In today’s roundup of regional news headlines, yet another Tokyo skyscraper could be going up for sale soon, this time the headquarters of Nippon Express. In China, a key executive of HNA Group has disappeared from the management roster, while Allianz has won approval to set up the country’s first wholly foreign-owned insurance asset management company.
Japanese logistics firm Nippon Express said on Wednesday that it was considering selling its headquarters building in Tokyo, a sale which the Yomiuri newspaper reported could fetch more than JPY 100 billion ($960 million).
The report follows news last week that advertising giant Dentsu Group was also looking to sell its head office located just blocks away from Nippon Express’s 28-storey high-rise near the posh Ginza district. Read more>>
Chen Feng, the founder of China’s largest private airline, has been excluded from the key decision-making body of HNA Group, in a dramatic development that signals his loss of control of one of the country’s largest conglomerates over five short years.
The name of the entrepreneur, who turns 68 this year, was missing from a list of nine members of HNA Group’s Communist Party committee, the major decision-making body akin to the board of directors in the aviation-to-property conglomerate, according to an announcement on the company’s WeChat account. HNA Group’s spokespeople declined to comment. Read more>>
Allianz said on Thursday that it had obtained regulatory approval to set up China’s first wholly foreign-owned insurance asset management company, as the German insurer steps up expansion in the world’s second-biggest economy.
The green light from the China Banking and Insurance Regulatory Commission comes a month after the signing of the China-EU Investment Agreement, which promotes cooperation between China and the European Union. Read more>>
Prices and rentals of industrial space edged up on a quarterly basis in Q4 2020 as a delay in new completions nudged the occupancy rate upwards, though prices and rents were still down year-on-year.
According to data released by industrial land and infrastructure agency JTC Corp on Thursday, prices of industrial space were up 1 percent from Q3 2020, while rents inched up 0.1 percent. This came as the occupancy rate climbed 0.3 percentage points to 89.9 percent, fuelled by an increase in demand for storage while new completions were delayed as the pandemic impacted construction activities. Read more>>
In a business update, Mapletree Commercial Trust said on Wednesday after trading hours that its year-to-date gross revenue and net property income (NPI) for FY20/21 are down 1.9 percent and 1.2 percent respectively in light of COVID-19 rental rebates for eligible tenants.
Year-to-date FY20/21 gross revenue stood at S$348.7 million ($261.8 million), while NPI stood at S$275.9 million. Property operating expense was also down 4.4 percent at S$72.8 million in the year to date. Read more>>
Shapoorji Pallonji Real Estate has launched a 148-acre project, Vanaha, near Bavdhan, West Pune. The project will be a mixed-use development and part of one of the largest townships in India.
Shapoorji Pallonji Real Estate on Thursday said it would invest around INR 4,000 crore ($547 million) to develop a large mixed-use project in Pune as part of its expansion plan. Read more>>
L Catterton, the $20 billion private equity firm co-founded by LVMH, has lodged confidential filings to launch a special purpose acquisition company that aims to raise about $250 million for targets in Asia, according to people familiar with the matter.
L Catterton Asia Acquisition Corp was registered with the US Securities and Exchange Commission on 20 January, with the firm’s Singapore office listed as its address. The fund will be sponsored by L Catterton Asia’s $1.45 billion third fund and will focus on consumer technology firms in the region, the people said. A representative for L Catterton said they couldn’t comment. Read more>>