ESR president and co-founder Charles de Portes
Sheds once again lead the news today in Asia as one of the region’s biggest warehouse developers says that it sees India in its future. Also in the headlines, the founder of China’s LeEco told shareholders this week that he only found out about his troubled firm’s financial challenges in the last few months, and once Anbang boss Wu Xiaohui resurfaces from detention, he may have to explain his plans for a Santa Monica hotel to the Baywatch gang. Read on for all these stories and more.
Warehouse Builder ESR Planning $100M Per Year in India Deals
International logistics developer e-Shang Redwood (ESR) is returning to India with plans to invest over $100 million in the country annually, a top executive at the company said.
Warburg Pincus-backed ESR is one of Asia’s largest developers and operators in logistics and warehousing. It was formed by the merger of e-Shang Cayman Ltd and Redwood Group Asia Pte. Ltd in 2016. Based out of Hong Kong and Singapore, it owns and manages around 7.3 million sq. metres of assets in China, Japan, Singapore and South Korea. Read more>>
LeEco Says It Found Out It Was Broke Only After Everyone Else Knew
Jia, who built his fortune on a Netflix-like service now operated by Leshi Internet Information & Technology Corp., in past years branched out into the development of electric vehicles and mobile devices. But the self-made tycoon told Leshi’s annual meeting Wednesday that LeEco had over-extended itself. It realized the extent of the shortfall in the past two to three months, well after its cash-flow issues became public in October.
“Since last October we’ve taken a series of measures and made some mistakes,” Jia told shareholders, according to a partial Q&A transcript that Leshi provided. “The unlisted side of LeEco faces a worse cash crunch than when the crisis began.” Read more>>
Santa Monica Pushes Back on Hotel Deals After Anbang Acquisition
The Waldorf Astoria New York, once a renowned symbol of luxury on Park Avenue, is being converted to luxury condominiums under its new owners, Chinese insurance giant Anbang Insurance Group.
Labor union leaders and city officials in Santa Monica are now worried that the same fate could befall the Loews Santa Monica Beach Hotel, a beachfront property purchased last year by the same Chinese firm. Read more>>
Club Med Opens 8 New Resorts After Fosun Buyout
Club Med has embarked on global expansion with eight resorts having opened during the last two years and at least 20 more planned for China according to Club Med president Henri Giscard d’Estaing.
He made the comments on the sidelines of celebrations to mark the opening of Club Med’s Opio Resort in Nice, last week. In the past 10 years, the Club Med president admitted the company had opened “very few resorts.” Read more>>
Hong Kong Puts Three More Housing Sites Up for Auction
The land supply for the three months to September will be sufficient to build 6,730 flats, about 27 per cent fewer than the previous quarter, as Hong Kong home prices recorded their first weekly fall after rising for 19 consecutive weeks.
Three residential sites spread across Lantau Island, Tai Po and Cheung Sha Wan will be put up for tender in the second quarter of the current financial year, with a total capacity to produce about 1,350 flats, Secretary of Development Eric Ma Siu-cheung said on Friday. Read more>>
Chinese-Built $345M Ethiopia Airport Slated for Completion in January
Expansion work on Ethiopia’s largest airport the Addis Ababa Bole International Airport is expected to be finished just in time for the 30th Ordinary Summit of the African Union in January 2018.
Fully funded by China’s Exim Bank, the 345-million-U.S.-dollar airport expansion project is being constructed by China Communications Construction Company Limited (CCCC). Read more>>
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