Prestige Estates Projects Ltd. will take over a Mumbai housing project from bankrupt Ariisto Developers Pvt. following a court decision on Tuesday, Bloomberg News reported. The Bengaluru-based developer plans to launch the first phase of the project by May and second phase toward the end of the year, Prestige’s Chief Executive Officer Venkat K. Narayana said by phone on Wednesday. He estimates revenues of more than 100 billion rupees ($1.4 billion) from the 7.5 million square feet under development. “This will be our largest project in Mumbai,” Narayana said.
Read more
Resources Per Country
- Afghanistan
- Armenia
- Australia
- Azerbaijan
- Bangladesh
- Brunei
- Cambodia
- China
- Cook Islands
- Cyprus
- Fiji
- Georgia
- Hong Kong
- India
- Indonesia
- Japan
- Kazakhstan
- Kyrgyzstan
- Laos
- Macau
- Malaysia
- Maldives
- Mongolia
- Myanmar
- Nepal
- New Zealand
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Taiwan
- Tajikistan
- Thailand
- Turkey
- Uzbekistan
- Vanuatu
- Vietnam
Japanese insurer Tokio Marine Holdings Inc said on Tuesday it currently expects no material impact on its results for the fiscal year starting next month as a result of its exposure to the fallout of Greensill Capital’s collapse, Reuters reported. Tokio Marine made the forecast in a statement the day after its shares fell 5.6% following a Bloomberg report that the Japanese insurer faced a larger-than-expected exposure to the insolvent British finance firm.
Read more
India’s Supreme Court allowed lenders to resume classifying delinquent debt as bad loans, reversing a ruling that delayed disclosure of soured credit in an economy already saddled with stressed assets, Bloomberg News reported. A three-judge panel headed by Justice Ashok Bhushan delivered the verdict on Tuesday, supporting a request from the federal government and central bank, which had sought to overturn a September order that barred the categorization of loans as non-performing.
Read more
As Hong Kong residents move overseas to escape China's political crackdown, real estate companies see new opportunities in areas such as assisting with visa applications and brokering property transactions, Nikkei Asia reported. Interest in leaving Hong Kong is the highest since the lead-up to the former British colony's 1997 return to China, said Andrew Lo, a local emigration consultant who has worked in the industry for over three decades. "This is the biggest emigration boom in Hong Kong's history," he said.
Read more
Indian Prime Minister Narendra Modi last year pushed through new laws that would reduce the government’s role in agriculture, aimed at fixing a system that has led to huge rice surpluses in a country that still grapples with malnutrition, the New York Times reported. But the laws would reduce the role of government-run markets for grain, which the farmers fear would eventually undermine the price subsidies that make their work possible. If that happens, the livelihoods of millions of people who depend on the land could be in jeopardy.
Read more
An Indian court put on hold on Monday an order restraining Future Group chief Kishore Biyani from selling personal assets, amid legal challenges to the group’s $3.4-billion retail deal, Reuters reported. The legal fight over Future’s assets has embroiled two of the world’s richest men, Jeff Bezos of U.S. e-commerce giant Amazon.com Inc and Mukesh Ambani of Indian congolomerate Reliance Industries. In various Indian courts, including the Supreme Court, Amazon has accused Future of violating certain contracts by agreeing to sell its retail assets to Reliance.
A Tokyo-based restaurant chain operator on Monday filed a damages suit against the Tokyo metropolitan government for ordering business hours be reduced as a public safety measure during the coronavirus pandemic, Nikkei Asia reported. Global-Dining claims the order "is illegal and unconstitutional as it infringes the right to freedom of business" in the first such lawsuit anywhere in Japan. The company runs dozens of restaurants including the Gonpachi "izakaya" Japanese-style pubs.
New Zealand’s government took aim at property speculators with a suite of new measures to tackle runaway house prices and prevent the formation of a “dangerous” bubble, Bloomberg News reported. The government will remove tax incentives for investors to make speculation less lucrative and unlock more land to increase housing supply, Prime Minister Jacinda Ardern said on Tuesday. The moves come as surging house prices keep first-time buyers and people on lower incomes out of the market, raising concerns about growing societal inequality.
Turkey’s currency tumbled almost 8% on Monday, putting it on course for its biggest single-day selloff since 2018, following the abrupt ouster of the central-bank governor last week, the Wall Street Journal reported. The lira fell to as low as 8.280 a dollar from 7.219, before regaining some ground to trade at about 7.7865 a dollar, according to FactSet. Turkey’s stocks also plunged.
Read more
Thirty-four creditors of Greensill Capital Pty, the Australian parent of the collapsed British supply chain financier, submitted over A$1.75 billion ($1.35 billion) in claims to the company, administrators said on Friday, Reuters reported. About $1.15 billion of that was made by Japan’s Softbank Group, a source familiar with the situation told Reuters. The source declined to be identified as the person was not permitted to speak publicly.