WeWork’ Asia chief Christian Lee may be leveraging his finance background to cut expenses now that fund raising gets tougher
Mainland investors are back in a buying mood, according to news reports from China today, but the world’s biggest co-working provider may be feeling suddenly budget-conscious in Hong Kong a new account from Reuters says. Meanwhile in Singapore, the landlords of HNA’s defaulting CWT logistics subsidary say they are still receiving their rent checks and a Swiss bank has taken a recently redeveloped office building all for its own. Read on for all these stories and more.
WeWork Said to Pull Back From HK Lease Deals as Budget Bites
US shared workspace group WeWork has pulled out of at least five negotiations to take on new space in Hong Kong this year, sources said, highlighting a cooling down of the co-working industry because of financing constraints.
Two sources with direct knowledge of the matter said WeWork in Hong Kong pulled out of talks on most of the space it had planned to secure after failing to get budget approval. Read more>>
China Property Investment Grew 12% in March
Property investment in China grew the most in eight months in March, as demand recovered and market sentiment improved in the wake of looser monetary conditions and a modest relaxation of home purchase curbs.
Real estate investment, which mainly focuses on the residential sector but also includes commercial and office space, is a key driver of growth in the world’s second-largest economy. Read more>>
Singapore Landlords Say HNA’s CWT Still Paying Rent
Mapletree Logistics Trust (MLT) became the latest Singapore landlord to state that logistics provider CWT Pte Ltd, whose Hong Kong parent has failed to pay creditors, has not defaulted on its rental payments.
Trust manager Mapletree Logistics Trust Management said on Tuesday night that CWT Pte Ltd had no arrears due to date from current tenancy agreements for five MLT properties at 5A Toh Guan Road East, 4 Pandan Avenue, 6 Fishery Port Road, 38 Tanjong Penjuru and 52 Tanjong Penjuru. Read more>>
UBS Leases All 8 Floors of Penang Road Property in Singapore
Developer SingHaiyi Group and its joint venture (JV) partners, Suntec Reit and Haiyi Holdings, yesterday announced that UBS Singapore has signed on to take up all the office space at the redeveloped Park Mall building, confirming a Business Times report on April 1 that UBS was mulling over a consolidation of its Singapore office footprint.
Located at 9 Penang Road, the property is now undergoing redevelopment, which is on track to be completed in the fourth quarter of this year, SingHaiyi said. Read more>>
New World Apartments at Victoria Dockside to Lease for HK$167 Per Square Foot
New World Development is set to displace Four Seasons Place as the operator of Hong Kong’s most expensive serviced apartments.
Agents say NWD plans to offer leases at its K11 Artus serviced apartment development, part of the US$2.6 billion Victoria Dockside project in Tsim Sha Tsui, for a third more than what luxury hotel operator Four Seasons Place Hong Kong charges for its serviced suites in the IFC complex in Central. Read more>>
Local Govt on Korea’s Jeju Island Pulls Permit for Greenland Group Hospital
The government of Jeju Island has decided to revoke a permit it granted to a Chinese-owned medical center that was set to become the first for-profit hospital in South Korea. Jeju Province Governor Won Hee-ryong announced the decision regarding the Greenland International Medical Center at a press conference on Wednesday.
The governor said the hospital was supposed to open within three months of receiving the conditional permit that was granted last December, but did not consult with the Jeju government regarding its opening and requested an extension for the opening period only after the agreed-upon deadline had drawn near. Read more>>
Henderson Project in HK Sells Just One Third of Units at Opening as Market Cools
Just a third of the apartments on offer at Hong Kong developer Henderson Land’s Reach Summit project were snapped up on Tuesday, a reflection of buyers’ cautious outlook about the city’s property market and a rebound that has followed a five-month correction in prices.
The developer put 101 units on sale. Of the 32 apartments sold, most were studios and one-bedroom units as they involved smaller sums. About 70 per cent were bought by users, according to agents, with the rest going to investors. Read more>>
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