Wing Tai unveils Hong Kong CBD mixed-use development joint venture with CSI Properties
Named Central Crossing, the 433,000-square feet (sq ft) development will be situated at the city's cultural and lifestyle hub and connected to its key business and financial institutions, said Wing Tai said on Tuesday (Jul 22).
As a Grade A office development built on a heritage site, it aims to embrace the local heritage and historical features of the area that date back to 1880, while providing a new addition to the city's urban landscape, said the property developer.
Located at 118 Wellington Street in the Central district of Hong Kong, it will integrate Grade A offices, a bespoke lifestyle hub, green open spaces and heritage preservation features.
The project will feature a dual tower structure, comprising a 28-storey office tower with some 10,600 sq ft of gross floor area and a luxury international hotel tower. Both towers will be positioned to align with the city's historic urban grid.
Commercial spaces will be located at the bases of the towers alongside a four-storey water wall that defines the main entrance of the hotel, Wing Tai said.
A NEWSLETTER FOR YOU
Tuesday, 12 pm Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
Sign Up
Sign Up
The development will be linked to transport hubs through a central walkway system and situated close to restaurants, bars and historic attractions such as Tai Kwun, PMQ and Central Market.
It will also feature new pedestrian routes that allow people to cross the site at multiple levels and access the surrounding streets.
Designed by architecture firm Foster + Partners, Central Crossing is a project under Hong Kong's Urban Renewal Authority.
Wing Tai and CSI Properties won the contract to develop the site from the authority in late 2017.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
3 hours ago
- Straits Times
Crypto's comeback: Should Bitcoin and other digital assets be in your portfolio now?
Bitcoin, the world's largest cryptocurrency, was trading at more than US$119,000 on July 28. SINGAPORE - Cryptocurrencies like Bitcoin and Ether have rallied in recent weeks, buoyed by clearer regulations in the United States and renewed investor interest, prompting the question of whether digital assets now have a place in mainstream investment portfolios. Bitcoin, the world's largest cryptocurrency, was trading at more than US$119,000 on July 28, after briefly crossing the US$120,000 mark for the first time on July 14. It has risen more than 80 per cent in the past 12 months, driven by new bitcoin exchange-traded funds (ETF) and rising institutional adoption, among others. Ether was changing hands around US$3,800, up more than 60 per cent in the past month following inflows into newly launched US-listed spot Ether ETF. It is up nearly 20 per cent over the past year. The price surge coincides with the passing of the Genius Act in the United States, which sets out clearer rules for US dollar-pegged cryptocurrencies known as stablecoins. While the new law does not apply to other digital assets such as Bitcoin and Ether, it is still seen as a win for the sector, with supporters welcoming it as a step towards legitimising an industry long associated with speculation and regulatory ambiguity. Crypto's rebound has raised questions over the role of digital assets in investor portfolios. While clearer regulations in the US and renewed interest have fuelled gains, analysts here are divided on whether the rebound signals a sustained recovery for crypto. Still a risky asset Mr Timothy Liew, head of investments at OCBC Bank, said the regulatory developments in the US are a welcome step and will be viewed positively by investors and market watchers. However, he cautioned that it is still 'early days' and that volatility in the cryptocurrency market is likely to persist. Top stories Swipe. Select. Stay informed. World Trump says many are starving in Gaza, vows to set up food centres Asia Cambodia, Thailand agree to 'immediate and unconditional ceasefire' to de-escalate border row World US, China hold new talks on tariff truce, easing path for Trump-Xi meeting Asia Giant algal bloom off South Australia devastates marine life, threatens seafood exports Singapore Tanjong Katong sinkhole: Road recovery works progressing steadily, tests under way Singapore ST Explains: What we know about the Tanjong Katong sinkhole so far Sport Gan Ching Hwee breaks 2 national records, qualifies for World Aquatics C'ships 1,500m final Asia Gunman kills 5 near Bangkok's Chatuchak market before taking own life 'While the Genius Act may provide greater legitimacy to crypto-linked companies, it still remains to be seen if the law can usher in long-term systematic shifts that will pave the way for everyday digital asset payments,' he said. 'Cryptocurrencies can have significant price volatility as their value does not typically relate to any economic fundamentals, so investors must exercise caution when deciding to invest in it.' Mr Liew noted that institutional investors are likely to gravitate towards more established cryptocurrencies such as Bitcoin and Ether, while retail investors and those with higher risk appetites may favour smaller, lesser-known tokens - known as altcoins - which tend to be more volatile but offer the potential for bigger returns. 'While investors with bigger appetites can still consider such assets, they need to understand these risks by diversifying their portfolio and limiting exposure to cryptocurrencies… They also need to be prepared to suffer significant or total capital losses in a worst-case scenario,' he said. Mr Saad Ahmed, head of Asia-Pacific for cryptocurrency exchange Gemini, said that the Genius Act does not introduce a comprehensive regulatory framework for all cryptocurrencies, but it's a 'meaningful signal' that US lawmakers are starting to take digital assets seriously. 'Combined with growing institutional participation and continued momentum around Bitcoin ETFs, the legislation has helped boost investor confidence across the board,' he said. 'However, it's important to note that this is not a full regulatory framework for crypto, and broader clarity may come through the market structure bill, which is still pending and expected to address more comprehensive oversight of digital asset markets in the US on the institutional and retail side.' Mr Ahmed was referring to the Clarity Act, a second piece of legislation which is awaiting consideration in the US Senate. This aims to set clear rules on whether a digital asset is regulated as a security by the Securities Exchange Commission or as a commodity by the Commodity Futures Trading Commission. He added that 'while Bitcoin and other digital assets are increasingly seen as credible parts of a diversified portfolio, whether to include them depends on each investor's personal circumstances and time horizon. 'Investing in crypto, like any asset class, should be guided by individual research, risk tolerance and financial goals.' Becoming more mainstream Still, things are looking up for the emerging asset class. DBS Group Research FX and credit strategist Chang Wei Liang struck a more positive tone, noting that clearer rules under the Genius Act could encourage stablecoin adoption by financial institutions, corporates and even households. This, in turn, may boost demand for cryptocurrencies used in stablecoin transactions and pave the way for broader use of crypto-based payment methods While cryptocurrencies could face heightened volatility given their sensitivity to broader market movements, the investor base for digital assets has been growing beyond retail participants to include institutions like corporate treasuries, pension funds, and even US state funds, Mr Chang said. This trend is driven by improved access via ETFs, increasing recognition of cryptocurrencies as potential reserve assets, and greater interest in developing blockchain-based payment systems, such as those using stablecoins. 'The net impact is that cryptocurrency prices could continue to rise even after Trump's term, helped by the ongoing structural rise in crypto usage, and this may sustain investor interest despite uncertainty over tariffs,' he added. Mr Darius Sit, founder of digital asset trading firm QCP Capital, noted that much of the recent purchase of digital assets has so far come from institutional investors. He said cryptocurrencies are evolving from speculative instruments to investment-grade assets that now command serious consideration from such investors. 'The approval of US spot Bitcoin ETFs led by BlackRock was a watershed moment for the space…. It opened the door for some of the world's largest countries and companies to access Bitcoin through a structure they already understand and trust,' he said. Bitcoin and Ethereum are also larger coins by market capitalisation, and hence more mature with declining volatility, and this a strong indicator of market maturity and increasing institutional adoption, he added. 'Bitcoin is finite and programmatically scarce by design.... Given its fixed supply of 21 million and rising institutional adoption, its price is likely to trend higher from here,' he said. Rising investor interest As a result, both institutional and retail interest in cryptocurrencies has picked up globally. In the US, banking giant JPMorgan is preparing to offer loans backed by clients' cryptocurrency holdings, such as Bitcoin and Ethereum. The bank already allows clients to borrow against crypto ETFs, such as BlackRock's iShares Bitcoin Trust. On July 18, Hong Kong-based virtual asset manager Pando Finance launched its Bitcoin ETF on the Hong Kong Stock Exchange, expanding access to the cryptocurrency to retail investors. Still, investors here should be aware of Singapore's more cautious stance on crypto. The Monetary Authority of Singapore (MAS) has repeatedly warned of the risks of crypto-trading and prioritised consumer protection in its regulatory approach. For example, licensed crypto firms, classified as digital payment token service providers under the law, are prohibited from offering incentives to attract retail customers. Retail investors are also not allowed to use credit, leverage, or derivatives linked to cryptocurrencies. From June 30, digital token service providers offering services exclusively to overseas customers - whether involving digital payment tokens or capital market products - must be licensed by MAS or cease operations,' MAS said in June.
Business Times
14 hours ago
- Business Times
Malaysia's YTL Power and Nvidia forge RM10 billion green AI infrastructure partnership
[KUALA LUMPUR] Malaysia's YTL Power International and US tech giant Nvidia Corp have signed a strategic partnership to develop a RM10 billion (S$3 billion) artificial intelligence (AI) infrastructure project powered by green energy in Malaysia. Minister of Investment, Trade and Industry Tengku Zafrul Abdul Aziz said the mega project includes the development of AI data centres, deployment of Nvidia's high-performance graphic processing units, and the creation of Malaysia's own sovereign large language model. He wrote in a post on X on Jul 26: 'YTL will also be building an AI ecosystem in collaboration with its technology partners, suppliers and local contractors.' Zafrul said that the strategic partnership shows that Prime Minister Anwar Ibrahim's international engagements can help lay the groundwork for investments that would shape Malaysia's economic and technological landscape. The Bursa Malaysia-listed YTL Power is a subsidiary of YTL Corporation. It is a leading independent power producer in the region, with operations in Malaysia, Singapore, Indonesia, and Jordan. Its Singaporean subsidiary, YTL PowerSeraya, is a significant power supplier in the country. Beyond power generation, its business includes water and sewerage services, telecommunications and increasingly, in data centres and digital banking, contributing to Malaysia's digital economy and sustainable development. YTL Power's share price on Bursa Malaysia gained as much as 3.6 per cent or 15 sen at RM4.30 on Monday. It ended the day up 0.2 per cent or 1 sen at RM4.16.
Business Times
16 hours ago
- Business Times
Short sellers rack up US$25 billion loss on riskiest US stocks
IT HAS been a brutal month for traders shorting the riskiest US stocks, and as animal spirits imbue retail investors with boundless confidence, strategists expect the misery to continue for bears. As of Thursday (Jul 24), investors had lost US$2.5 billion in the month, betting against the 50 US-listed stocks with the highest short interest, according to data from S3 Partners. Doubting the hype in those firms, which include meme-stock darling Kohl's Corp, produced four times greater losses than the average short in the US market, as individual traders have pushed into speculative names. This week poses a big test for the risk-on mood, with the Aug 1 deadline for US trade deals looming, one of a slew of key events. However, strategists say the meme-stock frenzy likely has room to run. Data from Vanda Research Corp shows that net retail buying of companies such as Opendoor Technologies Inc and Krispy Kreme Inc has continued to trend higher. Trading frequency has risen as well, said Marco Iachini, senior vice-president of research at Vanda Research. 'I'm not seeing any signs' that the craze is fading, he said. Driving home how profitable a stretch it has been for investors betting on speculative corners of the market, a Goldman Sachs Group Inc basket of 50 stocks with the highest short interest in the Russell 3000 Index just posted a record ninth straight week of gains. It has climbed 33 per cent in that time, and clobbered both the Russell 3000 and the S&P 500 Index's returns of 10 per cent each. That Goldman basket of stocks is up 15 per cent this month. Justin Walters, co-founder at Bespoke Investment Group, wrote in a Thursday note: 'July has been a banner month for investors long on the most heavily shorted stocks (and brutal for those short them).' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Michael O'Rourke, chief market strategist at Jonestrading Institutional Services, said the run of outperformance by the most-shorted stocks in the market could signal that the current risk-on sentiment in the market is short-lived. 'I actually don't think this will be anywhere near as long as in 2021,' he said. The breadth of this meme-stock rally stands in sharp contrast to the case in 2021, when traders mainly piled into GameStop Corp and AMC Entertainment Holdings, he said. Other potential hurdles for equities bulls are on the calendar this week: A Federal Reserve monetary-policy decision, earnings results from a quartet of 'Magnificent Seven' companies and Friday's monthly jobs report. Plus, trading desks at firms, including Goldman, last week urged clients to buy cheap hedges against potential losses. However, amateur traders may drag institutional money into the speculative rally and keep it going, said Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners. Once there are 'hedge fund holdings on both the long and short sides of these names, coupled with retail buying pressure, they tend to be more volatile and produce higher returns', he said. That produces more pain for short sellers, he added. Retail investors are 'squeezing hedge funds and then forcing this upward move', Vanda's Iachini said. BLOOMBERG
