China Vanke leads today’s news roundup, as the top-three mainland homebuilder continues to branch out into commercial real estate by opening a new, 100-bed senior care facility in Beijing. The country’s largest commercial property builder is also in the headlines, with Dalian Wanda Group said to be making deep cuts to its cloud computing team, potentially putting another overseas deal at risk. Downtown Singapore has seen a sizeable hotel transaction, and speaking of hotels, Marriott is in hot water with China’s authorities after a survey faux pas. Read on for more details about these Asia real estate happenings.
A rapidly graying China is enticing companies from both home and abroad to roll out senior care facilities, including a major development unveiled in Beijing this week. The 100-bed care center is operated jointly by a subsidiary of China Vanke Co Ltd and state-owned utility owner Beijing Enterprises Group.
The center, which opened Wednesday, is in the same tract as a Vanke apartment for the elderly, which offers services to retirees from both the apartment and some top public Beijing hospitals that the project has partnered with. Since 2009, Vanke has explored getting into the promising elder-care business, followed by domestic rivals that include China Poly Group Co. and Sino-Ocean Group. Read more>>
Far East Hospitality Real Estate Investment Trust (Reit), which trades as part of the stapled Far East Hospitality Trust, is buying the 314-room Oasia Hotel Downtown in the Tanjong Pagar district for S$210 million ($158 million) in cash before fees.
The 65-year leasehold property is being sold by Far East Soho, a unit of the Reit’s sponsor. The consideration will be funded from debt facilities and reinvestment of distributions. The 27-storey hotel and ofice building sits along100 Peck Seah Street at the edge of the Shenton Way and Raffles Place financial district. It is within walking distance from the Tanjong Pagar MRT station. Read more>>
China’s acquisitive conglomerate Fosun Group is betting on a luxury resort in the southern seaside city of Sanya, hoping to clone the success of a related comprehensive resort project in Dubai.
The island destination, also known as “China’s Hawaii”, will mark the opening of the Atlantis Sanya in April, according to Qian Jiannong, chairman and president of Fosun’s tourism unit. The project takes its inspiration from the Atlantis, The Palm, in Dubai. Read more>>
To sell real estate in Cambodia, agents are brushing up on their Mandarin. Across this traditionally low-rise Cambodian capital, a building boom is becoming more noticeable as it pushes higher into the sky, and its largest projects are often geared towards Chinese investors, who have only recently taken interest in the nation’s real estate market.
Chinese investors are flocking to Phnom Penh, which had primarily been an investment destination for South-east Asians, Taiwanese, Japanese, South Koreans and some Westerners. For many of the capital’s largest projects, Chinese are now viewed as the target market. Read more>>
US hotel giant Marriott International Inc. has been ordered by Chinese authorities to temporarily shut its website and mobile app to Chinese residents after circulating an online guest survey that listed Hong Kong, Taiwan, Tibet and Macau—all claimed by China—as separate countries.
In a statement posted on its official social media account on Thursday evening, the Shanghai office of China’s Cyberspace Administration said it demanded that Marriott suspend operation of its Chinese website and the Chinese version of its smartphone app for the next week. Read more>>
An ambitious deal between Dalian Wanda and US tech giant IBM to join forces and become a top player in China’s booming cloud-computing market appears in serious jeopardy, with the Chinese property and entertainment conglomerate planning deep job cuts in a key department, sources told Caixin.
Wanda will cut the workforce at the cloud-computing department under Wanda Internet Technology Group, the sources close to the matter said. Wanda cut some jobs in Wanda Internet last year, leading to speculation that the conglomerate was retreating from the segment amid years of slow growth and mounting capital pressure. Read more>>
Kuala Lumpur’s The Exchange 106 will be another landmark of the city upon its completion as it will be the tallest building not just in Malaysia but also in the whole of South East Asia, at a height of 492.3 metres with 106 floors and eight basement levels. It will also take over the popular Petronas Twin Towers as the country’s tallest building.
The lead contractor commissioned for this project owned and developed by Mulia Property Development Sdn Bhd, is China State Construction Engineering Corp Ltd’s unit China State Construction Engineering Sdn Bhd. The Star Online reported that the construction rate has been rapid, as the building has been rising one floor, every two to three days. Read more>>