As the future of EB-5 hangs in the balance, one US-based developer has paid for a deputy mayor to travel to Shanghai and Beijing to seek investment through the program. Also in the news today, WeWork might have a new regional home, Shanghai Tower wins an award and Link REIT is hit with a fine for dumping wastewater.
Colin Tarbert, Baltimore’s deputy mayor for economic development, plans to travel to China this week to attract foreign investment to Baltimore. D.C.-based firm Madison Marquette, which is developing the 1 Light Street project in downtown Baltimore, is paying for Tarbert’s trip, according to city documents.
Madison Marquette is seeking foreign investment for its development plans in Baltimore. From Nov. 3 until Nov. 8, Tarbert will travel to Shanghai and Beijing to seek investment through the federal EB-5 program for immigrant investors. Read more>>
WeWork announced last week it plans to set up its regional Asia-Pacific headquarters in Shanghai, according to a report by Shanghai-based Thepaper.cn.
A unicorn startup with 7 million square feet leased in 12 countries, WeWork entered China earlier this year and chose Shanghai as its first stop. The company currently operates three locations in the city. Read more>>
CapitaLand Retail China Trust’s results in the third quarter were impacted by a stronger Singapore dollar against the renminbi as well as an additional tax provision for its Beijing assets, noted OCBC Investment Research.
The third quarter net property income in renminbi terms was 0.6% higher while NPI in Singapore dollars terms fell 6.9% to S$35.8m. OCBC Investment Research said that this accounts 21.6% of its initial forecast for CapitaLand Retail China Trust this year, which is marginally below its expectations. Read more>>
The 632-meter Shanghai Tower made it to the top once again, this time for the coveted Emporis Skyscraper Award. Since 2000, the Emporis Skyscraper Award recognizes outstanding skyscraper design worldwide.
This year’s competition reeled in more than 300 skyscrapers — all of which are over 100 meters tall and had to be completed in 2015. Among the Top 10 projects, second place went to the Evolution Tower in Moscow and the Milan-based Il Dritto won third. Read more>>
Dubai property developer Damac has awarded a Dhs554m ($150.8 million) contract to China State Construction Engineering Corporation to build residences within its Paramount Tower Hotel and Residences development.
China Construction was awarded the main work contract for 27 floors of luxury residences in the wider 867-key luxury hotel and residence project. The tower was first announced last year and consists of 64-stories including a sky lobby, private Paramount Pictures screening room, rooftop infinity pool, gym and spa. Read more>>
Malaysia has sealed the deal to build the East Coast Rail Link (ECRL) with China Communication Construction Company Ltd (CCCC), with financing via soft loans from Export-Import (Exim) Bank of China.
The project, estimated to cost RM55 billion, is one of the high-impact projects under the 11th Malaysia Plan. When completed, the 620km ECRL will make products from the East Coast more competitive due to cheaper transport costs, and raise the income of industries and businesses located along the rail link route. Read more>>
Real estate investment giant Link REIT was yesterday fined HK$15,000 for illegally dumping wastewater from one of its malls into the Shing Mun River in Sha Tin. The Environmental Protection Department initiated prosecution against the company under the Water Pollution Control Ordinance after receiving reports in March about polluted water entering the river.
It was discovered that wastewater was being discharged from Mei Lam Shopping Centre on Mei Tin Road near Tai Wai railway station, into the river via underground storm drains. Read more>>
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