Philip Chan Man Ping, the first Singapore citizen to be tagged as a “politically significant person”
A businessman tagged under a Singapore law on foreign interference is tied to a mainland mining tycoon, with that story leading Mingtiandi’s headline roundup today. Also in the news, Indian real estate consultancy Anarock raises $24 million to expand its technology infrastructure and WeWork may be forced to get a new bankruptcy loan.
Singaporean Accused of Foreign Interference Tied to China ‘Copper King’
The first Singapore citizen to be tagged as a “politically significant person” under a 2021 law on foreign interference oversees the multimillion-dollar property portfolio of a Chinese metals billionaire.
The island’s home affairs ministry said Friday that it was invoking the foreign interference law against 59-year-old Philip Chan Man Ping. Chan manages the real estate investment arm of a copper conglomerate owned by Chinese billionaire Wang Wenyin. Read more>>
India’s Anarock Raises $24M From 360 One Asset Management for Expansion
Real estate consultancy Anarock has raised INR 2 billion ($24 million) from 360 One Asset Management (formerly IIFL Asset Management), one of India’s largest alternative asset managers and part of the 360 One group, which manages over $54 billion in assets.
The funding aims to enhance Anarock’s technology infrastructure, accelerate its expansion and introduce innovations to strengthen its leadership in the Indian property services sector. Read more>>
WeWork Explores Bankruptcy Loan Options Amid Landlord Dispute
WeWork may be forced to take on a new bankruptcy loan to make up for slower-than-expected progress on rent negotiations, an attorney for the shared office space provider said Monday.
WeWork’s post-bankruptcy business plan is premised on a significant reduction in future rent costs from its landlords, and WeWork is at a crossroads in that effort, according to attorneys for WeWork and its landlords who spoke at a bankruptcy court hearing in Newark, New Jersey. Read more>>
CLMT Acquires Johor Land for $5.7M, Diversifying Into High-Tech Manufacturing
CapitaLand Malaysia Trust’s trustee has acquired three freehold industrial factories in Johor’s Nusajaya Tech Park for MYR 27 million ($5.7 million).
The acquisition of high-tech manufacturing assets in Johor aligns with CLMT’s strategy to diversify its income streams and expand its geographical footprint. Read more>>
CapitaLand Unit Teams With Dexus to Expand in Australia Flex-Office Sector
The Work Project, a flexible-working space operator majority-owned by CapitaLand Development, is partnering with Australian property giant Dexus to form a 50:50 joint venture, The Work Project Sydney.
TWP on Monday said its new 50-percent-owned entity is Australia’s first joint-venture premium flex co-working operator. Read more>>
Singapore Strata Office Deals Inch Up 1.8% to $891M: Knight Frank
Sales of strata-titled office space recorded flat growth in 2023, with transaction value rising 1.8 percent to S$1.2 billion ($891 million), according to a report by Knight Frank.
Some 309 deals were closed in the year, the same number as in 2022. But the number was down 9.6 percent from the 342 sales transacted in 2021. Read more>>
China Vows to Prevent Abnormal Market Fluctuations: CSRC
China pledged to stabilise markets after shares sank to a five-year low in chaotic trading on Friday, but policymakers offered no specifics on how they plan to end a sell-off that’s erased more than $6 trillion in value and dented confidence in the world’s second-largest economy.
The China Securities Regulatory Commission vowed Sunday to prevent abnormal fluctuations, saying it would guide more medium- and long-term funds into the market and crack down on illegal activities including malicious short selling and insider trading. Read more>>
Banks Prepare Remittance Cap Bypass for Hong Kong, Macau Homebuyers
Hong Kong and mainland Chinese banks have started to prepare for a new cross-border payment regime that will make it easier for Hong Kong and Macau homebuyers to transfer the funds they need to purchase property in the Greater Bay Area.
“The new cross-border payment policy for Greater Bay Area property purchase has been set and now the key issue is to make sure it can be conducted smoothly when it becomes effective” from 26 February, said Eddie Yue, CEO of the Hong Kong Monetary Authority, at a Legislative Council financial affairs panel meeting on Monday. Read more>>
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