Singapore 

Carlton Hotel equipment failure leads to power outage, Singapore News

First, there was equipment failure at a substation supplying power at Carlton Hotel yesterday. Then a fire forced the evacuation of around 1,000 people from the Bras Basah building, while lights went out in parts of Bugis, City Hall, Marina and Somerset. Shops and restaurants at the likes of Chijmes, Plaza Singapura and The Gateway were hit as power was cut off a little after 1pm. While the trains continued to run, stations on the North-East Line – HarbourFront, Outram Park, Chinatown, Clarke Quay, Dhoby Ghaut, Boon Keng and Potong…

Read More
Singapore 

Overheating wok leads to fire at Telok Blangah hawker centre, 12 stalls affected, Singapore News

SINGAPORE – A fire broke out at a hawker centre in Telok Blangah on Monday morning (Feb 11). At least 12 stalls were affected after the gas supply was cut as a result, Chinese paper Shin Min Daily News reported. The Singapore Civil Defence Force (SCDF) said that it responded to the fire at 11 Telok Blangah Crescent at 9.08am. The fire involved a wok in a hawker stall, the SCDF said. No injuries were reported. The first firefighter who arrived at the scene observed flames coming from a partially…

Read More
Property 

Is Victor Li the next Superman and can he outdo his father Li Ka-shing as he leads CK Asset into a new era?

After 35 years in the shadow of his illustrious father Li Ka-shing, Hong Kong’s richest man and fondly called “Superman” for his extraordinary entrepreneurial achievement, Victor Li Tzar-kuoi, is finally coming into his own. Victor, who took over as chairman of CK Asset Holdings and CK Hutchison from his father last May, is turning the focus of Hong Kong’s second largest developer by market capitalisation back to the city’s property market after the elder Li indicated in 2016 that the group would spread its net globally because of the challenges…

Read More
Home 

CapitaLand leads Singapore REIT consolidation with $4.4 billion purchase from Temasek

Singapore’s CapitaLand is buying the owner of a clutch of real estate investment trusts from state investor Temasek for about US$4.4 billion, a deal the developer said would create the largest diversified property group in Asia. CapitaLand will buy the holding companies of the business of the Ascendas-Singbridge Group, which manages Ascendas Real Estate Investment Trust, Ascendas India Trust and Ascendas Hospitality Trust, for cash and stock. The deal marks one of the biggest consolidations in Singapore’s fragmented real estate investment trust sector, in which some segments, like retail, face…

Read More
China 

Trade war leads China to speed up US$202 billion local government bond issue

China’s cabinet is set to accelerate a bond issuance programme by local governments to boost infrastructure investment, with the aim of offsetting the effects of the trade war with the United States. The State Council approved a 2019 quota for new local government bond issuances of 1.39 trillion yuan (US$202 billion), enabling local authorities to start issuing debt from January, ahead of the usual schedule, the state-owned Xinhua News Agency reported over the weekend. Finance Minister Liu Kun said that some of the advanced bond issuance funds will be used…

Read More
Home 

Hong Kong’s search for higher returns leads Exchange Fund down risky belt and road plan

The Exchange Fund, Hong Kong’s war chest of roughly HK$4 trillion (US$500 billion) in reserves, is about to report its first quarterly loss in two years as stock markets around the world tank, according to analysts. The gloomy prediction comes as the city’s de facto central bank mulls the idea of seeking higher, longer term returns by using part of the fund to back infrastructure projects under Beijing’s “Belt and Road Initiative”. But that proposition is facing criticism from some brokers and lawmakers, who say it is far too risky…

Read More
Investment 

Mainland office developer Soho China’s disappointing earnings in first half leads to stock sell-off

Investors showed their disappointment with Soho China’s results for the first half by selling the stock. Excluding the one-off disposal gains on its Sky Soho office project in Shanghai, Soho China, one of China’s largest commercial developers, recorded a core net loss of 3 million yuan (US$436,000) compared to a 116 million yuan profit a year earlier, according to its interim results announced on Friday. Rental income was 848 million yuan, only slightly higher than a year ago and average occupancy ratio was 97 per cent for its major investment…

Read More