At the top of the news today, Asia’s co-working competition continues to heat up with New York’s WeWork hoping to make it big in Japan. Expansion is proving a bit tougher for Guangzhou-based Country Garden, which has become the latest Chinese giant to curb its overseas dreams in response to pressure from Beijing, while a mainland construction firm picks Kuala Lumpur as its southeast Asia hub. Read on for all these stories and more.
WeWork is making its debut in Japan with three locations in downtown Tokyo starting February.
The first space will occupy two floors of Mori Building Co.’s Ark Hills complex, Chris Hill, WeWork’s chief executive officer for Japan, said in an interview Thursday. That will be followed by penthouse space at a recently opened building called Ginza Six and a nine-story office building near Shimbashi in March and April, Hill said. Read more>>
Country Garden Holdings Co. says it’s hitting the pause button on an international expansion amid Chinese government scrutiny of property acquisitions abroad, and is delaying investing in countries such as India.
“Now that the government is limiting overseas real estate investments, we’ll take a pause,” Chief Strategy Officer and Vice President Jeff Lin said in an interview in Shanghai. Border tensions with India hadn’t helped prospects in that country, he said. Read more>>
The banking regulator of China’s northwestern province of Shaanxi has ordered inspections of local banks to better gauge financial risks from illegal lending to the real estate sector, two banking sources said on Friday.
The Shaanxi office of China Banking Regulatory Commission including (CBRC) is targeting six areas of irregularities, including illegal financing for land purchases and real estate development projects, and loans borrowed to fund mortgage downpayments, the sources said. Read more>>
Hong Kong’s property giant, New World Development Company Ltd. [HK:0017], will reserve HKD16 billion (USD2.05 billion) to HKD20 billion to increase land reserves in the Chinese mainland, the company said.
New World Development held its results announcement presentation for the 2017 fiscal year from July 1, 2016 to June 30, 2017 yesterday, thepaper.cn reported. Its revenue was down 4.94 percent year-on-year to HKD56.63 billion, and net profit dropped by 11.4 percent year-on-year to HKD7.68 billion. Read more>>
Chinese property giant China Vanke Co. [SHE:000002] has bought two land parcels in Chengdu in China’s southwestern Sichuan province for CNY4.43 billion (USD672 million) under the condition it builds 1,175 apartments for talent, which will be transferred to the government for free to lease out.
Chengdu put up three land plots, covering a total area of 313,600 square meters, up for auction yesterday, online Chinese news outlet The Paper reported. Vanke snapped up two of the plots, including the largest, which cost USD572.9 million at an average price of USD1,456 a square meter, marking a premium of 36.75 percent. Read more>>
Chinese real estate development company Luneng Group will open a Four Seasons hotel in Dalian, located in the Liaodong Peninsula in northeastern China. The new mixed-use tower in the Donggang will include office space along with the hotel.
Designed by NBBJ Shanghai and Hirsch Bedner Associates (HBA) Singapore, the Four Seasons Hotel Dalian will include approximately 250 guestrooms and suites, a pool, fitness center and spa. The Hotel will also include event and meeting space with several ballrooms and meeting rooms. Read more>>
China Communications Construction Co Ltd (CCCC) intends to make Kuala Lumpur its hub for the Asean region as the port and construction group expands its footprint here.
“We will set up our regional centre in Kuala Lumpur,” CCCC vice-president Peng Dapeng told reporters at the group’s headquarters in Beijing. He said the group was building the “CCCC tower”, a commercial building in the Tun Razak Exchange. Read more>>