The passing of the founder of a US blue-chip developer with projects in China, India and other APAC markets leads today’s collection of headlines from around the region, as Gerald Hines completes his final project just 95 years after it first began.
In other news, a recent mortgage policy shift by the Hong Kong Monetary Authority have property investors lining up acquisitions and in China, developers are looking for new sources of income as authorities clamp down on lending.
Gerald D. Hines, founder and chairman of the eponymous property firm passed away on 23 August according to an announcement made today by his son, Jeffrey Hines, who will now assume the role of chairman.
Hines founded the firm in Houston, Texas, in 1957 and over the years it has developed more than 1,390 properties around the world. Today, the Hines company is active in more than 25 countries and 225 cities. Read more>>
The city’s commercial real estate market is likely to become busier as investors prepare for the government to loosen industry regulations after the city’s monetary authority eased mortgage lending rules for non-residential properties last week.
Investors preparing for the shift include Bridgeway Prime Shop Fund Management, which is planning a $12.9 billion acquisition spree in core shopping districts like Causeway Bay and Tsim Sha Tsui. Read more>>
Major home developers in China including Country Garden and Shimao are looking for new areas of business to shore up profit in the aftermath of the COVID-19 pandemic.
Country Garden Holdings, the second-largest developer by sales in the country, has been eyeing robotics in the hope of high future returns. “We are hoping that robotics can increase our productivity and make our traditional property business […] grow,” said the company president Mo Bin. Read more>>
Singapore-listed Amcorp, formerly known as Tee Land, gave notice of consecutive losses over the past three years on Tuesday after the market close.
The firm has run up pre-tax losses for the last three financial years, the company declared, based on audited full-year reports. This means Amcorp will be placed on the Singapore Stock Exchange’s watch-list. Read more>>
Softbank-backed coworking space provider WeWork has secured a lease to provide 15,700 square feet (1,458 square metres) in Bengaluru to law firm Khaitan & Co., which is equivalent to roughly 300 desks according to the company.
“In the current climate, companies especially enterprises and multinationals are opting for flexible workspaces and reconsidering fixed asset investments in order to remain agile and retain flexibility to adjust operations based on the market conditions,” WeWork India CEO Karan Virwani said. Read more>>
Hong Kong-based New World China Land, the property management arm of New World Development Company, is looking to make RMB 20 billion ($2.89 billion) in sales this fiscal year according to executive director Huang Shaomei.
In the first half of the fiscal year, the company achieved more than RMB 11 billion in revenue despite pandemic woes Huang told local media, with projects in the Mainland’s southern provinces accounting for half. Read more>>