartments in the leafy city of Hangzhou. The wave of interest crippled the website, prompting developer Sino-Ocean Group Holding to rent an Internet cafe to process applications overnight. Read more>>
India Office Leasing Set to Drop 30% in 2020
The demand for office space across seven major cities is likely to drop around 30 per cent this year from record leasing in 2019 as corporates have deferred expansion plans due to the COVID-19 pandemic, JLL India CEO and Country Head Ramesh Nair said.
JLL India, part of US-based JLL, is a leading property consultant with a turnover of over Rs 4,000 crore in the last financial year.
In an interview with PTI, Nair said, “We expect office space leasing to fall by around 30 per cent during 2020. Supply will also drop by 30-40 per cent as speculative construction will stop.” Read more>>
Tune in again soon for more Hong Kong news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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