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China Merchants signs 2 JV deals; Centuria sheds last industrial asset for A$24M


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China Merchants signs 2 JV deals; Centuria sheds last industrial asset for A$24M

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.


* China Merchants Land Ltd.'s China Merchants Property (Nanjing) Ltd. subsidiary is forming a 60/40 joint venture with Nanjing Changmao Real Estate Ltd. for the development of a 670 million-yuan residential site in Nanjing. China Merchants Property paid Nanjing Changmao 120.6 million yuan as part of the cooperation agreement for the 21,682.86-square-meter property.

* Separately, China Merchants' Chongqing Merchants Yi Yun Property Development Ltd. subsidiary is selling a 50% stake in the project company overseeing the development of a 630.0 million-yuan residential land parcel in the Xixian New District of the country's Shaanxi Province, to Overseas Chinese Town (Xi'an) Development Ltd. for 5.0 million yuan.

Xixian New District Wen Mao Property Development Ltd. will have a total investment of nearly 1.48 billion yuan for the approximately 45,889.54-square-meter project, following the transaction.

* Guangdong Chang Yang Investment Co. Ltd., a 70%-owned unit of New City Development Group Ltd., is buying Zhuhai Qi Tian Industrial Co. Ltd.'s 39.12% shareholding in Zhuhai Teng Shun Industrial Co. Ltd. for about 71.2 million yuan.

The targeted company is principally engaged in the development and construction of a mixed-use land plot in the Zhuhai City of the Guangdong Province, which has a total site area of approximately 11,956.46 square meters and a 5.09 plot ratio.


* Centuria Metropolitan REIT agreed to sell its remaining industrial property for A$24.2 million as part of its strategy to become an office-focused real estate investment trust. The property being sold is situated at 13 Ferndell St. in the Granville suburb of western Sydney, according to a news release.


* Hulic Reit Inc. completed its ¥2.42 billion acquisition of the Ebisu Minami Building in Shibuya-ku, Tokyo, from Hulic Co. Ltd. The purchased office property has a total floor area of approximately 1,700 square meters and a standard floor area of about 300 square meters.


* Zhong Jian Jin Bian Jing Ji Te Qu Ltd., a 60%-owned subsidiary of Beijing Properties (Holdings) Ltd., is buying 79 land parcels spanning a total area of roughly 1,130,208 square meters in the Kampong Tralach District of the Kampong Chnang Province from China (Cambodia) International Special Economic Zone Co. Ltd. for nearly US$29.3 million.

Additional coverage

City Developments JV closes S$556M property deal in Singapore with Ara Asset JV

Indiabulls closes 4.6B-rupee sale of 50% stake in 2 Indian offices

Keppel Land China unit to buy Beijing commercial property for 555M yuan

Spring REIT's 1.65B-yuan Huizhou, China, mall purchase falls through

Shui On Land, Manulife, China Life form JV to invest US$1B in Chinese properties