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JD targets deep job cuts as morale sags at Chinese online shopping site

JD.com is preparing deep cuts to its workforce and rescinding some job offers as the Chinese e-commerce giant struggles to revive dwindling morale and rein in losses, people familiar with the matter said.Alibaba Group’s closest rival told managers that it is looking to reduce headcount across the company, cutting some teams by as much as half, one of the people said, citing an internal email. JD is reneging on some work contracts and offering impacted college graduates token compensation of 5… Source link

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Rent at office tower redeveloped on The Excelsior’s site may be the highest in Causeway Bay amid shortage of commercial space

The office tower to rise from where The Excelsior hotel stands on the foreshore of Hong Kong’s Causeway Bay may command the highest rent in the district by the time its redevelopment is completed in 2025, barring a catastrophic economic meltdown in Hong Kong.The site, known as Lot One, was the very first piece of land sold in Hong Kong when the city became a British colony in 1841. Jardine Matheson, one of Asia’s largest and oldest conglomerates, has owned it ever since, putting up the 869-room… Source link

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Hong Kong-listed hotelier Shangri-La to open sixth property in Beijing at 2022 Winter Olympics site

Hong Kong-listed luxury hotel and resort chain operator Shangri-La Group on Thursday unveiled plans for a 300-room hotel next to venues for the 2022 Winter Olympics in Beijing.The property, the company’s sixth hotel in China’s capital, will come up in the former industrial complex of Shougang Park, and will be developed as part of an urban regeneration project.“We are committed to deepening out investment and to be part of Beijing’s renewed growth plans,” Hui Kuok, chairman at Shangri-La, said… Source link

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Former Hong Kong airport site sells for low end of expectations, signalling caution as major developers scout for residential land

The largest residential site at Hong Kong’s former Kai Tak airport has been sold to a consortium of five major developers including Henderson Land Development and Wheelock Properties for HK$9.89 billion (US$1.26 billion), matching the low end of expectations as developers adopt a cautious market outlook.The Lands Department awarded the tender for the plot, which can yield 722,060 sq ft in gross floor area, to Infinite Sun on Tuesday.Other members of the alliance include China Overseas Land &… Source link

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China 

Pollution containment stepped up at site of Yancheng chemical factory blast in China

Pollution containment has been stepped up and rescue operations expanded in response to Thursday’s deadly pesticide plant explosion in the city of Yancheng, Jiangsu province, with officials reporting leakage from chemical storage tanks on site.The blast killed at least 64 people and injured 604 others, according to the latest official figures, while another 28 people were still reported missing.Yancheng mayor Cao Lubao on Sunday said the scope of the rescue efforts after the blast at the… Source link

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HK$10 billion Kai Tak site attracts six bids as firms say they are positive about Hong Kong housing market

Six developers have submitted tenders for a site in Kai Tak, Hong Kong’s Lands Department said on Friday, with companies saying they remained positive about the city’s housing sector following a recent pick up in prices and dovish monetary policy that has rekindled a cooling market.Among the companies vying for Area 4B Site 1 in Kai Tak are Sun Hung Kai Properties, CK Asset, Chinachem Group, K&K Property and a joint venture between K Wah International and Sino Land. A consortium of New World… Source link

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US finally grounds Boeing 737 MAX planes, citing ‘new evidence’ from Ethiopia crash site

The US Federal Aviation Administration issued an emergency order on Wednesday grounding all Boeing 737 MAX aircraft in the wake of a crash of an Ethiopian airliner that killed 157 people, a reversal for the US after federal aviation regulators had maintained it had no data to show the jets are unsafe. The decision came hours after Canada joined some 40 other countries in barring the 737 MAX from its airspace, saying satellite tracking data showed possible but unproven similarities between the… Source link

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Joint ventures the only way out for developers eyeing huge commercial site atop high-speed rail terminus worth US$14 billion

Even the wealthiest of Hong Kong developers do not have enough cash to bid individually for a prime commercial site atop the high speed rail terminus in Kowloon that is likely to fetch about HK$110 billion (US$14 billion), which will compel them to form consortiums to spread the risk of developing such a huge project, say market watchers.The government is determined to sell the 632,917 square foot plot, expected to yield a total gross floor area of 3.16 million sq ft, as a whole. It is also… Source link

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Singapore 

Worker injured after concrete beam falls 27 storeys at Queenstown BTO site; stop-work order issued, Singapore News

SINGAPORE – A construction worker was taken to hospital after a large concrete beam at a construction site for Build-to-Order flats in Queenstown collapsed on Saturday afternoon (March 2). The Building Construction Authority (BCA) said that it would be issuing a stop-work order at the construction site at 132 Margaret Drive. The BCA, Ministry of Manpower and Housing Board are investigating the incident. The BCA spokesman said that a precast beam from the link bridge of the building had fallen from the 27th storey onto the roof of a seven-storey…

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Sun Hung Kai speeds up Greater Bay Area expansion, buys site in Guangzhou’s Nansha district for US$178m

Sun Hung Kai Properties, Hong Kong’s most valuable builder, said that it has bought a commercial plot near the high-speed railway station in Nansha – the geographic heart of the Greater Bay Area in Guangzhou – for 1.19 billion yuan (US$178 million).The site, close to Qingsheng station on the Guangzhou-Shenzhen-Hong Kong Express Rail Link, will yield a gross floor area of 262,619 square metres, according to Guangzhou Public Resources Trading Center, a department of Guangdong province that… Source link

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