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One Belt One Net : SG Tycoon to Invest $5B to Build Data Centre Empire

Tycoon Oei Hong Leong is investing US$5 billion (S$6.73 billion) to set up a new company, named One Belt One Net, that will build data centres.

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Leading today’s news, one of Singapore’s richest men is going big on data, or at least on the buildings that house it, while Australia picks up 4.6 billion baht by selling its Bangkok embassy site to a local developer.

Also in the headlines, Evergrande’s chairman turned his company’s debt-fueled expansion into a spot as China’s richest man – for a few hours. Read on for all these stories and more.

SG Tycoon Investing $5B to Build Data Centre Empire

Tycoon Oei Hong Leong is investing US$5 billion (S$6.73 billion) to set up a new company, named One Belt One Net, that will build data centres.

As the name implies, Mr Oei envisions the business as a way to complement China’s One Belt One Road initiative, a massive project to ignite growth in the countries along the ancient Silk Road. Read more>>

HNA Says It Has “Sufficient Capital for HK$27B in Kai Tak Projects

HNA Group, the Chinese conglomerate that spent HK$27.2 billion (US$3.5 billion) for a stake in Hong Kong’s residential land market, said the group’s financial health is sound and its sees no problem getting loans to fund its mega property project in Kai Tak.

“Our lending banks show strong support to us. We have sufficient capital to finance the project,” said Liu Junchun, vice chairman of the conglomerate’s private unit HNA Holding International Investment Group. Read more>>

Bangkok’s Aussie Embassy Site Sold for THB 4.6B

Supalai Plc has won the bid to buy the eight-rai prime site on Bangkok’s Sathorn Road where the Australian Embassy was previously located for 4.6…

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Tourism

Can border reopening revive tourism in South-East Asia?

In Thailand, where pre-pandemic tourism accounted for 11-12% of GDP, the country lost an estimated $50bn last year as Covid-19 restrictions led to an 82% fall in arrival numbers.

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Ko Samed deserted pier

After 18 months of travel restrictions, a number of countries in South-east Asia have begun opening their borders to foreign visitors to stoke recovery in their respective tourism industries.

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Tech

Global fashion e-tailer Shein launches new hub in Singapore

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Shein has websites for Singapore, Indonesia, Thailand, Vietnam, and the Philippines and has plans to create a standalone website for Malaysia too.

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