BNP Paribas is ready to scale back its presence in Singapore’s Ocean Financial Centre
French bank BNP Paribas leads Mingtiandi’s headline roundup today as it prepares to give up office space in Singapore amid rising commercial rents. Also making the news, China Vanke denies allegations of tax evasion and a former Keppel CEO is selling his Singapore mansion to a UOB scion for $29 million.
BNP Paribas to Cut Space in Singapore’s Ocean Financial Centre
BNP Paribas is set to give up space in a prime office tower in Singapore amid rising commercial rents in the financial hub, according to people familiar with the matter.
The French bank, which currently occupies six floors at Ocean Financial Centre, plans to not renew some of the space in the central business district when the lease expires at the end of the year, the people said, requesting not to be named discussing private matters. The move will help curb costs, they added. Read more>>
China Vanke Denies Partner’s Accusations of Tax Evasion
China Vanke has rebutted allegations made by a business partner that the real estate giant evaded paying taxes among other illegal acts, saying the claims were “gravely unfounded” and defamatory.
Vanke will take legal action to protect its rights, the Shenzhen-based builder said Monday after Yantai Bairun Real Estate published an open letter to the State Taxation Administration earlier the same day. Read more>>
UOB Scion to Buy Singapore Mansion Owned by Ex-Keppel CEO for $29M
A scion of the Wee family, Singapore’s richest banking dynasty, is buying a S$39.5 million ($29 million) mansion, taking advantage of a lull in the high-end real estate market.
Grace Wee Jingsi, the youngest child of United Overseas Bank CEO Wee Ee Cheong, is buying the so-called Good Class Bungalow at Ford Avenue, according to property filings lodged March-end seen by Bloomberg News. Read more>>
CalPERS Taps Stephen Gilmore of New Zealand Fund as Next CIO
The California Public Employees’ Retirement System hired Stephen Gilmore from New Zealand’s sovereign wealth fund as chief investment officer to run its roughly $495 billion portfolio.
Gilmore, who held the same role for the New Zealand Superannuation Fund, will start in July, CalPERS said Tuesday. Read more>>
CK Asset Sets Stage to Sell 422 Homes at Weekend
CK Asset Holdings, the flagship developer of Li Ka-shing, Hong Kong’s richest man, has released a third price list for its Blue Coast development, which goes on sale Saturday.
Released Tuesday, the third price list covers 174 units and is 1.7 percent higher than the first price list. CK Asset released the first price list for 138 units last Friday and a second one for 110 units last Saturday. A total of 422 units will be available for sale this weekend. Read more>>
Korea’s Military Mutual Aid Association Starts Search for New CIO
South Korea’s Military Mutual Aid Association, which managed KRW 10.4 trillion ($7.7 billion) in assets at the end of 2023, said Monday that it’s looking for a new chief investment officer for the financial investment division.
The new CIO will be responsible for investment strategies for M&A, equity and debt. The chief will take office in May, subject to approval by the fund’s board and Korea’s defence minister. Read more>>
Country Garden Extends Sales Slump as Financial Woes Pile Up
Country Garden Holdings’ home sales tumbled last month from a year earlier, extending woes for the Chinese developer that’s already facing a wind-up petition and missed a deadline for releasing annual results.
Contracted sales for March plunged 83 percent to RMB 4.3 billion ($590 million), following an 85 percent annual slide in February, corporate filings show. Sales rebounded 16 percent last month from February, traditionally a slower period with the Lunar New Year holiday. Read more>>
WeWork Expects to Emerge From Bankruptcy by End of May, Sees $8B in Savings
Embattled co-working space provider WeWork says it expects to emerge from bankruptcy by the end of May, touting lease-restructuring efforts that it estimates will bring $8 billion in future rental savings.
Cutting back on real estate costs has been a top priority for WeWork since the New York-based company filed for Chapter 11 bankruptcy in November. At the time, WeWork said that rental liabilities accounted for about two-thirds of its operating costs as it tried to renegotiate nearly all of its leases. Read more>>
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