In today’s roundup of regional news headlines, co-working giant WeWork launches a 21-floor location at Singapore’s Collyer Quay, HSBC cuts staff from its Hong Kong-based China debt team, and Fosun Tourism Group’s shares dip after its parent firm reportedly reduces its stake.
Co-working company WeWork has launched 21 Collyer Quay, its largest location in the Pacific region, which comprises Australia, South Korea and Southeast Asia.
Consisting of 21 floors of the former HSBC headquarters in Singapore, the location has over 220,000 square feet (20,439 square metres) of Grade A office space. The location is WeWork’s 14th in Singapore and is designed for enterprise customers, which would typically take up entire floors. Read more>>
HSBC is trimming the number of bankers focused on Chinese debt issuance amid a slump in bond deals from the world’s second-largest economy.
Two vice presidents, who covered China debt markets, are leaving the firm, according to people familiar with the matter. With that, the Hong Kong-based team covering Greater China debt capital markets will shrink to one managing director and five directors, said the people, asking not to be named speaking on personnel issues. Read more>>
Shares of Fosun Tourism Group fell sharply in early trade after a report in Hong Kong media that its parent company was planning to trim its stake in the company.
The tourism company’s shares were down 18 percent at the midday break, to HK$8.22 ($1.05). Read more>>
Chinese developer Kaisa Group aims to finalise an offshore debt restructuring proposal in the fourth quarter after China’s party congress in October, two people with direct knowledge of the matter told Reuters.
Kaisa is working to restructure its offshore debt after missing some debt obligations last year. With $12 billion in offshore debt, it is China’s largest issuer of offshore debt among developers after China Evergrande. Read more>>
A portfolio of seven retail units at Singapore’s Sim Lim Square is up for sale via private treaty with a guide price of S$17 million ($12.1 million).
The portfolio is zoned for commercial use under the 2019 URA Master Plan and has an estimated strata floor area of 5,156 square feet (479 square metres), giving a guide price of $3,297 per square foot of strata area. Read more>>
CK Asset Holdings will launch 55 more units at its freehold, 230-unit residential project, Perfect Ten, on Saturday under its latest phase of sales.
Indicative prices for these units at the luxury development in Bukit Timah in District 10 start at S$2.1 million-S$2.5 million ($1.5 million-$1.8 million) for the two-bedroom units and S$3.5 million-S$4.1 million for the three-bedroom units. Read more>>
China Vanke is spinning off its property management services unit in Hong Kong. Should investors part with their cash to buy into the new $1 billion listing? Recent stock performances of its peers suggest they should look elsewhere.
Investors have lost a combined HK$2.1 billion ($264.5 million) in market value since five such Chinese residential services firms completed their IPOs this year, according to data compiled by the South China Morning Post. They fell by 0.1 percent to 50 percent, or 26 percent on average. Read more>>
Some Hong Kong property companies are pulling out the stops to secure sales in a downbeat market amid falling home prices, offering a range of perks and — in the case of one agent — appearing in a bath towel in a video to entice potential buyers.
In addition to lower prices, developers and agencies have recently offered perks including subsidies for travel to Japan, water park memberships, hot-water dispensers, festive celebrations and dining vouchers to drum up sales. Read more>>