This is the weekly news wrap, featuring the latest real estate stories from Hong Kong. Whether your interest lies in industrial, retail, office real estate or asset investments, we have got the news that matters, covered.

Mandarin Oriental Receives Proposals for Excelsior Hong Kong 

Bloomberg

Mandarin Oriental International has received interest from potential buyers of the Excelsior hotel in Hong Kong, with at least five bids for the property valued at HK$30 billion ($3.8 billion), including a Chinese-backed consortium of Sun Hung Kai Properties and Hysan Development, the Hong Kong Economic Journal reported. Mandarin Oriental said Friday it had received offers while no decision had been taken on a sale.  

 

Billionaire Leong Is Said to Buy US$338 Million London Office

Bloomberg

Hong Kong billionaire Angela Leong has bought a historic building in London Aldwych district for about 250 million pounds. Leong, who is married to casino magnate Stanley Ho, has completed the purchase of Aldwych House from Rowan Asset Management and GI Partners LLC, the people said, asking not to be identified because the deal is confidential. The 174,000 sq. ft. building near Covent Garden has been leased to tenants including WeWork Cos. and the ROKA restaurant after a recent modernization.

 

New World Weighs Super Low Down Payment Scheme to Help University Grads Get on Housing Ladder

South China Morning Post

New World Development is considering a special financing scheme to help local university graduates gain a foothold on the housing ladder at uper low?initial down payments. The scheme is intended for first time buyers. Adrian Cheng Chi-kong, executive vice-chairman of New World Development, said the down payments could be as low as several hundred thousand dollars?for flats costing HK$5 million and will include other incentives such as the developer absorbing the stamp duty.

 

Chinese Developer Kaisa Soars 26% as Hong Kong Tycoon Lau's Family Investment Boosts Confidence

South China Morning Post

Shares of Chinese property developer Kaisa Group soared 26 per cent on Thursday morning after it was revealed that tycoon Joseph Lau's family has invested nearly US$1.2 billion in the company's offshore debts.

 

Mid-Autum Festival Boosts Yata Sales

The Standard

Yata Supermarket recorded an average 18 percent year-on-year growth in sales from its Mid-Autumn Festival promotion in nine stores, and expects total revenue to increase 10 percent during "Golden Week" as the one-week break includes the traditional festival.

 

Toys R Us Files for Bankruptcy Protection

The Standard

Toys R Us, which operates 13 outlets in Hong Kong, has filed for Chapter 11 bankruptcy protection for operations in the US and Canada. However, it says more than 250 licensed stores and a joint venture partnership in Asia are not part of the filings.



HK, UK Sign Fintech Cooperation Agreement
China Daily

Hong Kong and the United Kingdom on Wednesday signed the Hong Kong-UK FinTech Bridge Agreement to foster comprehensive cooperation on financial technology between the two economies. The comprehensive agreement covers government-to-government, regulator-to-regulator and industry-to-industry co-operation. It provides a solid framework for fintech firms on both sides to use the facilities and assistance available in the other location to explore new business opportunities.

 

CBRE in the News

 

Co-working office firm Spaces signs largest rental deal this year in Hong Kong’s Central

South China Morning Post

Features: Tom Gaffney, Managing Director, Hong Kong, Macau & Taiwan and Alan Lok, Executive Director, A&T – Office, Hong Kong

 

Institutional Funds Eyeing Co-working Boom

South China Morning Post

Features: Stanley Wong, Executive Director, Capital Markets, Hong Kong



Tech Firms Have Cash for Asia's Best Offices

South China Morning Post

Features: Benny Cheung, Director, A&T – Office, Hong Kong