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New World fiscal H1 China sales up 57%; First Group buys Hong Kong site

* New World Development Co. Ltd.'s property contracted sales in mainland China totaled about 11.6 billion yuan for the fiscal first half ended Dec. 31, 2019, or about 57% of its 20 billion yuan sales target for the fiscal full year ending June 30. The average selling price of its apartments was about 32,000 yuan per square meter.

* First Group Holdings Ltd purchased a site in the Tsuen Wan area of the New Territories in Hong Kong for HK$980 million, Mingtiandi reported, citing records filed last week. The company plans to develop a grade A office building by 2023, at an estimated cost of HK$1.6 billion.

Greater China

* Logan Property Holdings Co. Ltd. will issue 1 billion yuan of domestic corporate bonds to qualified investors. The paper, due 2025, has a coupon rate of 4.8%.

* Fantasia Holdings Group Co Ltd is offering to redeem up to US$600 million of outstanding 8.375% senior notes due 2021.

* A number of Chinese developers released their sales figures for December 2019. CIFI Holdings (Group) Co. Ltd. recorded approximately 22.80 billion yuan of contracted sales and 1,341,400 square meters of contracted gross floor area in the month, with an average selling price of 17,000 yuan per square meter.

* Zhongliang Holdings Group Co. Ltd. achieved contracted sales of roughly 22.0 billion yuan and 2,410,000 square meters of gross floor area in the month, with an average selling price of 9,100 yuan per square meter.

* Kaisa Group Holdings Ltd.'s December contracted sales saw an approximately 25.2% year-over-year growth to roughly 13.02 billion yuan. It sold a contracted gross floor area of 556,319 square meters, with an average selling price of 23,400 yuan per square meter, up 7.4% year over year.

* Country Garden Holdings Co. Ltd. posted a 1.88% year-over-year rise in contracted sales to approximately 12.36 billion yuan in December. It sold a contracted gross floor area of 1.45 million square meters, down 14.7% year over year.

* Times China Holdings Ltd.'s achieved contracted sales of roughly 10.71 billion yuan and 754,000 square meters of gross floor area in the month.

* KWG Group Holdings Ltd. recorded a 57% growth in its pre-sale value for the same month to 9.20 billion yuan. Pre-sale area totaled 446,000 square meters, down 8.6% year over year.

* Agile Group Holdings Ltd. recorded 8.76 billion yuan of aggregated pre-sale value and 692,000 square meters of gross floor area for the month, with an average selling price of 12,668 yuan per square meter.


* Pallonji Real Estate is partnering with an undisclosed global sovereign fund to set up a US$600 million investment platform to invest in the country's warehousing sector, the Mint reported, citing CEO Venkatesh Gopalkrishnan.

Meanwhile, two people familiar with the matter said the sovereign-fund partner is Abu Dhabi Investment Authority. An agreement is likely to be sealed within two to three months, the sources added.


* Mitsubishi Estate Co. Ltd. said in a filing that it has repurchased 3,832,300 common shares for ¥7.89 billion in December 2019. Since May 2019, the company has repurchased 34,229,800 common shares for about ¥70.00 billion.

* ITOCHU Advance Logistics Investment Corp. agreed to buy the real estate trust beneficiary interest in two logistics properties in the Chiba prefecture for ¥25.27 billion. The company will be acquiring the approximately 54,614-square-meter i Missions Park Inzai from ITOCHU Corp., as well as the 58,391-square-meter i Missions Park Kashiwa 2 from Godo Kaisha Kashiwa 2 Properties.

ITOCHU Advance is also borrowing ¥13.11 billion from syndicate banks and Nippon Life Insurance Co. to finance the acquisitions.

Aries Poon contributed to this report.

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