A cash-strapped beauty products retailer leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the Hong Kong-listed chain has axed 75 jobs and slashed salaries by up to 40 percent in the city.
In other news around the region, the coronavirus is hurting a China-based internet titan, while the former CEO of WeWork is selling off his stake in several Silicon Valley properties. Elsewhere, a US insurer has invested $12 million in an India office project.
Sa Sa International Holdings, Hong Kong’s biggest cosmetics retailer, said on Thursday it would cut its 2,500-strong work force in the city by 3 percent and slash salaries by up to 40 percent in the three months to May.
The announcement follows a 75 percent cut in pay for the company’s executive directors for three months. Read more>>
JTC Corp on Friday said it will not award the tender for the industrial site at Woodland Industrial Park E7/E8. Only one bid was received for the site, but it was not accepted as the price offered was below the reserve price, JTC said in a statement.
The tender was launched on Nov 26, 2019 and closed on Jan 21, 2020. The site has a 20-year tenure and spans an area of 0.77 hectare. It is zoned B2 for industrial use with a 2.5 gross plot ratio. Read more>>
WeWork co-founder Adam Neumann sold his stake in several properties in the heart of Silicon Valley, unwinding a real estate deal that underpinned the office-sharing company’s “future of cities” initiative, according to people familiar with the situation.
Neumann’s partner on the project, Urban Community, will continue to develop the sites in downtown San Jose as part of a new arrangement with Westbank Corp, a Vancouver-based real estate firm, along with Peterson Group and OPTrust. Read more>>
New York Life Insurance Company is taking a 49% stake in a Max Group unit that’s building an office project in Noida.
The American insurer will invest INR 857 million ($12 million) for the stake in Northern Propmart Solutions Ltd, Max Ventures & Industries Ltd said in a stock-exchange filing. Read more>>
58 Home, the maid and home-maintenance service owned by China’s Craigslist equivalent 58.com, has delayed its planned US initial public offering, according to people familiar with the matter, as the coronavirus outbreak cripples customer demand.
The company’s pre-IPO financing round — a private fundraising effort that started late last year — also hasn’t been completed, said the people, who asked not to be named because the information is private. The IPO had been expected to take place in the first half of the year. Read more>>
Developers are exploring different ways to safely market their residential projects amid the COVID-19 virus outbreak, from stepping up the use of digital solutions to curtailing hours at their sales galleries.
While a number of developers have already rolled out precautionary measures at their showflats – such as temperature screening, recording travel history declarations and ramping up cleaning frequencies – they are said to be looking at additional avenues after the DORSCON level was raised to Orange on 7 February. Read more>>
The Restaurant Association of Singapore has asked major landlords for rental rebates to tide its members over this difficult period, when their takings have plunged by as much as 80 percent following the novel coronavirus outbreak.
With 200,000 food and beverage jobs at risk, RAS had, earlier this week, written to 24 major landlords including CapitaLand, Frasers and Mapletree, seeking rental rebates of 50 percent from February to April. Read more>>