Justin O’Connor is now CEO for Asia Pacific at Savills Investment Management
At the top of today’s news, a global real estate investment manager is seeking to raise $500 million for a new property fund targetting major cities in Japan, while another investment heavyweight has picked up an office building in downtown Yokohama. China’s second-largest developer reckons it net profit quadrupled or more in 2017, and some retailers in the mainland are doing their part for women’s rights by getting female shoppers to buy more cosmetics. And Australia is now part of China’s Belt and Road Initiative, whether it likes it or not, so keep on reading for all the details.
Savills IM to Launch $500M Fund in Japan
Savills Investment Management is set to launch a new fund in Japan and is seeking an asset management license in China as part of its efforts to expand its platform in the Asia-Pacific.
In China, Savills is seeking joint venture (JV) partners and working on securing an asset management license that will allow it to undertake renminbi-denominated deals for domestic investors in second-tier and third-tier cities. In Japan, the new fund aims to raise US$500 million in investible funds, mostly from European investors seeking opportunities in APAC. Read more>>
Evergrande Estimates 4-5x Surge in Net Profit in 2017
China Evergrande Group said on Thursday it estimates its 2017 net profit to be four to five times higher than the previous year, helped by the sale of more apartments and the redemption of high-interest perpetual bonds.
China’s No.3 developer by sales value said in a statement to the stock exchange its core profit last year, which excludes non-recurring income and revaluation gains, is estimated to roughly double. Read more>>
LaSalle IM Acquires 14-Storey Yokohama Office Building
Real estate investment manager LaSalle Investment Management has acquired a 14-storey large-scale office building Ocean Gate Minato Mirai located in Yokohama on behalf of a consortium of Japanese investors.
At Yokohama’s Minato Mirai 21 area, the city’s business and central core, the building was completed in July 2017 and is on the corner of Kokusai Odori, also known as Minato Mirai 21’s main street, and Keyaki Dori. The building has a floor area of approximately 900 tsubo (2,975 square metres). Read more>>
Chinese Retailers Chided for Exploiting Women’s Day
Chinese retailers are cashing in on International Women’s Day, offering coupons and discounts on sportswear, cosmetics and healthcare to get women to spend more, dubbing the day “Queens’ Day” and “Goddesses’ Day.”
In China, the day was dominated by sales campaigns from online retailers, a trend that has angered women’s rights activists who want to reclaim the day as an opportunity to make progress on issues like combating sexual harassment. Read more>>
Alibaba’s Koubei Opens Unmanned Restaurant in Hangzhou
Chinese food brand Wufangzhai has opened an unmanned restaurant in Hangzhou, capital city of east China’s Zhejiang Province. Wufangzhai is a 97-year-old brand and is a famous producer of Zongzi, glutinous rice dumplings wrapped in leaves.
The company collaborated with Koubei, a food and dining service operated by e-commerce powerhouse Alibaba, to launch its first unmanned restaurant, where customers can order and pick up meals on their own. Read more>>
China Adds $400M Aussie Theme Park to OBOR
China’s Ministry of Culture has listed a Chinese developer’s planned Gold Coast theme park as a “key cultural trade and investment project” that is linked to the country’s ambitious Belt and Road investment plan.
The proposed Australian Legend World at Nerang, to be developed by Chinese theme park giant Songcheng at a cost of more than $400 million, will be the company’s first overseas theme park. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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