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Singapore’s Zilingo raises US$226 million to expand fashion site inspired by Bangkok’s Chatuchak market

Zilingo, a Singapore-based online fashion marketplace, raised US$226 million to fund an expansion into the Philippines, Indonesia and Australia. Investors in the series D financing included Sequoia Capital, Temasek Holdings, Burda Principal Investments, Sofina and EDBI, the company said on Tuesday without disclosing a valuation. The start-up is valued at US$970 million, according to people familiar with the matter who asked not to be named because the information is private. Zilingo, founded by Ankiti Bose and Dhruv Kapoor, started as a fashion and lifestyle marketplace in 2015 to help small…

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First commercial plot on Kai Tak runway fails to take off as Hong Kong rejects all nine bids for site

The first commercial plot to be tendered on the runway of Hong Kong’s old airport at Kai Tak was withdrawn from sale on Wednesday, after the Lands Department announced it had rejected all nine tenders received for the land. That all tenders failed to meet the government’s requirements suggests developers were still cautious about the Hong Kong commercial market, despite comments by analysts that home prices in the city could rise this year. Sun Hung Kai pays US$1.43 billion for Kai Tak residential plot in subdued tender that underscores downbeat…

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Property 

Chinese archaeologists beaten up in dispute over historic site

A national heritage authority and local urban management officers in a city in eastern China are locked in a bitter dispute that has resulted in attacks on two archaeologists. More than 10 urban management officers known as chengguan beat up two archaeologists working at a site in Sangshujiao near the Slender West Lake national park in Yangzhou, Jiangsu province, on Wednesday, news portal Js.people.cn reported on Friday, citing an unnamed witness. “I yelled at them to stop. They didn’t listen. Instead, they told me to watch out for myself,” the…

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Scenic site at Kai Tak draws fewer than expected bids from property developers

The fourth residential plot at the city’s former Kai Tak airport, regarded as the most scenic, has missed analyst expectations, as slightly fewer than expected developers submitted tenders on Friday, reflecting downbeat sentiment as home prices come under further pressure. The 117,900 square foot plot, located on land jutting out into Victoria Harbour on what was Hong Kong airport’s former runway, fetched six bids at the closure of tender at noon, falling short of Knight Frank’s expectation of seven to 10 bids. Thomas Lam, executive director at Knight Frank attributed…

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Shanghai warns developers against rush to finish projects after three die at construction site

Shanghai’s municipal government has voiced concerns about construction site safety after three workers were killed in an accident at a site managed by one of the country’s largest developers. The accident happened on Saturday morning when the earth collapsed near the foundations on a Vanke building site in the Minghang district of the city, according to the local authority. Three construction workers were crushed by the collapse and later died. The commercial project under development covers about 30,000 square metres of land and was bought by Vanke for 1.6 billion…

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Hong Kong’s biggest and last data centre site fetches HK$5.45 billion

Hong Kong’s biggest and last remaining piece of land designated for development into a data centre sold for a higher-than-expected HK$5.45 billion to Sunevision, sharpening the city’s competitiveness in a race with Singapore to be the regional hub for such purpose-built facilities. The winning bid was 45 per cent higher than Colliers International’s estimate of HK$3.75 billion for the plot. “Hong Kong has been lagging behind Singapore as we do not have sufficient land earmarked for data centres. With this large scale development, global and regional data centre operators will…

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Vietnam 

HCM City ties up with VN-focused Hong Kong tourism site – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY — The HCM City Tourism Promotion Centre has tied up with Hong Kong-based Fayfay.com to attract travellers from Hong Kong and to promote Việt Nam’s tourism. On Thursday, it signed a memorandum of understanding with the e-commerce travel site dedicated to Vietnamese travel experiences. The MOU comes at a strategic time after visitors from Hong Kong to Việt Nam hit a record high in the first 10 months of this year.   “Hong Kong will be our focal market in coming…

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Land tender for data centre site in Tseung Kwan O expected to draw ‘strong’ interest, analysts say

Hong Kong’s biggest land site earmarked for development as a data centre is expected to draw intense bidding as the growth of cloud computing drives demand for such purpose-built facilities. The 295,405 square foot site at Wan Po Road Area 85 Tseung Kwan O will close for tender on Friday. Under a plot ratio of 4.5 times, the site will house a structure with 1.33 million sq ft, or roughly the size of more than 19 football fields. “We expect this would generate a great amount of interest,” said Raymond…

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Property 

New World Development buys majority stake in site above metro station in Guangzhou for US$690 million

Hong Kong property giant New World Development (NWD) has expanded its footprint in China’s Greater Bay Area, by buying a majority stake in a prime land site above a Guangzhou metro station for 4.78 billion yuan (US$690 million). In a filing to the Hong Kong stock exchange on Tuesday, the company said it has entered an agreement with Guangzhou Metro Corporation to buy a 65 per cent stake in a subsidiary of the rail operator which acquired the land in November last year. They will jointly develop property projects on…

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Singapore 

Police investigate socio-political site The Online Citizen for criminal defamation, Singapore News

SINGAPORE – The police are investigating socio-political website The Online Citizen (TOC) and one of its authors for the offence of criminal defamation, over its recent article involving comments made by MP Seah Kian Peng. A spokesman for the Infocomm Media Development Authority (IMDA), a statutory board under the Ministry of Communications and Information, told The Straits Times that it had lodged the police report. “IMDA has lodged a police report as The Online Citizen article ‘The take away from Seah Kian Ping’s Facebook post’ made serious allegations that undermine…

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