SRE Group’s chairman Peng Xinkuang (above) and executive director Chen Donghui are in trouble
Embezzlement leads the way in Mingtiandi’s roundup of Asia real estate headlines today with the news that the chairman of SRE Group, who was detained in January, has now been formally charged with embezzlement, along with an executive director of the real estate unit of China Minsheng Investment Group, with both former company officials now detained in Shanghai.
In other news around the region, a US hotel operator’s China business is down 90 percent in February, while a co-working giant’s Indian affiliate is promising to become profitable by October. Elsewhere, a mainland developer ups its support for tenants by offering to delay payments on rent and property management fees.
SRE Group Chairman Detained on Embezzlement Charges
The chairman of a real estate unit owned by China’s largest privately owned financial services group, along with an executive director of the same company, have detained by Shanghai police on embezzlement charges.
Peng Xinkuang, the chairman and former chief executive of SRE Group Limited, has been approved for arrest under the embezzlement charge, according to a filing to the Hong Kong stock exchange, where the real estate developer’s shares are listed. Read more>>
Hyatt’s China Business Down 90% in February
Talk of coronavirus overshadowed Hyatt Hotel’s strong finish to the year during Thursday’s quarterly earnings call.
CEO Mark Hoplamazian began by acknowledging the company’s staff in the Asia Pacific region, which he said is operating in “extraordinary circumstances and demonstrating a profound commitment to care for their families, for our guests and our customers, for our hotel owners and for the communities in which our hotels operate that have been hard hit by the reduction in travel associated with COVID-19.” Read more>>
FEC Teams Up with UK Supermarket on East London Development
UK retailer Sainsbury’s has teamed up with Far East Consortium (FEC) to redevelop the site of its store in Whitechapel in East London.
The redevelopment of Whitechapel Square will include new homes, retail spaces for local businesses and public space alongside a new flagship Sainsbury’s supermarket. Read more>>
WeWork India to Go Slow, Profitable by October
WeWork India is planning to go slower on its investments than previously planned and is looking to turn profitable by October this year.
The local affiliate of the global co-working venture started operations a little more than three years ago. Read more>>
Wanda Ups Supports for Retail Tenants Amid Epidemic
Chinese commercial property giant Dalian Wanda Commercial Management Group has decided to ramp up support for its over 60,000 merchant partners to tide over the novel coronavirus outbreak.
Merchants in the company’s expansive and popular retail complex network Wanda Plazas can apply for delayed payments of rent and property management fees for March and April, the company said in a circular. Read more>>
Adidas Business in China Plummets 85% Due to Coronavirus
The German sportswear maker warned that business activity in the country has plunged 85 percent year-over-year in the period since the Lunar New Year holiday on 25 January.
It cited a “material negative impact” as a result of the outbreak, which has led the firm to shutter a “significant” number of stores as well as see a “pronounced traffic reduction” at the locations that remain open. Read more>>
OUE Posts S$255M Net Profit for 2019
Property group OUE made a net profit of S$255.2 million ($182 million) in 2019, up from the S$10 million it made in 2018, it said on Thursday.
Revenue in the 12 months ended 31 December 2019 rose 44.8 percent to S$930 million, led by a S$283.7 million jump in income from development properties to S$350 million. 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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