Zhonghong Holdings, the real estate developer controlled by tycoon Wang Yonghong announced last week that it had defaulted on RMB 1.1 billion ($160 million) in credit obligations in the month of July, bringing the Beijing-based company’s total past-due obligations to… Read More>>
JLL, Lendlease-Backed Accelerator Picks 5 Startups for Proptech Bootcamp
Propell Asia, a property technology accelerator program organised by JLL and Australian developer Lendlease today announced its inaugural crop of startups to participate in a 10-week incubation program.
Five early stage proptech companies were chosen from among entrants from around… Read More>>
GIC Puts 50% Stake in Sydney’s Chifley Tower on Block for $650M
Singapore’s GIC is putting 50 percent of the Chifley Tower in Sydney on the market, according to the AFR and other media accounts.
The sovereign wealth fund is said to be asking A$900 million ($650 million) to part with half… Read More>>
Evergrande Vows to Put Profit Above Scale After Building China’s Largest Land Bank
China’s Evergrande Group, the country’s second largest property developer by sales in 2017, said it would shift its development model from pursuing top line growth, to achieving efficiency and quality after it announced a record jump in profit in its… Read More>>
CapitaLand Buys Suburban HCMC Residential Site for $59M
It’s been a busy week for Southeast Asia’s biggest real estate developer, as CapitaLand today announced its VND 1.38 billion ($58.98 million) acquisition of a site in the eastern suburbs of Vietnam’s Ho Chi Minh City.
The acquisition of the… Read More>>
Greenland Hong Kong Reports 267% Jump in Core Profit
Greenland Hong Kong Holdings, the Hong Kong-listed subsidiary of China’s sixth largest developer, reported a 267 percent rise in first-half core net profits, which exclude revaluations and some one-offs. It is the fourth major Chinese property company to report strong… Read More>>
China’s Biggest Hotel Operator Leaks 500M Customer Records in Data Breach
Huazhu Hotels Group, a NASDAQ-listed hotel operator known for its chains of economy hostelries in China, including Home Inn and 7 Days Inn, was revealed by mainland network security organisation JDSEC Team as having been the victim of a hack… Read More>>
CapitaLand Sells 70% Stake in Singapore’s Westgate Mall for S$789.6M
CapitaLand announced on August 27th that the company is selling its 70 percent stake in the Westgate shopping centre in Singapore to its CapitaLand Mall Trust (CMT) affiliate for S$789.6 million ($578.6 million). The transaction, which is expected to be… Read More>>
CapitaLand Appoints Lee Chee Koon as Group CEO in Accelerated Succession
CapitaLand has named 43-year-old Lee Chee Koon, the current group chief investment officer, as president and group chief executive officer of Southeast Asia’s largest real estate developer, according to an announcement dated 28 August and posted to the company’s website.
$100B Country Garden Malaysia Project in Doubt on Mahathir Warning
Country Garden’s massive 14-square-kilometre, $100 billion Forest City (森林城市) project in Johor, Malaysia may not be completed as planned following comments by Malaysian Prime Minister Mahathir Mohamad suggesting that foreigners will not be permitted to live in the new city…. Read More>>
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