Mr Philip Chan Man Ping, first Singaporean national tagged as ‘politically important person’
A businessman tagged under Singapore’s foreign interference laws has ties to a mainland mining magnate, and the story leads today’s Ming Tiandi headline roundup. There’s also news that Indian real estate consultancy Anarock has raised $24 million to expand its technology infrastructure, which could force WeWork to take out new bankruptcy financing.
Singaporean accused of foreign interference linked to China’s ‘Copper King’
The first Singaporean national to be tagged as a “politically important person” under the Foreign Interference Act 2021 oversees the multi-million dollar real estate portfolio of a Chinese metals billionaire.
The island’s Ministry of Home Affairs announced on Friday that it would invoke foreign interference law against Philip Chan Man Ping, 59. Zhang runs the real estate investment arm of a copper conglomerate owned by Chinese billionaire Wang Wenying. Read more>>
India’s Anarock raises $24 million from 360One Asset Management to expand business
Real estate consultancy Anarock has acquired Rs 2 billion (from 24 million dollars).
The funding is aimed at strengthening Anarock’s technology infrastructure, accelerating expansion and introducing innovations to strengthen its leadership in India’s real estate services sector. Read more>>
WeWork considers bankruptcy financing options amid landlord dispute
Lawyers for the shared office space provider said Monday that WeWork may be forced to take out new bankruptcy financing to make up for slower-than-expected progress in rent negotiations.
Lawyers for WeWork and its landlord who spoke at a bankruptcy court hearing in Newark, New Jersey, said WeWork’s post-bankruptcy business plan is premised on significant reductions in future rent costs from landlords, and that WeWork The company is said to be at a crossroads in its efforts. . Read more>>
CLMT acquires land in Johor for $5.7 million to diversify into high-tech manufacturing
The trustees of CapitaLand Malaysia Trust have acquired three freehold industrial factories in Johor’s Nusajaya Tech Park for RM27 million ($5.7 million).
The acquisition of high-tech manufacturing assets in Johor is in line with CLMT’s strategy to diversify its revenue sources and expand its geographical footprint. Read more>>
CapitaLand unit partners with Dexus to expand in Australian flex office sector
The Work Project, a flexible working space operator majority-owned by CapitaLand Development, has partnered with Australian real estate giant Dexus to create a 50:50 joint venture, The Work Project Sydney.
TWP announced on Monday that its new 50%-owned company is Australia’s first joint venture premium flex coworking operator. Read more>>
Transactions with Strata office in Singapore rise 1.8% to $891 million: Knight Frank
Sales of tiered office space recorded flat growth in 2023, with transaction value increasing 1.8% to S$1.2 billion ($891 million), according to a Knight Frank report. .
Approximately 309 transactions closed during the year, the same number as in 2022, but this figure was down 9.6% compared to 2021’s 342 sales. Read more>>
China vows to prevent abnormal market fluctuations: CSRC
China promised to stabilize markets after Friday’s chaotic trading sent stocks to a five-year low, but policymakers said they had wiped out more than $6 trillion in value, making it the world’s second largest economy. He did not specify how he plans to end the sharp decline in national rankings that has undermined confidence in the nation. -The largest economy.
The China Securities Regulatory Commission said on Sunday it would guide more medium- and long-term funds into the market, crack down on illegal activities such as malicious short selling and insider trading, and vowed to prevent abnormal volatility. Read more>>
Banks prepare remittance cap bypass for homebuyers in Hong Kong and Macau
Banks in Hong Kong and mainland China have begun preparing a new cross-border payment system to help homebuyers in Hong Kong and Macau easily transfer the funds they need to buy property in the Greater Bay Area.
Eddie Yue, CEO of Hong Kong Financial Institutions, said on February 26, “While a new cross-border payment policy for property purchases in the Greater Bay Area has been set, the key challenge now is to ensure that it takes effect. “It’s about ensuring smooth implementation at all times.” Officials said this at the Legislative Council’s finance subcommittee on Monday. Read more>>
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