Hong Kong’s Wheelock Properties has crossed the finish line in its bid to privatise its Singapore-listed subsidiary, less than three months after offering to buy out the underperforming stock. Meanwhile up in China, the battle for a slice of the country’s retail market continues to pick up with phone-maker Xiaomi opening its biggest electronics store ever and Zara opening an online-to-offline concept store in Shanghai. All the details on these stories and more await you below.
Wheelock Properties (Singapore) is going private after crossing the threshold for delisting by a hair’s breadth.
Parent firm Wheelock and Company’s stake in Wheelock Properties (Singapore) was 90.1 per cent at the close of the voluntary unconditional general offer at 5.30pm yesterday, according to a Singapore Exchange (SGX) filing. Read more>>
Spanish fashion retailer Zara has opened its first Chinese concept store in Shanghai where clients can buy the brand’s limited editions and use mobile application for an easier shopping experience.
Zara’s new concept store opened yesterday in Shanghai’s central business district, the Arteixo-based firm said in a statement on the same day. Read more>>
In a bid to expand the offline presence, Xiaomi has opened up its largest Mi Home store ever in Wuhan China. The retail location features a smart home demo zone of the electronics brand’s expanding range of technology products.
A couple of months ago, Xiaomi has accomplished its plan to open 100 Mi Home stores across China. Now, they have initiated a new program to bring 1000 Mi stores in China by the year 2020. As per Xiaomi CEO Lei Jun, the company is slated to open over 200 Mi retail stores by the end of this year. Read more>>
Hong Kong developers are offering cash rebates and lower mortgage rates to drum up sales after residential transactions hit a 20-month low, as rising interest rates, volatile stock market and worsening US-China trade war keep buyers on the sidelines.
Vanke Property (Hong Kong), a wholly owned unit of China Vanke, on Wednesday started offering buyers of its LePont project in Tuen Mun a lower mortgage rate, just a week after banks raised lending costs for the first time in 12 years. Read more>>
CapitaLand has secured a five-year, $300 million sustainability-linked loan, said to be the first and largest in Asia’s real estate sector, from DBS Bank.
The multi-currency loan is linked to the developer’s listing on the Dow Jones Sustainability World Index (DJSI World), which tracks established firms in areas such as environmental, social and governance (ESG) efforts. Unlike green loans, where the funds are used for certain types of projects, CapitaLand is able to use the loan for general corporate purposes. Read more>>
Chinese developer Ridong, the original developer of the Gold Coast’s $1 billion Jewel project, has lodged plans for a “wellness and tourism retreat” in Tallebudgera Valley on the Gold Coast.
The $60 million proposal seeks approval for a six-star, 98-room key resort, 113 residential dwellings, a 16-hectare man-made lake and a contemporary European art and sculpture gallery modelled off Tasmania’s Museum of Old and Modern Art (MONA). Read more>>