Hong Kong Agency Midland Warns of Loss as Home Sales Near 27-Year Low. 6 million ($42. Date: Tuesday 12 September 2023 Time: 10:00 AM – 11:00 AM HKT Speakers Mingtiandi Singapore Forum Brings in Nearly 200 Industry Leaders. Asia’s top gathering of logistics real estate leaders is back for 2022, with the Mingtiandi Asia Logistics Forum scheduled for May on MTD TV. Having listed on the Hong Kong exchange in October 2019, ESR’s biggest operations have traditionally been in Shanghai and Tokyo, with the company adding assets in Hong Kong over the past two years, including winning a 2022 tender for a site near the city’s Kwai Chung container port with a HK$5. 8 percent from a year earlier. GIC announced on 25 September that Wong would take on his new title on 1 October after first becoming a director of the institution in 2018. Gaw Capital Unveils Indonesian Data Centre Project, STT GDC Enters Malaysia. Capital Markets; Events. 3M is said to be paying monthly rent of HK$688,050 ($87,709) per month for its new accommodation. The seven forums have been designed to allow panelists and speakers to engage in an in-depth discussion on various topics and. The 28-storey tower stands in the city’s ‘second CBD’ of Kowloon East. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024; Mingtiandi Japan VIP Conference 2024; More Events; MTD TV;. 3 percent over the last six months, while transaction volume for properties valued at or above HK$20 million surged 96. In a keynote interview Tuesday at Mingtiandi’s Hong Kong Focus Forum, PAG co-founder and chairman Weijian Shan held the house rapt with his tale of helping lead the only takeover of a mainland Chinese bank by a foreign company. Mingtiandi Hong Kong Forum 2024. CapitaLand Investment Warns of Profit Drop for 2023 as Valuations Slide. Industry Moves;. 2023/06/21 by Christopher Caillavet Leave a Comment. Some 200 industry executives joined Mingtiandi’s Hong Kong Focus Forum on Tuesday, as leaders of the region’s biggest developers, fund managers and investment institutions took a closer look at the real estate market in the city and across the region. com ON-LOCATION EVENTS. Mingtiandi 2023 Event Calendar; Mingtiandi APAC Residential Forum 2023; Mingtiandi Asia Logistics Forum 2023; Mingtiandi Hong Kong Focus Forum 2023Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024;. Keynote speech by Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, at the International Chamber of Commerce - Hong Kong (ICCHK). investment universe this year with trades of multi-family assets having risen 1 percent in the first nine months of 2023, according to MSCI, at the same time that major markets like. That price slide pulled Hong Kong down by two places on UBS’s list, compared to 2021 and marks a sharp decline from 2018 when the European lender rated the city as the most over-inflated housing market in the world. The developer said that it was disposing of its 50 percent stake in Telford Plaza II, as well as its 21 percent share in Popcorn 2, to the. RMB 7. 3. 19 billion market, MTD TV’s Data Centre Forum, sponsored by Yardi, is proud to welcome leading players to unveil prime regions and share insights on ways to navigate the Southeast Asian digital infrastructure landscape. Manulife US Real Estate Investment Trust (REIT) has appointed a financial adviser for a strategic review after disappointing Q3 results. . Private equity firm PAG has purchased Mapletree Bay Point, a prime office building in Hong Kong’s Kowloon East area which is home to both HSBC and WeWork, according to sources familiar with the transaction who spoke with Mingtiandi. Mingtiandi Hong Kong Focus Forum in Pictures. CITIC Pacific Wins Residential Site in Hong Kong’s Kwai Chung for $140M. The acquisition comes more than seven months after Singapore-based Mapletree. Henderson Land Development has submitted a design plan for its Site 3 harbourfront development in Hong Kong’s Central district, according to an application by the builder to the Town Planning Board, with the project expected to be worth as much as HK$73 billion ($9. Industry Moves;. Andrew Lee, Director, Head of. One of Hong Kong’s best-known developers, Swire Properties has grown its office. Industry Moves;. 7 billion ($850 million) sale and purchase agreement would be terminated and that HG’s HK$250 million deposit would be forfeited, according. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024; Mingtiandi Japan VIP Conference 2024; More Events; MTD TV; People. 9 percent year-on-year jump in net profit to S$4. Hong Kong’s office market awaits open borders. Real estate accounted for 13 percent of GIC’s overall portfolio by the end of its fiscal year on 31 March as the Singapore sovereign fund boosted its allocation to the asset class by three percentage points from a year earlier following a set of overseas REIT privatisations and other property investments. A petition to liquidate the Chinese real estate giant was filed before the high court of Hong Kong last Friday by a company named Top Shine Global Limited, which is owned by 29-year-old investor Lin Ho Man. As chief executive of Link REIT since 2010, George Hongchoy. The district will soon see more supply entering the market, however, with Biel Crystal now on track to begin developing a 720,000 square foot vertical retail and office building in the Kwun Tong area. Li Ning says it intends to set up its local headquarters in the 144,000 square foot (13,378 square metre. 2023/11/30 by Christopher Caillavet Leave a Comment. The Hong Kong session will be followed in the fourth quarter of this year with Mingtiandi’s return to the Lion City for our Singapore Focus Forum on Tuesday, 21 November. 4 percent surge in premium office rents. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024; Mingtiandi Japan VIP Conference 2024; More Events; MTD TV; People. 2024 Program. 4 billion ($305. Mingtiandi Hong Kong Forum 2023 LIVE This event ended at 10:31 PM on June 26, 2023 Mingtiandi. 2023/12/11 by Michael Cole Leave a Comment. The slump in Hong Kong’s home prices will deepen next year due to the combination of rising borrowing costs, a recession and an exodus of residents, according to Natixis. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024;. Sherman Hung is Managing Director, Head of Large Corporate, for Institutional Banking Group of DBS Bank (Hong Kong). “ [Exiting the JV allows] us to capitalise on the growth opportunities within the region and. The government reference price is RMB 69,000 per square. Past Mingtiandi Events. At the top of today’s Hong Kong news roundup, the saga of the $5. Tickets to the Mingtiandi Hong Kong Forum 2024 are available for purchase using the form below and provide industry executives with access to the full-day program, including. Retail; Research & Policy; Advertise; Warburg Pincus, Weave Lead Off Mingtiandi Residential Forum on Tuesday. Chinese tycoon Chen Hongtian’s seized luxury apartment has been sold for HK$418 million ($53. A joint venture between US private equity giant Blackstone and Hong Kong-based self-storage operator StoreFriendly has acquired an industrial building in Hong Kong’s New Territories for approximately HK$560 million ($72 million), with plans to convert the Tsuen Wan property into a self-storage facility, sources familiar with the transaction. Ellen Ng, managing director and head of China Real Estate for Warburg Pincus will appear in a spotlight interview at the Mingtiandi Hong Kong Focus Forum on 27 June. 2023/07/27 by Michael Cole Leave a Comment. 5 billion ($192 million) in the latest seizure of assets linked to fallen mainland billionaire Xu Jiayin and his China Evergrande Group. 27 billion) project in northern Lantau island without finding a buyer after the three bids received for the commercial and residential site fell short of the government-backed transport firm’s expectations. 3 percent for the six months ending in September, driven by robust performance in its Hong Kong and overseas retail portfolio, according to interim financial results released by the trust on. 2023/11/11 by Michael Cole Leave a Comment. Mingtiandi Asia Logistics Forum 2022. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024; Mingtiandi Japan VIP Conference 2024. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024; More Events; MTD TV; People. Last year, Hong Kong-based real estate manager ESR acquired ARA Investment for $5. According to the latest research by Colliers, investment. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024; More Events; MTD TV; People. SHKP placed the highest tender for the site’s 50-year land grant, beating. 1 million), as the Tang family sells its 20th major asset this year, according to Mingtiandi’s tally. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024;. 2023/09/01 by Christopher Caillavet Leave a Comment. November 2021 — Asia Proptech Innovation Forum. In today’s roundup of regional news headlines, fund management. Hong Kong’s Chevalier Buying London Office Building From BBC Trust for $62M 2022/02/22 by Christopher Caillavet Leave a Comment Hong Kong-listed Chevalier International Holdings has agreed to buy a City of London office building for £45. Opportunities for Data Centres in Japan and Korea MTD TV APAC Data Centre Forum 2023. “Increased space availability and the more attractive rental level in Hong Kong’s office market have created opportunities for occupiers to move into newer, greener buildings at a lower cost, but a broader rebound in demand will take root once the border with mainland China reopens”,. 2023/08/15 by Beatrice Laforga Leave a Comment. A petition to liquidate the Chinese real estate giant was filed before the high court of Hong Kong last Friday by a company named Top Shine Global Limited, which is owned by 29-year-old investor Lin Ho Man. Mingtiandi APAC Residential Forum 2024; Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024;. Hong Kong’s luxury residential rents saw modest signs of a rally in the second quarter as the fifth wave of COVID-19 receded and tenants from mainland China drove the city’s high-end leasing market, according to Savills. Warburg Pincus, Weave Lead Off Mingtiandi Residential Forum on Tuesday. Hong Kong’s luxury residential rents saw modest signs of a rally in the second quarter as the fifth wave of COVID-19 receded and tenants from mainland China drove the city’s high-end. Email:The long-awaited listing of Shui On Land’s Xintiandi unit has faltered at the final hurdle, with the Shanghai-based developer scrapping — for now — the Hong Kong IPO of an ownership vehicle for the group’s mainland commercial properties. US developer Hines has joined the stampede into Japan’s rental residential market with the purchase of 11 multi-family properties on behalf of the firm’s flagship pan-Asian fund. Southeast Asia has become Asia Pacific’s hottest data centre market with 37 new projects announced in the region in 2023 to date, up from 22 last year and 18 in 2021, based on. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024; Mingtiandi Japan VIP Conference 2024; More Events; MTD TV; People. Mingtiandi Proptech Forum 2021 More than 1,000 industry leaders are expected to join the Mingtiandi Proptech Forum in January 2021, and your company has the opportunity to be join the discussion of the only primary research into tech adoption in Asia’s real estate industry and highlight your expertise while we explore the potential for growth. Tickets to the event are available via the Register link below while supplies last. At the event, Mingtiandi will announce the results of its second 2020 Asia Proptech Survey. Kailong Group is buying its piece of the Wing Shing Industrial Building for a reported HK$433 million ($55. 7 billion in the second quarter of 2023, weighed down by China’s economic slump and a lack of big. 73 billion ($602 million), clinching the city’s first commercial land sale of the year at a value. BlackRock, Gaw Capital, TE Capital Join Mingtiandi Singapore Forum on Tuesday. Veronica Huang, Senior Vice President, Real Estate Investment, Brookfield Asset Management Mingtiandi Hong Kong Forum 2024 On-Location Event 2023/11/23 by Danita Phaopat Leave a Comment Having welcomed nearly 200 industry professionals at our inaugural Hong Kong Forum in 2023, Mingtiandi returns in 2024 to once again bring together top experts for a full day exploration of the opportunities and challenges in Asia’s biggest. 8 million in 2021, and last year signed a memorandum of understanding with CLP Power to cooperate on green initiatives for data centres and logistics projects in Hong Kong and China’s Greater Bay Area. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024; Mingtiandi Japan VIP Conference 2024;. The Temasek Holdings-owned group noted that operational performance improved, supported by higher contributions from. The Mingtiandi APAC Data Centre Forum 2023 concludes with an exclusive interview with Singapore-based data centre operator Empyrion DC and their partner, Seraya Partners on building greener data infrastructure. 2022/11/17 by Pawara Laothamatas Leave a Comment. Should it succeed in buying out the remaining rooms in the strata title complex, Kailong would be set to redevelop the property into a. Straits Trading held a stake of around one-fifth in ARA Investment. After buying 17 assets in 15 months for a total of HK$26 billion ($3. Hines on Friday announced the official opening of its first-ever rental apartment complex in Hong Kong as the US developer continues to expand its bets on multi-family residential in Asia Pacific. Mingtiandi 2023 Event Calendar; Mingtiandi APAC Residential Forum 2023; Mingtiandi Asia Logistics Forum 2023; Mingtiandi Hong Kong Focus Forum 2023Mingtiandi APAC Residential Forum 2024; Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024;. All three sessions will be held via Mingtiandi’s industry-leading MTD TV online video platform. Asia Real Estate People in the News 2023-11-20. 8 million),. 2023/11/11 by Michael Cole Leave a Comment. PAG Chairman Shan Weijian to Headline Mingtiandi Hong Kong Forum on 27 June. 5 billion (then $580 million) in 2016. You may also like. Kailong Group is buying its piece of the Wing Shing Industrial Building for a reported HK$433 million ($55. 1 million) mansion formerly held by the developer said to be nearing a sale. Vacancies are seen. With interest bringing this latest default close to $329. It also attracts talent,” she said. Christopher Young, Senior Director, Capital Markets, Asia Pacific, JLL. 2 million ($57. 6 million). The transit operator said in a statement on Monday that it. Advertise; Panel: Life Science and Core Office Investment in APAC MTD TV Office Strategies Forum 2023. The Mingtiandi APAC Data Centre Forum 2023 concludes with an exclusive interview with Singapore-based green data centre operator Empyrion DC and their partner, infrastructure platform investor Seraya Partners. Hong Kong home prices are set to plummet by as much as 30 percent by the end of 2023, as sharply increasing interest rates continue to make homes less affordable and repel investors from the market, according to Goldman Sachs. 6 million) for the first 11 months of 2022. Mingtiandi APAC Residential Forum 2024; Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024;. Your email address will not be published. A defaulting mainland China developer leads Mingtiandi’s first roundup of personnel. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024; Mingtiandi Japan VIP Conference 2024; More Events; MTD TV; People. com Upload, livestream, and create your own videos, all in. Panel: Life Science and Core Office Investment in APAC MTD TV Office Strategies Forum 2023. 62 million) in the first quarter on the back of resilient Singapore office rents and the relaunch of its flagship hotel on Orchard Road. Hong Kong’s Lands Department has awarded Sun Hung Kai Properties (SHKP) a site in Kowloon’s Mong Kok area at a price of HK$4. JOIN US IN 2023 2 On-location events, 4 Online forumsSee calendar on the following pages contact: opportunities@mingtiandi. 2023/11/23 by Danita Phaopat Leave a Comment. Mingtiandi’s Singapore forum concluded on Tuesday with nearly 200 top decision-makers gathering to hear in-depth interviews and panel discussions covering real estate investment in the city-state and across Southeast. Singapore’s LHN Adds to Co-Living Portfolio with District 9 Acquisition. Landmark South, a 256,957 square foot (23,872 square metre) tower developed under a 60:40 joint venture with Empire Group,. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024; Mingtiandi Japan VIP Conference 2024; More Events; MTD TV; People. Hong Kong and Japan stood out as the fourth and fifth largest source of cross-border capital, spending US$6. Capital Markets; Events. George Hongchoy, chief executive of Link Asset Management, the manager of Hong Kong-listed Link REIT will be speaking in the keynote panel which opens the Mingtiandi Hong Kong Focus Forum on 27 June. 61 billion in 2015, had been pledged to a group of lenders led by China CITIC Bank International in return for a loan, according to a report by the Financial Times, which first reported the news. Link REIT chief executive George Hongchoy. The manager of Hong Kong’s Link REIT is in talks with Intu Properties to buy equity in the UK shopping centre landlord, according to an announcement by the London-listed company, as the manager of the real estate investment trust conducts a £1 billion ($1. StoreFriendly-Blackstone JV Boosts Self-Storage Portfolio with $72M Hong Kong Buy. 6 billion ($713 million), confirming a Mingtiandi report from last month. 2 billion. Residential prices are expected to fall 12 percent in 2023 and 2 percent the following year, taking the. CBRE. In this final session of the Logistics Forum 2023, which is sponsored by Yardi, Mingtiandi presents a deep-dive into industrial opportunities in India, Vietnam and other Southeast Asian countries, featuring experts. Sherman Hung is Managing Director, Head of Large Corporate, for Institutional Banking Group of DBS Bank (Hong Kong). Also making the list are promotions and new hires at Colliers, Sino Group and New World’s K11 division. During 2020 Mingtiandi is organising one event each quarter in Hong Kong covering the topics most of interest to the more than 80,000 monthly visitors to our website. Hong Kong is ready to host its biggest institutional real estate event since 2019 as Mingtiandi welcomes Asia’s top property executives to its first forum in the city in nearly four years. of Malaysia’s IOI Properties Group has struck a deal to make Singapore’s second largest real estate acquisition of 2023, picking up the Shenton. Explore the development of multi-family opportunities in Hong Kong, Shanghai, Beijing and other major Chinese cities with market investors and operators. 6 million). Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024; Mingtiandi Japan VIP Conference 2024; More Events; MTD TV; People. Mingtiandi 2023 Event Calendar; Mingtiandi APAC Residential Forum 2023; Mingtiandi Asia Logistics Forum 2023; Mingtiandi Hong Kong Focus Forum 2023Capital Markets; Events. Hong Kong-based developer Far East Consortium International Ltd/HK (FET) is marketing a pair of newly built Ritz-Carlton hotels in Melbourne and Perth with a combined 462 luxury rooms, testing the. Capital Markets; Events. JLL Hong Kong chairman Joseph Tsang said the local housing market. GLP Japan Fund Hits $3. Keith Chan, Cushman and Wakefield’s head of research for Hong Kong,. China’s sovereign fund leads Mingtiandi’s review of personnel moves from around Asia this week with news that CIC’s head of infrastructure has resigned from the Beijing-based organisation. Australian industrial specialist Goodman Group on Wednesday opened a data centre complex in Hong Kong’s New Territories with up to 400 megawatts in overall power capacity, creating one of the city’s largest digital infrastructure facilities. s CapitaLand Investment Ltd warned late Friday that adverse economic conditions have put a dent in its earnings for 2023 with the company predicting that its full-year profits will fall well below. Hongkong Land Names Mapletree’s Smith Chief Executive as Office Slump Continues. 2023/08/21 by Danita Phaopat Leave a Comment. Terence Seah, Director, Head of Hong Kong, Singapore and Shenzhen, Benoy In the final session of Mingtiandi’s Office Strategies Forum 2023, brought to you by Yardi, leading operators, designers and investors join to explore the prospects for the office sector and unveil strategies required to stay ahead among different markets and. Industry Moves;. Mingtiandi 2023 Event Calendar; Mingtiandi APAC Residential Forum 2023; Mingtiandi Asia Logistics Forum 2023; Mingtiandi Hong Kong Focus Forum 2023More than 200 real estate executives have now booked places at Mingtiandi’s Hong Kong Focus Forum on 27 June, with the city’s biggest property investment event of this year now just one week away. Hong Kong will face a shortage of over 60,000 residences for the elderly by 2032 as the city’s population rapidly ages, before eventually becoming the world’s oldest society by 2050, according to JLL. To explore investment opportunities arising from this transformation, Mingtiandi welcomes leading. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024; Mingtiandi Japan VIP Conference 2024; More Events; MTD TV; People. The reopening of Australia’s borders and recent shifts in regulation at the state level have helped drive rapid growth in the country’s build-to-rent sector, which is. The 1446 square metre (15,5655 square foot) building occupies an 840. Asia Real Estate People in the News 2023-11-27. Returning to the Lion City in 2024, Mingtiandi will bring together top limited and general partners in the region for discussions on the commercial, industrial and lodging sectors, as well as in-depth sessions on Singapore as a global capital hub and the future of the office. Some 200 industry executives joined Mingtiandi’s Hong Kong Focus Forum on Tuesday, as leaders of the region’s biggest developers, fund managers and investment institutions took a closer look at the real estate market in the city and across the region. The luxury residential segment fared better as its capital values climbed 1. Because PwC was unable to obtain the information required for the 2021 audit, the firm was not in a position to provide a reasonable estimate of the time required to complete the work, Evergrande said Monday in a filing with the Hong Kong stock exchange. Revenue was flat at S$2. Mingtiandi 2023 Event Calendar; Mingtiandi APAC Residential Forum 2023; Mingtiandi Asia Logistics Forum 2023; Mingtiandi Hong Kong Focus Forum 2023Resilient Singapore Office Sector Lifts OUE C-REIT’s Net Property Income by 18% in Q1. 2 billion sale of The Center has taken. OUE Commercial REIT saw its net property income surge by 18 percent year on year to reach S$56. Mingtiandi Hong Kong Forum 2024; Mingtiandi APAC Logistics Forum 2024; Mingtiandi Singapore Forum 2024; Mingtiandi APAC Data Centre Forum 2024;. Kailong Buying New Territories Industrial Building From Tang Family for Reported $55M. During last year the Dutch pension fund manager took a 20 percent stake it purchased in Hong Kong-based firm OneAsia after earlier investing for a 19. Li Ning says it intends to set up its local headquarters in the 144,000 square foot (13,378 square metre. Hong Kong Forum 2023 — Hong Kong’s Industrial Future. Tickets to the event are available via the Register link below while supplies last. A defaulting mainland China developer leads Mingtiandi’s first roundup of personnel moves for December with CIFI Holdings announcing that it has lost its CEO. 2023/11/14 by Michael Cole Leave a Comment. Hong Kong’s Chinachem Moves into Healthcare with $57M Acquisition 2022/08/31 by Christopher Caillavet Leave a Comment Hong Kong developer Chinachem has agreed to pay HK$451. 2023/11/29 by Poonyapat Luenam Leave a Comment. HONG KONG, 13 décembre 2023 /PRNewswire/ . 2 million), officially ending a partnership set up in 2017.