trending Market Intelligence /marketintelligence/en/news-insights/trending/0k05Zi3VY1Z3E-vLXhUa7A2 content esgSubNav
In This List

Sino Land net profit drops 50.6% YOY; Cromwell boosts stake in €600M Polish fund

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Sino Land net profit drops 50.6% YOY; Cromwell boosts stake in €600M Polish fund

* Sino Land Co. Ltd.'s net profit decreased 50.6% in the fiscal year ended June 30 to HK$6.91 billion from HK$14.00 billion in the prior-year period. The Hong Kong-listed developer's revenue also fell 25.4% to HK$8.01 billion from HK$10.73 billion.

* Cromwell Property Group boosted its interest in the €600 million Cromwell Polish Retail Fund after exercising its preemptive right to buy the stake held by third-party investors, IPE Real Assets reported, citing CEO Paul Weightman. The closed-end fund, which will be wound up in December, holds seven shopping centers across Poland.

Australia

* Student accommodation group Scape emerged as the frontrunner to purchase the A$600 million Atira portfolio from Goldman Sachs Group Inc. and Blue Sky Alternative Investments Ltd., The Australian reported. The vendors were close to sell the portfolio to Brookfield Asset Management Inc. in 2018.

Hong Kong and China

* Applied Development Holdings Ltd. warned of a roughly HK$80 million loss for the fiscal year ended June 30, citing a decline in the fair value of the group's financial assets and an impairment loss of about HK$66 million on its properties under development.

* Poly Property Group Co. Ltd. placed the winning 550.0 million-yuan bid for a 36.8% stake in Guangxi Poly Lingxiu Investment Ltd. The transaction will give the Hong Kong-listed property company an 83.5% interest in a site in the Guangxi autonomous region of China.

* China Jinmao Holdings Group Ltd.'s Shanghai Jinmao Investment Management Group Co. Ltd. subsidiary completed its issuance of 2.00 billion yuan in 3.65% corporate bond with a term of five years. In a filing, the developer noted that proceeds will be used to repay debt.

* Sun Hung Kai Properties Ltd. hired a former China Resources Land Ltd. executive director as an independent nonexecutive director, the South China Morning Post reported. The appointment makes Wu Xiangdong the first mainland Chinese and Communist Party member in Sun Hung Kai's board, the publication noted.

Singapore

* CapitaLand Ltd.'s CapitaLand Treasury Ltd. unit has issued S$800.0 million of 3.15% fixed-rate notes due 2029 as planned, which was part of its S$5.00 billion euro medium-term note program. The notes will be listed on the Singapore stock exchange Aug. 30, according to a news release.

* Singaporean investors spent US$5.7 billion in commercial properties offshore in the first half, The (Singapore) Business Times reported, citing a report from CBRE Group Inc. The city-state ranked the second-largest source of outbound capital in the sector in Asia, following South Korea which spent US$6.8 billion in the same period.

* The Urban Redevelopment Authority launched a public tender for a residential site at Jalan Bunga Rampai. The 4,666.6-square-meter property with a maximum gross floor area of 9,800 square meters will remain on offer until Jan. 9, 2020.

Japan

* Advance Residence Investment Corp. filed a registration statement for a ¥100 billion debt shelf with a two-year term. The Japanese property company is also planning to issue up to ¥20 billion of bonds to repay loans and beef up its working capital.

Now Featured on S&P Global Market Intelligence

Data Dispatch: Equity Commonwealth No. 1 in office REIT Q2 financial performance rankings

Data Dispatch: Industrial Logistics tops industrial REIT financial performance rankings for Q2

Data Dispatch: Camden takes top spot in US apartment REIT financial performance rankings for Q2