trending Market Intelligence /marketintelligence/en/news-insights/trending/1ojKyh08guqI96Q9WWgReg2 content esgSubNav
In This List

Blackstone, Brookfield, CPPIB eye Indian assets; US probes Chinese trade laws


Infographic: Key questions when assessing an Alternative Investment Funds (AIFs) creditworthiness


Perspectives from China: Chinese M&A in 2022


Headwinds slow global M&A in Q2’22


New Corporate Realities: The Next Generation of Managing Risk and Operations

Blackstone, Brookfield, CPPIB eye Indian assets; US probes Chinese trade laws

* Kotak Realty Fund, Blackstone Group LP's competitor for IL&FS Investment Managers Ltd.'s US$525 million IL&FS India Realty Fund I, is in talks with the U.S. private equity giant and two Canadian entities to sell assets purchased by its vintage funds in 2007, Livemint reported, citing people with knowledge of the matter.

One of the sources said initial talks between Kotak Realty, Blackstone, Brookfield Asset Management Inc. and the Canadian Pension Plan Investment Board have already started, but the value of the deal is still to be determined.

* A group of business leaders in the U.S. is urging the country's trade officials to look deeper into Chinese trade practices to see whether they are harming U.S. companies.

The trade practices in consideration are already being investigated by the Trump administration under Section 301 in a bid to determine whether Chinese laws, policies and practices discriminate against U.S. companies and "burden or restrict U.S. commerce."

Hong Kong and China

* Three indirect subsidiaries of Global Logistic Properties Ltd. gained three new China-based units that engage in providing distribution facilities and services. In a filing, GLP said the subsidiaries paid an estimated 113.0 million Chinese yuan, nearly 290.6 million yuan and roughly 66.1 million yuan for the purchases of the companies.

* China Vanke Co. Ltd. sold properties in September spanning 2,729,000 square meters, amounting to 46.32 billion yuan. During the reporting month, the company said it purchased 23 new development projects and four new logistics property projects.

In the nine months to Sept. 30, the company's contracted sales amounted to 396.1 billion yuan, with sales area totaling 26,645,000 square meters.

* China Resources Land Ltd.'s contracted sales jumped by 26% in the nine months ended Sept. 30 to roughly 100.6 billion yuan, representing sales area of 6,605,387 square meters. In September, when it bought three land parcels for roughly 4.30 billion yuan, the company logged contracted sales of approximately 12.65 billion yuan, representing about 647,837 square meters of sold property.

* Greenland Hong Kong Holdings Ltd., along with its subsidiaries, saw a roughly 59% year-over-year increase in contracted sales for the nine months ended Sept. 30 to about 22.27 billion yuan, representing approximately 1,699,108 square meters of gross floor area sold.

* S&P Global Ratings affirmed Sunshine 100 China Holdings Ltd.'s CCC+ long-term corporate credit rating, with a negative outlook.

*, China's response to Airbnb Inc., pulled in US$300 million for its expansion plans, which include investing in foreign markets and the domestic "high-end" real estate market, according to Tujia founder Luo Jun.


* NEXTDC Ltd. lodged an application asking Australia's Takeovers Panel to order 360 Capital Group to cease processing security holders' acceptance of the latter's A$1.95-per-security bid for Asia Pacific Data Centre. NEXTDC is also calling for a stop on 360 Capital's purchases of the target's securities on the market.

360 Capital and NEXTDC have been butting heads since the data center operator acquired a 14.1% stake in Asia Pacific Data Centre in July, then subsequently launched a takeover offer rivaling 360 Capital's own bid. Earlier in October, 360 Capital edged ahead after the target's board unanimously supported its bid, following NEXTDC's lapsed offer.

* The delisting of Astro Japan Property Group from the official list of The Australian Securities Exchange Ltd. was given the green light Oct. 10, the same day the company paid security holders an initial distribution of A$7.18 per stapled security. The delisting process follows the sale of the company's ¥37.91 billion portfolio to funds managed by Blackstone Real Estate.

* Corim East Sydney's mixed-use development in Sydney's Woolloomooloo is up for grabs with a A$100 million minimum asking price. The property, comprising a hospital and 22 high-end residential apartments, is home to tenants that include Woolworths and the East Sydney Private Hospital.

* Japanese-owned Watermark Hotel Group is surveying the market for potential buyers for its two hotels in Queensland. According to The Australian Financial Review, it is believed that a buyer already conducted due diligence to buy the Watermark Hotel Brisbane and the Watermark Hotel & Spa Gold Coast for A$110 million before negotiations fell through without a deal signing.

* The development of a proposed A$300 million skyscraper in Melbourne might not continue following a falling out between its joint developers that has since led to court hearings, the AFR reported.

Southeast Asia

* Ascott Residence Trust settled its S$405.0 million purchase of the Ascott Orchard Singapore from CH Commercial Pte. Ltd. and CH Residential Pte. Ltd. using loans and proceeds from a rights issuance. Formerly named Somerset Grand Cairnhill, Ascott Orchard Singapore was converted into a serviced residence with a hotel license and a high-end residential development by affiliates of CapitaLand Ltd.'s The Ascott Ltd.

* SM Prime Holdings Inc. is launching Oct. 12 its first mall in the Philippines' Cagayan Valley region. The 37,000-square-meter SM Center Tuguegarao Downtown, the developer's 65th mall in the country, is already 90% leased ahead of its opening to tenants including ACE Hardware, Surplus, Watsons and BDO.

* Ayala Land Inc. earmarked 10 billion Philippine pesos for the expansion of its Alviera Estate mixed-use development in Porac, Pampanga. New works on the estate will bring the estate's total area to 1,800 hectares following the addition of 700 hectares, The Manila Times reported, citing Alviera General Manager John Estacio.

* Cebu Landmasters Inc. President and CEO Jose Soberano III said the company is on track to surpass its 2017 reservation sales target of 4 billion pesos. He said the developer's contracted sales for the nine months ended Sept. 30 amounted to 3.66 billion pesos, 26% more compared with the 2.9 billion pesos recorded for full-year 2016.


* Takashimaya Co Ltd. will build a new shopping mall next to its main department store in Nihonbashi, Tokyo, Tokyo's The Nikkei reported. The shopping mall will comprise two buildings with office spaces on higher floors.

* According to investment property information site operator Kenbiya Co. Ltd., Japan's average prices of existing apartments bought for investment purposes for the third quarter in 2017 dropped 6.1% quarter over quarter to ¥4.56 million, The Nikkei reported.


* Fitch Ratings affirmed its B+ long-term foreign-currency issuer default rating for Indiabulls Real Estate Ltd., with a stable outlook.

Other real estate news

* Frasers Centrepoint Ltd. subsidiary Frasers Property Investments (Europe) BV splashed roughly €42.4 million for the acquisition of shareholding interests in three German-incorporated companies, which own two warehouse facilities in the German municipality of Moosthenning.

Now featured on S&P Global Market Intelligence

Data Dispatch: Morgan Stanley rises to top spot in Q3'17 REIT M&A league tables

Data Dispatch: J.P. Morgan, BofA Merrill Lynch hold top real estate underwriting spots after Q3

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

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

Rollen Catorce and Jaekwon Lim contributed to this report.

As of Oct. 10, US$1 was equivalent to 6.59 Chinese yuan, ¥112.02, 51.43 Philippine pesos and S$1.36.