James Packer is one of the world’s best known gamblers, but even Australia’s casino king may have found the odds a bit too long in Macau, according to a story in the Wall Street Journal today. Also in the headlines, former SHK boss Thomas Kwok is back in court fighting his corruption case, and even expat bankers may be finding office rents in Hong Kong’s Central a bit hard to take. Read on for all these stories and more.
Crown Resorts is taking its bets off Macau’s tables, but its fortunes may still depend on Chinese gamblers.
The Australian company said Tuesday it would sell its remaining 11.2% of Melco Crown, one of Macau’s six casino operators. The sale isn’t unexpected: Crown has been reducing its stake since last May, when it held 34%, and had already transferred much of its exposure in its remaining shares through equity swaps, leaving its economic interest at just 3.3%. Read more>>
Hong Kong’s Shun Tak Holdings has signed a deal with Dutch boutique hotel chain CitizenM to develop and manage multiple hotel properties in several Australian cities.
The listed Shun Tak Holdings, controlled by Pansy Ho, daughter of multi-billionaire gaming tycoon Stanley Ho, is attracted to CitizenM, which has hotels in Europe, Asia and America, because the brand is oriented towards the youth market. Read more>>
A former senior Hong Kong official and a billionaire property tycoon arrived in court on Tuesday to appeal against a corruption charge more than two years after they were jailed in one of the city’s most high profile corruption cases.
Rafael Hui, who headed the Hong Kong government civil service from 2005 to 2007, was sentenced in December 2014 to seven-and-a-half years imprisonment for several charges including misconduct in public office. Read more>>
As mainland companies continue to swoop on trophy buildings in Hong Kong’s Central district, foreign multinationals are relocating their Hong Kong offices to outer suburbs.
According to new findings from real estate services firm JLL, the total number of new lettings in Central is down 47 per cent month-on-month with rents edging up 0.5 per cent month-on-month. Read more>>
Vietnamese real estate developer SonKim Land Corporation has closed the first fundraising round of $46 million led by Asia-dedicated investment firm EXS Capital, the realty firm said on Wednesday. As part of the expected $100-million follow-up fundraising round, the first closure is subscribed as redeemable convertible loans into SonKim Land.
In the round, the company also partnered with ACA Investment, a Japanese fund manager based in Singapore. Earlier, ACA had invested in Vietnamese companies such as Bibo Mart and Cung Mua. Read more>>
Demolition permits have been filed for two South Street Seaport buildings at 80 South Street and 163 Front Street. Although construction plans have not yet been filed with the Department of Buildings, there’s reason to believe that site owner China Oceanwide Holdings intends on constructing a residential and commercial tower as tall as 1,436 feet on the waterfront lot.
The site, now home to two buildings dating to the 1900s, has long been poised for redevelopment. Back in the early aughts, architect Santiago Calatrava unveiled a design for a similarly tall tower featuring 12 four-story, 10,000-square-foot apartments. Read more>>