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Developments

Developments
JPMorgan to build new UK headquarters tower in London
JPMorgan Chase will build a new three million square foot tower in London’s Canary Wharf, it said today after the United Kingdom announced its autumn budget. The tower will contribute UK£9.9 billion to the local economy, the company said. It will accommodate up to 12,000 people, and act as JPMorgan Chase’s main headquarters in the United Kingdom. “London has been a trading and financial hub for more than a thousand years, and maintaining it as a vibrant place for finance and business is critical to the health of the U.K. economy. This building will represent our lasting commitment to the city, the U.K., our clients and our people,” said JPMorgan Chase CEO Jamie Dimon. “The UK government’s priority of economic growth has been a critical factor in helping us make this decision.” The announcement comes hours after the banking sector was spared from a tax increase in the UK government’s autumn budget. Banks had lobbied against any new tax measures, arguing an increase could push them to curb lending. Construction of the new tower will take around six years, according to JPMorgan Chase, and will begin as soon as it receives the necessary approvals. It is being designed by architects Foster + Partners, who previously desi
Developments
Trump urges Fannie Mae, Freddie Mac to spur homebuilders
United States President Donald Trump has called upon Fannie Mae and Freddie Mac to spur a new wave of home construction. Trump has accused large homebuilders of “sitting on 2 million empty lots” and likened their behaviour to OPEC’s control of oil prices. “They’re my friends, and they’re very important to the SUCCESS of our Country, but now, they can get Financing, and they have to start building Homes,” Trump said. “I’m asking Fannie Mae and Freddie Mac to get Big Homebuilders going and, by so doing, help restore the American Dream!” These comments come as housing inventory has rebounded from historic lows in 2022, while builders still face limited incentives to ramp up construction. According to the latest Census Bureau data, there were 490,000 new houses for sale at the end of August, which is the lowest level for the year and 1.4% below July’s estimates. While there has been a 10.6% rise in inventory to 2.1 million homes in August, sales have slowed due to there being more buyers than sellers by more than 500,000 according to Redfin. It is currently unclear what action the President is expecting builders or mortgage companies to take. While Trump is calling upon the finance firms to increase building, t
Developments
Canada launches new federal agency to build housing
Canada has launched a new federal agency to build affordable housing, amid a major housing shortfall in the country. Build Canada Homes has been granted an initial C$13 billion (A$14.14 billion) to build 4,000 houses on federal land in six sites across the country. This will include the capacity for a further 45,000 houses. “Canada’s new government is relentlessly focused on bringing down housing costs. Central to that mission is rapidly scaling up the supply of homes,” said Canadian Prime Minister Mark Carney. “Build Canada Homes will transform the way government works with the private sector to build. We will create an entirely new housing industry using Canadian technology, Canadian workers, and Canadian resources – and give builders the tools they need to build more, build sustainably, and build at scale.” The agency’s first six building sites will be in Ottawa, Toronto, Edmonton, Winnipeg, Quebec’s Longueuil, and Nova Scotia’s Dartmouth. Toronto is set to report its lowest annual housing starts in around three decades this year, according to the Canada Mortgage and Housing Corporation. The agency will spend $1 billion to build transitional housing for people who are homeless. It will also build another 700 publ
Developments
Macquarie launches A$2.9bn land lease fund
Macquarie Group has entered Australia’s fast-growing land lease sector with an A$2.9 billion fund aimed at developing 5000 homes for downsizers over the next five to seven years, positioning global investors to tap into the nation’s housing shortage. The US$1.9 billion (A$2.9 billion) Macquarie Real Estate Partners fund has already secured more than 2000 lots across eight projects in south-east Queensland and New South Wales. On Tuesday, its newly established Millbray business commenced construction at its first community in Flagstone, south of Brisbane. James Kemp, Head of Real Estate Asia Pacific at Macquarie Asset Management, said: “MAM has extensive experience investing in the Australian living sector. We continue to have high conviction in this sector including in the sub-sector focused on the aging population. "Millbray is our latest investment in an Australian living platform and our eleventh investment in living platforms globally.” The Flagstone community will deliver 293 homes across 12 hectares and represents the fund’s first step into a market where listed rivals such as Stockland and Mirvac are also offering offshore institutions exposure to Australia’s housing shortage. Land lease communities are ga
Developments
Home of the US Open to be revamped before 2027
Home of the United States Open tennis championship, Arthur Ashe Stadium is set to undergo “major surgery” by architect Rossetti and structural engineer WSP. The New York stadium is set to undergo a US$800 million renovation by 2027, without any interruption to the 2025 or 2026 U.S. Open. “This project enables us to maintain the greatest stage in tennis—Arthur Ashe Stadium—which was constructed more than 25 years ago, and modernise it in a way that will set it up for the next 25 years,” CEO and executive director of UTSA, Lew Sherr, said. “It also provides us the opportunity to give the players that compete in that stadium an unparalleled space that will enable them to perform at their best and enjoy a higher level of luxury and comfort while they are off the court.” The new renovations will include a new grand entrance, a 40% increase to the promenade-level concourse, modernised conourses, increased restroom access, more elevators and escalators, and new club and restaurant areas. A 300,000 square foot Player Performance building will also be added to the campus and the stadium’s lower level will be increased from 3,000 to 5,000 seats, while the upper bowl will be “partially demolished for new luxury suites. Acco

Developments
Evergrande delisting marks end of China property era
Chinese property giant Evergrande Group's shares were removed from Hong Kong's stock exchange on Monday, completing a journey from a US$50 billion (A$77.83 billion) market darling to a complete wipeout in under four years. The world's biggest-turned-world's most indebted property developer's stock is now just worthless paper. Court filings earlier this month revealed Evergrande's debt burden had ballooned to US$45 billion, up from the $27.5 billion disclosed in December 2022. The company faces 187 debt claims, with liquidators warning the figure remains incomplete, and despite controlling over 100 companies valued at $3.5 billion, liquidators have sold just $255 million worth of assets. Company founder Hui Ka Yan's wealth has also dropped, from $45 billion in 2017 to less than $1 billion today. Hui was detained in September 2023 and fined $6.5 million - and banned from China's securities markets for life. "Once delisted, there is no coming back," Dan Wang, China director at political risk consultancy Eurasia Group, told the BBC.Property sector remains a drag"The property slump has been the biggest drag on the economy, and the ultimate reason why consumption is suppressed," Wang said. Chinese families tradition
Developments
Mirvac eyes FY26 growth despite 2025 profit drop
Property development group Mirvac returned to expected levels of profits in fiscal 2025 as the group faced significantly lower portfolio devaluations. The investment trust’s A$474 million in operating profit after tax was in line with guidance, but still fell behind last year’s $552 million, even though the company reported after-tax earnings of $68 million for FY25, a sharp turnaround from a loss of $805 million. This turnaround has been attributed to the hits the company took a year earlier from greater investment revaluations, joint venture losses and impairment, disguising a 10% decrease in revenue to $2.74 billion. Mirvac’s investment properties devalued by A$102 million, an improvement from the $1.1 billion in property devaluations in FY24. Despite the drops, Mirvac CEO and managing director Campbell Hanan said the company is focusing on a return to growth in FY26 and beyond. “We saw a strong pickup in activity in our residential business, with unconditional sales up almost 40 per cent, and $1.9 billion of residential pre-sales provide good visibility of future earnings,” he said. “This is further supported by new investment income and funds under management growth from upcoming development completions, alo
Developments
Daryl Ng to succeed father as Sino Group Chairman
Daryl Ng Win Kong, the eldest son of Robert Ng Chee Siong, will be taking over the Sino Group from his father, marking the third generation of leadership of the group for the family. Daryl Ng will step into the chairman role on 31 August for Sino Land, Tsim Sha Tsui Properties and Sino Hotels, which have a combined market value of HK$127.2 billion (US$16.3 billion). Robert Ng took over the business from his father, Ng Teng Fong in 1991 and has decided to retire from his position, according to the filing. “The board would like to express its sincere gratitude to Robert Ng for his contributions to the company over the past 44 years of service and his leadership in building a solid foundation for the company’s sustainable growth and development,” Sino Land said in its exchange filing. Robert Ng has three sons and three daughters, and his eldest daughter, Nikki Ng Mien Hua, is already a non-executive director of the company. In a separate announcement, Daryl Ng thanked his father for his work at the company. “I would like to extend my heartfelt gratitude to my father Mr Robert Ng for his leadership and guidance in the upholding of integrity and quality assurance,” Daryl Ng said in a separate announcement. Darly Ng
Developments
Gold Coast developer soars as founder surfs away
Shares in Gold Coast property developer Raptis Group almost doubled to their highest level in more than seven years after founder and major shareholder James Raptis announced his resignation as a director of his eponymous company. In response to an Australian Stock Exchange (ASX) query about an increase in the share price from 8.5 cents on 10 July to 24 cents today, the company disclosed that the 78-year-old Chair, CEO and Managing Director would leave the Board on 30 September. At the time of writing the share price had surged 12 cents or 92.31% to 25 cents, capitalising it at A$87.67 million, after touching 26 cents, the highest level since June 2018. Raptis said he and son Evan would focus their attention on continuing their residential developments on the Gold Coast in their private group, which has a five-year pipeline of projects. He welcomed Russell Garnett on his appointment as CEO and Managing Director of the company, which was founded in 1983 and listed on the ASX in 1986 and in which Rapts has a 64% stake. “There are negotiations in train with two potential directors to strengthen the Board and chart a new direction for Raptis Group Limited for the benefit of shareholders.” Raptis Group said in an ASX ann