Leading today’s set of real estate headlines from around the region, Singapore’s UOL announced an 85 percent drop in net profit after a recent consolidation, plus the fugitive boss of one of Hong Kong’s largest developers is still free to sue for libel over the goings-on at former SHK boss Walter Kwok’s funeral, former LeEco boss Jia Yueting demonstrates that he may be broke and discredited, but is still ready to rumble over a car maker which has never produced a car. Read on for all the news on these stories and more.
UOL Group posted an 85 per cent decline in third-quarter group net profit to S$92.8 million from S$609.2 million in the year-ago period.
The drop was due mainly to the S$535.6 million gain recognised in Q3 FY2017 upon the consolidation of United Industrial Corporation (UIC) from Sept 1, 2017. Read more>>
A fugitive Hong Kong tycoon is suing a local tabloid magazine after it reported that he and his partner had to leave the funeral of late property magnate Walter Kwok Ping-sheung through a back door.
The online article published on Next Magazine’s website on November 1 also suggested that Joseph Lau Luen-hung, former chairman of China Estates Holdings, and his partner, Chan Hoi-wan, turned up at the farewell ceremony of the founder of Sun Hung Kai Properties without making any prior registrations, according to a writ made available on Monday. Read more>>
Radisson Hospitality Inc. officially has a new owner.
Jin Jiang International Holdings Co. of China announced on Nov. 13 it had closed on a deal to acquire majority ownership in the company from HNA Tourism Group Co., also of China.
Radisson Hospitality Inc., based in Minnetonka, Minnesota, and Radisson Hospitality AB in Brussels, Belgium, make up Radisson Hotel Group. Read more>>
The drama continues for blacklisted entrepreneur Jia Yueting, whose electronic vehicle startup Faraday Future commenced arbitration in Hong Kong against real estate giant Evergrande.
Faraday asked arbitrators to take away Evergrande’s right to veto Faraday’s plans to seek outside funding, the company said on its official WeChat Tuesday. Read more>>
The leasing market for private non-landed homes in Singapore remained soft while improving slightly for HDB flats, according to flash data from real estate portal SRX on Wednesday (Nov 14).
Rents for condominiums and private apartments dropped for a second straight month, slipping 0.7 per cent in October from the previous month. This came after rents dipped 0.5 per cent in September, with the figure revised by SRX from a 0.4 per cent decline. Read more>>
Waterloo Apartments has been sold through a collective sale for $131.1 million to a wholly owned subsidiary of Fragrance Group.
The subsidiary intends to redevelop the 999-year leasehold property, which has a land area of about 14,369 square feet, into a hotel. The property is at 64 Waterloo Street in Singapore’s Bras Basah-Bugis area. Read more>>