Property 

Allianz and Gaw Capital buy iconic office, shopping complex in Singapore for US$1.2 billion amid ‘flurry’ of investment in city state

Hong Kong-based Gaw Capital and Allianz Real Estate have bought part of an iconic mixed-use development in Singapore for S$1.6 billion (US$1.17 billion), in the city state’s largest private sector office sale in almost two years.They acquired Duo Tower, a high-rise office building and Duo Galleria, the neighbouring shopping mall, from M+S Pte, a partnership between state-owned entities of Malaysia and Singapore.The eye-catching hexagonal plated towers form a distinctive part of Singapore’s… Source link

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Vietnam 

HCM City co-working office space market developing strongly – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A view of CirCO Coworking in District 4, HCM CIty.— Photo coworker.com HCM CITY — The flexible office market in HCM City comprising co-working and serviced offices is among the fastest growing in the Asia Pacific, market researchers said.  At a meeting with the media to report on the city property market in the first half of the year, CBRE said HCM City was one of the top three flexible office markets in the Asia Pacific. Of its total office space, flexible office accounted for 2 per cent…

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Property 

Office glut creeps up in Shenzhen, Beijing and Shanghai as trade war saps growth plans while start-ups move to hipper co-working space

A building frenzy in southern China’s version of Silicon Valley has driven the vacancy in Grade A offices to a record high, putting the squeeze on part-time developers whose blind inexperience have led them into the industry.A record 1.79 million square metres (19.27 million square feet) of vacancy, equivalent to 10 of Hong Kong’s IFC towers, stood in Shenzhen at the end of June, requiring about two years to fill up, according to the real estate consultancy CBRE. Half of that empty space lies… Source link

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Xiaomi founder Lei Jun to have his third listed company with Kingsoft Office set for new Shanghai tech board

Lei Jun, the founder of Chinese smartphone maker Xiaomi, will soon have a third listed company under his belt after his office software firm Kingsoft Office moved a step closer to trading shares on China’s newly launched technology innovation board in Shanghai.Beijing Kingsoft Office Software’s response to an inquiry from the Shanghai Stock Exchange on its listing application has been updated, according to information published on Monday by the Sci-Tech Innovation Board, known as the STAR… Source link

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IMAX to roll out 40 new theatres across China, after boom in first-half box office income

IMAX China Holdings, the exclusive licensee of ultra-wide screen IMAX film technology in Greater China, will join forces with South Korean cinema chain CGV to provide 40 new theatres on the mainland, after IMAX theatres posted record first-half box office income in the country.More than half of the new theatres will adopt IMAX’s new laser projector technology, which provides brighter images and sharper resolution, according to Jim Athanasopoulos, chief financial officer of IMAX China, the Hong… Source link

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Hong Kong’s prime office market wobbles as Chinese firms scale back amid trade war

Hong Kong’s prime offices, the world’s most expensive for four years running, are losing their cache as a year-long US-China trade war has deterred companies from taking on more space, forcing landlords to offer discounts.Grade-A office rent in the Central district dropped 0.1 per cent in the second quarter, reflecting the first quarterly decline since the final three months of 2013, while rents in Wan Chai and Causeway Bay fell 0.4 per cent during the same period, according to JLL’s data… Source link

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Why Hong Kong’s office market has the edge over Singapore’s, despite the eye-popping rents in Central

The fight over the extradition bill, which has heightened concerns about the erosion of Hong Kong’s freedoms and autonomy, has led to a flurry of warnings about an exodus of businesses and capital to more stable sanctuaries.  The refuge receiving the most attention is Singapore, Hong Kong’s arch-rival in the battle for dominance in Asian finance. In the real-estate sector, the city state enjoys several advantages over its chief competitor. For starters, occupancy costs for Grade A office… Source link

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Financial Secretary Paul Chan details ‘achievements’ of Hong Kong government since taking office in 2017

Financial Secretary Paul Chan Mo-po has listed what he considers to be the government’s achievements since taking office in July 2017, pointing to improvements in Hong Kong’s financial services industry and overall economic stability. Chan’s assessment, published on his official blog on Sunday, came just days after he said the city’s reputation as a global financial centre had been damaged by the extradition bill crisis, and that the government would make every effort to restore its image. As… Source link

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Soho China, struggling with flagging profits and stock price, put up US$1.13 billion office assets for sale

Soho China, one of the country’s largest commercial developers, is putting 7.8 billion yuan (US$1.13 billion) of office assets up for sale, making its biggest disposal in the company’s two-decade history to raises capital to buy land to expand its land bank.The developer on Friday put 20,000 square metres of office space in five Beijing and Shanghai projects on the market.The move conflicts with a pledge by its chairman Pan Shiyi a year ago not to sell core assets in either of the two mainland… Source link

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Vietnam 

Australian bank’s representative office licence withdrawn – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    The logo of the National Australia Bank Limited. Photo NAB HÀ NỘI Governor of the State Bank of Việt Nam Lê Minh Hưng has issued a decision withdrawing the business licence of the National Australia Bank Limited’s representative office in Hà Nội. Under the decision, the representative office must halt operations and shut down, as well as liquidate its assets according to Vietnamese law from mid-June, the SBV news portal stated. The lender must also make public the central bank’s decision on the media and post a notice at the headquarters of…

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