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Chinese Estates unit buying stake in Shengjing Bank from Evergrande for HK$6.93B

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Chinese Estates unit buying stake in Shengjing Bank from Evergrande for HK$6.93B

* unitBridgefield International Ltd. agreed to sell 577,180,500 H shares inShengjing Bank Co.Ltd. to ChineseEstates Holdings Ltd. subsidiary Great Captain Ltd. for HK$6.93billion. The shares to be sold represented approximately 9.96% of the bank'stotal issued share capital as of May 6.

* VicinityCentres intends to sell four retail properties worth A$841.4million to MirvacGroup and affiliates of funds managed by . Blackstone willbuy the Clifford Gardens in Queensland and Forest Hill Chase and BrimbankShopping Centre in Victoria for A$613.3 million.

Mirvac said it agreed to acquire the Toombul Shopping Centrein Brisbane for A$233.3 million. The purchase price represents a corecapitalization rate of 6.50%.

* 'stakeover offer forGPT Metro Office Fundand leadershipchanges in InvestaOffice Fund are likely to spur a wave of M&A activity inAustralia's A$137.8 billion listed REIT sector, as investors want "efficiencyand scale" for earnings growth, TheAustralian reported.Nick Collishaw, CEO of Centuria Capital's listed funds, predicted thatsmall-cap stocks will be potential targets, according to the report.

* Shares of unitOcean Homeplus Property Service Corp. Ltd. will be quoted and traded by opentransfer on China's National Equities Exchange and Quotations System startingMay 9, following the approval by National Equities Exchange and QuotationsCo. Ltd.

AUSTRALIA

* CEO Mark Steinert believesthat reducing negative gearing serves as a potential threat to the country'seconomy, The Australian reported.Steinert commented on the issue as the Labor Party plans to control negativegearing on residential properties, among other things, to spur .

* The Victorian stategovernment provided QIC with a three-month reprieve amid the institutionalinvestor's pursuit of pre-commitments for a A$550 million project on CollinsStreet in Melbourne, The AustralianFinancial Review reported.

* Chinese buyers' interest inAustralian real estate grew in the first quarter of 2016 on a year-over-yearbasis, as investors fielded 61% more inquiries during the three-month period, The Australian reported,citing Chinese online property portal Juwai.com.

* Victorian Planning MinisterRichard Wynne's announcement of stricter planning controls for properties led aChinese-backeddeveloper to pull out its deposit for the A$101 million Telstra site on ExhibitionStreet in Melbourne, the AFR reported.The tighter rules involve new plot ratio guidelines that seek to limit thenumber of developed apartments on a site, effective by year-end.

HONG KONG AND CHINA

* and itssubsidiaries posted a year-over-year 2% increase in contracted sales in thefirst four months of 2016 to around 17.16 billion Chinese yuan from anestimated 16.78 billion yuan. The sales figure between January and Aprilrepresented 1,373,758 square meters of contracted area sold in the period.

* Fitch Ratings affirmedits BB- rating on Logan PropertyHoldings Co. Ltd.'s senior, unsecured, long-term foreign- and local-currency issuer defaultratings. The outlook is stable. The affirmed ratings reflected the company's"strong" growth in contracted sales and lower leverage, among otherfactors.

* and itssubsidiaries' total contracted sales between January and April amounted toapproximately 27.3 billion yuan, accounting for total salable area of 1,350,000square meters.

* , itssubsidiaries and affiliated companies recorded around 5.64 billion yuan ofcontracted sales in the first four months of 2016, up an estimated 57% yearover year. The contracted sales corresponded to a contracted gross floor areaof approximately 456,395 square meters.

* , its subsidiariesand associates logged 8.55 billion yuan of contracted property sales and other disposalsbetween January and April, representing a 573% year-over-year increase. Theaggregate gross floor area spanned 425,500 square meters sold during thefour-month period.

JAPAN

* The Bank of Japan's policyon negative interest rates is causing funding costs to reach "historiclows," allowing J-REITs to attract more demand from investors, the Nikkei Asian Review reported.Offshore investors acquired ¥116.7 billion of REIT instruments on a net basisin February, according to the publication.

SINGAPORE

* Property developers inSingapore continue to have a negative outlook on the real estate sector, The (Singapore) Business Times reported.The NUS-Redas Real Estate Sentiment Index increased to 3.8 between January andMarch from 3.5 in the last quarter of 2015, though the publication noted thatany score below 5 means market conditions are worsening.

INDIA

* The Municipal Corporation ofGreater Mumbai recommended an increase in the minimum height for high-risetowers in Mumbai to 32 meters from 24 meters, as part of two proposed amendmentsto building guidelines, The EconomicTimes of India reported.

SOUTHEAST ASIA

* SP Setia Bhd.'s joint venture with Kumpulan PerangsangSelangor Bhd. for the Setia Eco Templer leasehold gated and guarded developmentproject in Malaysia will include 900 landed units and 900 units of affordablehousing upon completion, The(Malaysia) Star reported.The project has about 2 billion Malaysian ringgit of gross development value.

* The exposure of large banksin the Philippines to the property sector rose 5.6% in the last quarter of2015, amounting to 1.51 trillion Philippine pesos as of Dec. 31 of that year, The Philippine Star reported,citing data from the Bangko Sentral ng Pilipinas.

OTHER REAL ESTATE NEWS

* is makingits first hospitality property acquisition in Germany with its agreement toacquire the Maritim Hotel Dresden for €58.4 million. German firm InternosGlobal Investors Kapitalverwaltungsgesellschaft is the seller.

Now featured

: The May 6 edition of the weekly news roundup of the Asianreal estate space also features other cross border investments.

: The 10 most read real estate articles for the week ending May6.

: Our real estate editors' picks for the best stories of theweek ending May 6.

The Daily Dose Asia-Pacific,Real Estate edition is updated by 6:30 a.m. Hong Kong time. Some external linksmay require a subscription. Articles and links are correct as of publicationtime.