The gloves have come off in the fight for dominance of the shared office market as US co-working champion WeWork takes a swing at Chinese challenger URWork over an oddly similar moniker. Also in the news today, BlackRock unloads its last Malaysian asset, and some Singaporeans have travelled to Manchester, England to convert a nightclub into a hotel. Read on for all these stories and more.
WeWork Suing URWork in New York Over Trademark Infringement
WeWork Cos filed a lawsuit against Chinese company UrWork for trademark infringement in a federal court on Tuesday and demanded the firm stop a planned launch in Manhattan where the New York-based shared workspace company dominates the market.
WeWork said in court papers filed in the U.S. District Court for the Southern District of New York that a confusingly similar brand would deceive potential customers into believing UrWork’s services are affiliated or sponsored by WeWork. Read more>>
BlackRock Said Selling KL Project Below Market
AmanahRaya Real Estate Investment Trust (REIT) is acquiring Vista Tower, a 63-storey office building, from BlackRock-controlled The Intermark Sdn Bhd for RM455 million in cash.
The sale of Vista Tower is the final component within The Intermark integrated development at Jalan Tun Razak to be sold by BlackRock Inc. The life of the fund which holds the asset comes to an end this year. The sale will mark the exit of BlackRock from Malaysia. Read more>>
SG Consortium Buys Manchester Hotel Site
A consortium led by real estate firm Heeton Holdings has bought an iconic entertainment venue in a vibrant part of Manchester in Britain – with plans to turn it into a hotel.
Heeton has teamed up with construction and property firm KSH Holdings, and Ryobi Kiso Holdings, which provides ground engineering solutions, they said in a joint statement on Tuesday (Sept 12). Read more>>
HK Financial Secretary Cautions on Overheated Property Sector
Hong Kong’s Financial Secretary Paul Chan warned potential buyers to be careful buying property in the world’s most expensive housing market, as moves by the Federal Reserve to unwind its balance sheet may shrink money supply.
Chan warned in June that Hong Kong’s property market is in a “dangerous situation” and vulnerable to a correction. Hong Kong Chief Executive Carrie Lam describes housing as citizens’ No. 1 concern and recently set up a task force on increasing land supply as she tries to rein in ever-escalating prices. Read more>>
Yanlord, Perennial Join Board of SG’s United Engineers
United Engineers on Tuesday announced the appointment of new directors – chairman and CEO of Yanlord Land Group, Zhong Sheng Jian, as a non-independent and executive director as well as CEO of Perennial Real Estate Holdings and chief operating officer of Wilmar, Pua Seck Guan, as a non-independent and non-executive director.
This follows the takeover offer by a consortium led by Perennial Real Estate and Yanlord for UE that was triggered in July. The consortium is offering S$2.60 per UE ordinary share and preference share each. The offer closed on Tuesday evening. Read more>>
Guangzhou Tries Out New “No Sale” Policies to Boost Rental Housing
One of China’s largest cities is testing an innovative housing project aimed at boosting the supply of apartments for rent amid a government campaign to alleviate a shortage of affordable homes in the country’s biggest industrial and commercial hubs.
The land resources and planning authorities in a development zone in Guangzhou in southern China are asking developers to bid for a plot of land for the construction of housing with some unusual conditions attached — they must retain ownership of the development for the entire 70-year term of the land-use rights and can rent the apartments only to the employees of industrial enterprises. Read more>>
Green Building Help Occupants While Saving Environment
People who work in “green” buildings are less likely to suffer from fatigue, headache and even skin irritation, according to a study which shows that the benefits of such buildings stretch beyond saving energy.
These findings, released on Tuesday (Sept 12), will help the Building and Construction Authority (BCA) in redoubling its efforts – also announced on the same day – to make more buildings environmentally friendly. Read more>>
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