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The central government unveiled the new ‘comprehensive reform plan (2020 – 2025)’ (hereinafter referred to as the ‘new plan’) in October as a continuation of Shenzhen’s mission of being ‘Pilot Demonstration Zone of Socialism with Chinese Characteristics’ announced in 2019, providing greater…


The central government unveiled the new ‘comprehensive reform plan (2020 – 2025)’ (hereinafter referred to as the ‘new plan’) in October as a continuation of Shenzhen’s mission of being ‘Pilot Demonstration Zone of Socialism with Chinese Characteristics’ announced in 2019, providing greater autonomy and a higher level of all-round opening-up. Given that the new plan came at a meaningful time—the 40th anniversary of the establishment of the Shenzhen Special Economic Zone (SEZ)—Shenzhen is expected to embrace a new chapter of development.

Additionally, the new plan reinforces Shenzhen’s core engine function and central city position in the Guangdong-Hong Kong Macao Greater Bay Area (GBA). Therefore, the real estate industry is forecast to obtain new development opportunities, with demand for land, office, retail and residential sectors improving.

Beijing government developed multiple plans to help boost the ‘First-Store’ economy, consumer demand and upgrade retail projects in response to COVID-19:


Beijing government developed multiple plans to help boost the ‘First-Store’ economy, consumer demand and upgrade retail projects in response to COVID-19:

  • “Announcement to Stabilise Commercial Business Activities Under COVID-19” on February 21st, 2020, encourages shopping mall landlords to deduct rents and help major shopping malls operate during the pandemic by applying for working capital loans;
  • “Announcement to Apply for Subsidies For Major Shopping Malls Under COVID-19” on March 31st, 2020, provides subsidies up to RMB500,000 to qualified shopping mall operators;
  • “One Policy for One Retail Store” renovation/upgrading of pilot retail

During this time of increased uncertainty, there has never been closer scrutiny on costs across all levels of corporate structures. Cushman & Wakefield’s Asia Pacific Office Fit-out Cost Guide is an essential tool to assist in corporate real estate decision-making regarding both fitting out and reinstating office space.

This year, we have added three cities to our guide, increasing our coverage to…


During this time of increased uncertainty, there has never been closer scrutiny on costs across all levels of corporate structures. Cushman & Wakefield’s Asia Pacific Office Fit-out Cost Guide is an essential tool to assist in corporate real estate decision-making regarding both fitting out and reinstating office space.

This year, we have added three cities to our guide, increasing our coverage to 31 key cities across Asia Pacific. Whether it’s a low, medium, or high quality specification fit-out requirement, this guide serves to assist occupiers in defining their capital planning and relocation budgets.

The guide includes a comprehensive fit-out cost section covering furniture, mechanical & electrical (M&E) works, builder works, audio visual/information technology (AV/IT), and other miscellaneous costs.

  • COVID-19パンデミックとそれに続くロックダウンの経済的影響により、仕事の将来とオフィス物件からの賃貸収入に大きな不確実性が生じています。.
  • 英国四半期不動産指数のオフィス賃貸収入の約60%は、今後5年以内に期限が切れるか解約条項が含まれる賃貸借契約から得られています。.
  • リース契約に関する事象の調査によると、2019年には解約条項後に1四半期以上空室だったオフィスは47%、リース満了後に空室だったオフィスは72%でした。1これらの数字はCOVID-19の流行により増加し、賃料がさらにリスクにさらされる可能性があります。.

Development on new phases continues despite the unspoken moratorium, with several major cloud services increasing their local platforms

Despite the unofficial moratorium on new site development, Singapore continues to lead the greater APAC region in data centre innovation and often as the first market reviewed for regional market entry. Phased buildouts are still continuing…


Development on new phases continues despite the unspoken moratorium, with several major cloud services increasing their local platforms

Despite the unofficial moratorium on new site development, Singapore continues to lead the greater APAC region in data centre innovation and often as the first market reviewed for regional market entry. Phased buildouts are still continuing, with Digital Realty, Equinix, and Iron Mountain all underway on additional capacity and new entrant AirTrunk continuing their initial local campus. Major global cloud services continue to view Singapore as a first-tier location for new releases, with Google Cloud, Alibaba, and Oracle all making further inroads in coming months, and Tencent recently established a Singapore office to focus on regional expansion.

The prize for each platform lies not only in Singaporean business, but to allow local capacity to serve regional deployments across Southeast and greater Asia for large multinationals. As demands grow on local infrastructure, it remains to be seen if Singapore will lose workloads to developing lower cost markets, whether that be Jakarta, Kuala Lumpur, or elsewhere. The trade-off would be a loss in connectivity and available services, though if local capacity is unable to develop it may prove a needed shift. Despite this potential shift in future, for the time being Singapore will likely attract companies concerned about regional political issues, as Naver’s move from Hong Kong indicates. Anecdotal reports indicate that further moves for communications, media, and financial organizations are being mooted, suggesting a major opportunity for those few who are fortunate to have available capacity.

All in all another positive several months for Singapore, with the possibility of more good news ahead.

シドニーでは、Amazon Web Services、Microsoft Azure、Google Cloud、Alibabaの各社が、さらなる市場シェアの獲得を目指して、地元市場への進出を続けており、ハイパースケールクラウドのデスティネーションとしての進化を続けている。各社とも、地元を拠点にIT戦略を見直す中堅・大企業や、ニューサウスウェールズ州政府、ATOをはじめとする近代化イニシアチブを追求する多くの政府機関や教育機関の動向に関心を寄せている。各サービスが新しい顧客と契約するにつれ...


シドニーでは、Amazon Web Services、Microsoft Azure、Google Cloud、Alibabaの各社が、さらなる市場シェアの獲得を目指して、地元市場への進出を続けており、ハイパースケールクラウドのデスティネーションとしての進化を続けている。アマゾン・ウェブ・サービス、マイクロソフト・アジュール、グーグル・クラウド、アリババはいずれも、さらなる市場シェアを目指して地元市場への進出を続けている。各社とも、地元に拠点を置く中堅・大企業のIT戦略の見直しや、ニューサウスウェールズ州政府、ATOをはじめとする多くの政府機関や教育機関が近代化イニシアチブを推進していることに関心を寄せている。各サービスが新たな顧客と契約するにつれて、地元での更なる能力へのニーズは高まり続け、大規模な開発へとつながっている。.

AirTrunkは大規模開発をリードしており、SYD2は年末の完成を目指し、SYD1の第2フェーズは本格的に計画中である。この開発は、シンガポール、香港、東京のすべての建設中のサイトで、アジア全域での同社の継続的な成長をサポートしている。富士通は最近、ウェスタン・シドニー・サイトのさらなる拡張を発表し、来年早々にはさらに20メガワットを稼働させる予定だ。また、アルファDCファンド、ネクストDC、マッコーリー、デジタル・リアルティはすべて、新たな容量に取り組んでいる。.

2020年の国内投資買収市場は、買収可能な資産を探している投資家の逸話的な報告はあるものの、現在まで静かな状態が続いている。Telstraのメルボルン・キャンパスのセール・アンド・リースバック(A$4億1,700万ドル)は、今年締結された単一資産取引としては最大である。例外的に珍しい30年のリース期間に支えられたこの買収は、強力なテナントを持つデータセンター案件の可能性を示している。総合的に判断すると、シドニーは引き続き強力で十分な供給力を持つ市場であり、今後数年間はこの傾向が続くと思われる。.

Tokyo is rapidly becoming a regional hub for hyperscale deployments, as the xScale joint venture between Equinix and GIC nears first phase completion and development continues from the Digital Realty/Mitsubishi Corporation partnership on their latest site. These developments have…


Tokyo is rapidly becoming a regional hub for hyperscale deployments, as the xScale joint venture between Equinix and GIC nears first phase completion and development continues from the Digital Realty/Mitsubishi Corporation partnership on their latest site.

These developments have now been joined by AirTrunk, who confirmed their long-rumored entry to the market with the 60 MW first phase of their new 300 MW TOK1 campus to be operational by the end of 2021. This site thus has the potential to be the highest capacity campus locally at full build-out and serves as a major confirmation of both market potential and specifically the rapidly developing data centre cluster at Inzai. This focus on larger deployments is predicated on the continued digital transformation of large local corporations, with major cloud services such as Google and Alibaba making recent inroads and additional supporting applications gaining wider availability. All this leads to continued positive growth throughout the local ecosystem.

COVID-19 データ需要の拡大を牽引

地政学的な不確実性やCOVID-19の流行が続いているにもかかわらず、香港のデータセンター市場の活況は依然として過熱している。今年最大級のリース取引として、米国を拠点とするデータセンターREITデジタル・リアルティは7月上旬、葵涌の金涌街11番地に新たに完成した専用データセンターを、香港で2番目の施設としてリースすることで合意したと発表した。.


COVID-19 データ需要の拡大を牽引

地政学的な不確実性やCOVID-19の流行が続いているにもかかわらず、香港のデータセンター市場の活況は依然として過熱している。今年最大級のリース取引として、米国を拠点とするデータセンターREITデジタル・リアルティは7月上旬、葵涌の金涌街11番地に新たに完成した専用データセンターを、香港で2番目の施設としてリースすることで合意したと発表した。.

香港で発生した第3波のウイルス感染では、多国籍企業がバックオフィス計画を中止し、社員に在宅勤務を要請した。パンデミックの余波を受けても、多くの企業がある程度のリモートワークを容認し続けることが予想され、その結果、あらゆる面で企業のデジタルトランスフォーメーションのペースが加速し、クラウド利用の需要が急増することになる。また、香港では5Gの導入が間近に迫っており、データ利用の拡大が見込まれる。これを反映し、中国や国際的な事業者の多くが、香港での適切なリースや投資の機会を積極的に探している。.

The legal, tax and regulatory framework for investment funds is driven not just by the letter of the law but also by unwritten and commonly understood regulatory and tax customs. SEBI’s approach continues to move away from laissez-faire to one that is distinctively hands-on. For instance, SEBI prescribed the form of private placement memorandum to be used by alternative investment funds in early 2020. More recently, SEBI has prescribed minimum experience standards for key personnel and introduced statutory liabilities for investment committee members. The tax authorities, on the other hand, are becoming more aware of complex offshore fund structures and looking at innovative fund structures more carefully.

Whilst a majority of the global financial sponsors still choose to invest in India out of their flagship funds with limited or no specific allocation for India, there has been an increasing trend in the past few years to raise India focused pools of capital. These could be in the form of vanilla blind pools or quasi-fund structures such as investment platforms or managed accounts with financial sponsors (or increasingly with developers) investing in private equity, private debt, public equity and public debt.

This paper aims to assist global fund counsel and fund managers on India focused fund formation from a legal, tax, regulatory, commercial and strategic perspective.