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Real Estate News & Analysis: May Edition


Cheung Kong signs C$2.82B M&A deal; Singapore JV to sell Jurong Point for S$2.2B

* Cheung Kong Property Holdings Ltd. said its subsidiary plans to buy 3216444 Nova Scotia Co. for approximately C$2.82 billion. CKP (Canada) Holdings Ltd. signed a deal with Canada Water Tanks Sarl to acquire the entire issued shares of the building equipment services provider and its subsidiaries.

* A joint venture between Singaporean companies Lee Kim Tah Holdings and Guthrie GTS are inching closer to selling the Jurong Point shopping center in the city-state to Mercatus Cooperative for S$2.2 billion, The (Singapore) Business Times reported, citing unnamed sources.

Hong Kong and China

* A China Resources Land Ltd. joint venture is relocating a 90,772.55-square-meter cold storage warehouse in Shenzhen as part of an urban renewal plan. The joint venture will pay China Resources Ng Fung Meat Products (Shenzhen) Co. Ltd. 1.39 billion Chinese yuan as compensation for the relocation.

* China Evergrande Group amended a deal to sell an approximately 1.32% stake in Hengda Real Estate Group Co. Ltd. to Shenzhen Meitou Hi-tech Venture Capital Investment Co. Ltd. The amendment states that the increased 1.53% interest will be held by Shenzhen Meitou Buyang Investment LLP, and the consideration was raised to 3.50 billion yuan from 3.00 billion yuan.

* Kerry Properties Ltd. said its subsidiary conditionally agreed to increase its investment in a Chinese company that indirectly owns a development site in Shanghai to about 35.3757%, by purchasing an approximately 19.9643% stake for roughly 1.56 billion yuan.

* Moody's affirmed China Vanke Co. Ltd.'s Baa1 issuer rating and revised its outlook to stable from negative.

* Moody's said Shimao Property Holdings Ltd.'s modest credit metrics for 2016 broadly aligned with expectations and will not have an immediate effect on its Ba2 corporate family rating, Ba3 senior unsecured rating and stable outlook.

* Likewise, the rating agency said that China Jinmao Holdings Group Ltd. financial results for 2016 support the company's Baa3 issuer rating and aligned with expectations.

* Hong Kong's Ratings & Valuation Department released data showing that home prices in the city rose to an all-time high in February, the South China Morning Post reported.

Australia

* Mirvac Group and Stockland are among residential developers that expressed support for the Australian Prudential Regulation Authority's lending curbs for risky residential mortgages, The Australian Financial Review reported.

* Investa Office Fund's independent board committee nears the completion of a strategic review that could include a 50% stake purchase in the Investa management platform, The Australian reported.

* Singapore-based GuocoLand Ltd. Group President and CEO Raymond Choong said in an interview that the company is expanding in Australia as a diversification strategy, as the market back home is expected to be challenging in the future, The Business Times reported.

* GPT Group's unlisted office fund plans to sell the 545 Queen St. office building in Brisbane to Axis Capital for about A$70 million, The Australian reported.

Japan

* Sony Corp.'s 50-year-old Sony Building in Tokyo's Ginza will be demolished to give way to a new building that will be constructed in 2020, The Mainichi Shimbun reported.

* The Ministry of Land, Infrastructure, Transport and Tourism released February's housing starts data, which showed a 2.6% year-over-year decline to 70,912 units, the first monthly drop in eight months, Tokyo's The Nikkei reported. The worse-than-expected drop was led by a sharp reduction in new apartment construction.

* Sapporo in Hokkaido Prefecture picked a consortium led by Daiwa House Industry Co. Ltd. to redevelop an area in Shin-Sapporo district into an upscale healthcare complex, The Nikkei reported. The project involves the sale of land worth ¥4.4 billion by the city to the consortium.

Southeast Asia

* Saizen Real Estate Investment Trust's manager on March 31 terminated a proposed reverse takeover deal with Sime Darby Eastern Investments Pte. Ltd., Sime Darby Property Singapore Ltd. and Perpetual Corporate Trust Ltd., kicking off the liquidation proceedings for the REIT.

* GuocoLand's GLL EWI (HK) Ltd. secured a 27% stake in Eco World International Bhd., which will go public in Malaysia April 3.

India

* Blackstone received approval from the Competition Commission of India to acquire a 15% stake in K. Raheja Corp.'s commercial office portfolio for up to US$300 million.

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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.

Cam Nones, Jaekwon Lim and Spencer Sheehan contributed to this report.