Midea Boss Survives Kidnapping Attempt in Foshan and More Asia Real Estate Headlines

Hostage drama in a private golf resort is on the playbill for Asia’s real estate investors today as the billionaire founder of one of China’s biggest appliance makers is rescued from an attack in his luxury home.

Also in the news, a Korean asset manager is setting up shop in Singapore, while mainland retail sales began falling more slowly May, according to recent government data. All these stories and more are in Mingtiandi’s headline roundup.

Midea Chairman, Family Rescued From Home Invasion

The Chinese police said on Monday that they had foiled what appeared to be a brazen kidnapping attempt aimed at one of China’s richest men, a home-appliance tycoon whose company has ambitions to move from rice cookers and air-conditioners into the next-generation world of industrial robotics.

Strangers broke into a residence at the Royal Orchid Village, a high-end property in the southern Chinese city of Foshan owned by the appliance maker, Midea Group, and threatened the lives of the people inside, the local police said. The authorities were alerted to the break-in about 5:30 p.m. on Sunday, they added, and rushed to the site. Read more>>

Korea’s Igis Asset Management Opens Singapore Office

South Korea’s biggest real estate asset management firm IGIS Asset Management said Monday it has launched a new office in Singapore as part of its global expansion.

The new branch, IGIS Asia, is the company’s third overseas base. It opened IGIS USA in New York and a London office last year. The company said it plans to expand its presence in Southeast Asia and Asia-Pacific region by acquiring other investment firms or by establishing new regional entities. Read more>>

Co-Living Operator Hmlet Names New Execs as Shake-Up Continues

Co-living startup Hmlet has appointed Pramodh Rai as chief technology officer (CTO) and Rajive Keshup as chief financial officer (CFO). These roles are newly created to help Hmlet “prioritise user experience and accelerate digital transformation”.

Rai was previously senior vice president of product and technology. He has more than eight years of experience growing products and strengthening engineering capabilities at Funding Societies (known as Modalku in Indonesia), CoinHako and HomeAway Asia. Previously based in the US, Keshup brings with him 15 years of experience in strategy consulting and corporate finance at global strategy consulting team PwC’s Strategy& team, EY-Parthenon and AT&T. Read more>>

China Retail Sales Fall 2.8% in May

Retail sales fell for a fourth straight month in May. While the 2.8% drop was smaller than the 7.5% slump in April, it was larger than the 2.0% fall tipped by analysts. Heavy job losses and fears of a second infection wave have kept consumers cautious.

“There are still restrictions in some demand areas, people remain worried and not many are traveling or going to cinemas, plus there are some virus flare-ups, which will have some impact on consumption,” said Tang Jianwei, senior economist at Bank of Communications in Shanghai. Read more>>

Mystery Buyers Spend Combined HK$720M on Pair of Kerry Kowloon Homes

Hong Kong’s luxury property market is getting an endorsement from a couple of little-known investors, who are paying hefty stamp duties by picking up swanky villas amid the city’s economic and political troubles.

Phoenix Technology International Limited bought a 5,148 square feet villa at Mont Rouge in Kowloon Tong for HK$370 million (US$47.7 million) from builder Kerry Properties, according to a Land Registry filing on June 12. Times Square Overseas Company paid HK$350 million for another lot in the same development. Read more>>

China’s CCCC Restructures John Holland as Aussie Builder Loses A$40M

John Holland, the Australian contractor owned by the China Communications Construction Company (CCCC), has announced jobs cuts and a restructuring of its divisions in the wake of a US$40m loss for 2019.

The company has created a major projects division to handle jobs worth more than $1bn, and has hired former Carillion managing director Mark Davies to run it. Davies had been heading the Balfour Beatty/Vinci joint venture building the UK’s HS2 rail scheme. Read more>>

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