Shimao Services boss Jason Hui hopes he’s found an auditor he can live with
In today’s roundup of regional news headlines, a tiff over fees prompts the exit of Shimao Services’ auditing firm, and analysts say sales of new homes in Hong Kong could soar this year as rate hikes ease and cross-border traffic restarts.
Shimao Services Changes Auditors for 2nd Time in Less Than a Year
Shimao Services Holdings on Tuesday announced the resignation of its auditor, Moore Stephens, over a fee dispute and the appointment of Elite Partners to fill the vacancy.
The news came almost nine months after the property services unit of Shanghai-based Shimao Group parted ways with its previous auditor, PricewaterhouseCoopers. Read more>>
Hong Kong Home Sales Could Surge 50% as Rates Peak, Border Opens
Hong Kong’s new home sales may surge by 50 percent in 2023, after the reopening of the border with mainland China and as interest rate hikes end.
The view of Bloomberg Intelligence is that sales of new residential projects in the city could jump 50 percent to HK$175 billion ($22.4 billion) in 2023, from a nine-year low in 2022. Read more>>
Two Tanjong Pagar Commercial Buildings Up for En Bloc Sale at S$216M
A pair of five-storey buildings on a 999-year leasehold commercial site on Singapore’s Hoe Chiang and Lim Teck Kim roads will be launched for collective sale Thursday at a reserve price of S$216 million ($164 million).
The price works out to an estimated land rate of S$2,602 per square foot per plot ratio for an office development, inclusive of an estimated land betterment charge of S$54.1 million. Read more>>
Collective Sale for Singapore Condo Relaunched at Lower S$390M Reserve Price
Singapore’s sea-fronting Meyer Park has been relaunched for collective sale at a lower reserve price of S$390 million ($296.1 million) after its two previous attempts closed without a sale.
The freehold District 15 condo was first launched on 25 July last year with a reserve price of S$420 million. It was relaunched at the same reserve price on 13 October, with the tender again closing on 2 November without a deal. Read more>>
Fosun Confirms RMB 12B Syndicated Loan From SOE Banks
Fosun High Technology, the domestic operating entity of Fosun International, and eight domestic banks on Monday held a syndicated loan signing ceremony at the Bund Finance Center in Shanghai.
According to the agreement, the banks will jointly form a syndicate to provide Fosun High Technology a loan totalling RMB 12 billion ($1.8 billion). Read more>>
Indonesia to Break Ground on New Capital’s $2.7B Housing Project in Q2
Indonesia expects to begin construction in the second quarter on apartments worth $2.7 billion for thousands of civil servants due to move to its new capital city on Borneo, an official said Tuesday.
The country announced in 2019 a plan to move its capital city from Jakarta to a forested area in Indonesian Borneo, a project estimated to cost $32 billion. The new capital will be named Nusantara. Read more>>
New World Boss Adrian Cheng to Chair Hong Kong Cultural Committee
The boss of New World Development has been appointed chairman of a new arts and culture committee seeking to bring major events back to Hong Kong and re-establish the city’s reputation as an international tourism destination and cultural hub.
Hong Kong’s government on Tuesday announced the formation of the Mega Arts and Cultural Events Committee to be chaired by Adrian Cheng. Read more>>
Google to Rent Data Centre Space in Navi Mumbai for $1.1M a Month
Raiden Infotech India, a Google company, has taken on 381,000 square feet (35,396 square metres) of data centre space for 28 years at Maharashtra Industrial Development Corporation’s industrial estate in Navi Mumbai from Amanthin Info Parks at a starting monthly rent of INR 8.83 crore ($1.1 million), according to documents accessed by CRE Matrix, a real estate data analytics firm.
The deal comes with a clause providing a rent escalation of 1.75 percent annually, the documents showed. Read more>>
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