With much of east and southeast Asia on holiday last week, India moved to centre stage as Warburg Pincus made a bet on a tech startup that could boost the company’s portfolio of logistics assets.
Also on the subcontinent, a leading Mumbai developer announced a new joint venture in the city of Pune, while a mainland-backed casino developer used the spring festival occasion to clean out some bad news about its 2018 results. All these stories and more await you below.
Rivigo, a Gurugram-based logistics startup, has raised around $35.6 million in its new Series E funding round. The investment comes from the company’s existing investors Warburg Pincus and SAIF Partners.
In this new funding round, SAIF Partners invested $14.65 million for 3,761 CCPS, while Warburg Pincus invested $20.94 million for 5,373 CCPS. Documents filed with the Ministry of Corporate Affairs (MCA) filing for Rivigo Services Pvt Ltd shows that the company has issued 9,134 compulsorily convertible preference shares (CCPS) at a premium of $3,897 (INR 2,79,143) per share. Read more>>
Realty firm Godrej Properties on Monday announced a tie-up with another developer for six projects in Pune.
The company has “entered into an equity investment platform in partnership with a Pune-based developer to develop six projects across Pune”, the Mumbai-based Godrej Properties, part of the Godrej group, said in a regulatory filing. Read more>>
Casino developer Landing International Development Ltd expects to record a net loss for full-year 2018, although it says its accounts for the period are still being finalised.
In August Hong Kong-listed Landing International reported first-half 2018 profit had leapt to HKD280.6 million (US$35.8 million) compared to nearly HKD48.6 million profit in the first half of 2017. Such increase was helped by the ramping up of its new foreigner-only casino resort Jeju Shinhwa World (pictured) on South Korea’s Jeju Island. Read more>>
A parcel of residential land for sale in Tai Po fetched more bids than anticipated in a possible sign that Hong Kong’s developers are becoming more optimistic about the flagging market.
The plot at Pak Shek Kok had received 10 bids when the tender closed at noon on Friday, beating Knight Frank’s estimate of five to eight bids. Read more>>
It’s hard to be a rich Chinese property developer these days. Profits are still booming, for sure. And property development remains one of the most powerful engines of the economy. But when developers look ahead, they see diminishing profits – and diminishing favour.
To stay at the top of the tycoon pile, they are quickly diversifying, embracing the government’s new pet industry – tech. Think robotics. Think green cars. Think artificial intelligence. Read more>>
On a smoggy day in Nantong, an industrial town bordering Shanghai, workers are building the world’s longest railroad steel arch bridge, part of a multibillion-dollar investment to form a new economic zone around China’s financial hub.
The Hutong Yangtze River Bridge will measure 11,072 metres in length, or four times that of the Golden Gate Bridge in San Francisco, and is expected to be completed this year. Read more>>