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New rules lodged for US$100B Forest City; 2 Asian buyers hold London deal talks

* The state government of Johor in Malaysia is proposing to reserve 30% of Country Garden Holdings Co. Ltd.'s US$100 billion Forest City development for domestic buyers, Malay Mail reported. Dzulkefly Ahmad, chairman of Johor's Housing and Rural Development Committee, noted that the committee tasked to oversee foreign ownership of the project is still yet to meet and that the proposed quota is not yet final.

* Two investors from Asia are in separate talks to acquire properties in London.

Under one potential transaction, South Korea's Hana Financial Group Inc. is believed to be in negotiations with real estate manager Aermont Capital LLP for the roughly £185 million purchase of the WeWork Cos.-leased property at One Poultry. In another deal, Singaporean property developer Wing Tai Holdings Ltd. is also said to be under discussions to buy Commerzbank AG's headquarters in the city for approximately £425 million from Samsung Life Insurance Co. Ltd.

Hong Kong and China

* Avic International Holding (HK) Ltd. is holding talks with an unnamed potential buyer for its Ease Triumph International Ltd. property development subsidiary. The dialogue comes after the Hong Kong-listed property company discovered that the potential investor is a connected person and is not allowed to be a party in the transaction, according to the terms of the deal.

* C&D International Investment Group Ltd.'s Xiamen Yi Yue Property Co. Ltd. subsidiary committed 600.0 million yuan to jointly develop with Shenzhen Mingju Nanzhuang Real Estate Co. Ltd. a commercial land parcel in Shenzhen with an estimated construction site area of 8,415.61 square meters.

* The contracted sales of China Evergrande Group increased in August to about 40.25 billion yuan from the nearly 33.43 billion yuan recorded in the prior-year period. The unaudited contracted sales figure for the reporting month translates to approximately 3.820 million square meters of contracted sales area.

* Cash-to-short-term debt levels in 80 publicly traded companies tracked by Bloomberg News declined to 133% on average in the first six months of 2018. The figure, which represents a year-over-year dip from the average of 297%, was the worst since the first-half of 2015, according to the news agency.

* At least eight operators of long-term rental housing in China failed since the beginning of 2017, London's Financial Times reported, citing China Real Estate Information Corp. The operators' decision to shut down came amid Chinese President Xi Jinping's call for more investments into the sector.


* Mirvac Group signed a A$122 million agreement to buy the office property at 383 La Trobe St. in Melbourne. The property, offered by the Chinese-backed Sterling Global Property Group, was previously intended for a A$700 million luxury unit and hotel tower, The Australian reported.

* Richard Crawford, senior director of hotel development, Australia, New Zealand and the Pacific at Marriott International Inc., was cited by The Australian Financial Review as saying that the hospitality company intends to operate a dozen hotels in Melbourne in four years.

The plan was disclosed on the back of Marriott's unveiling of a new 168-room luxury hotel in the city that will be included in Century Group Aus' A$800 million project in Flinders Bank.

* Data from CoreLogic showed a decline in housing prices for August in five of Australia's eight capital cities, including Melbourne, Perth and Sydney, The Australian reported.

Southeast Asia

* Frasers Commercial Trust fully repaid all of its maturing debt in 2018 and 2019 by refinancing S$196.6 million of outstanding loans using proceeds from its completed S$216.8 million divestment of the commercial building at 55 Market St. in Raffles Place in Singapore.

* Filipino developer Ayala Land Inc. is expecting to net approximately 7.89 billion pesos from its planned issuance of up to 8.0 billion pesos in five-year term bonds due 2023. The anticipated amount from the offering will be directed toward the company's general corporate expenditures and CapEx.


* Daiwa House Industry Co.Ltd. will start selling units at its Premist Oyama Station Residence condominium project in Oyama City, Tochigi Prefecture, Jutaku-Shimpo reported. The building, which forms part of the Eki-higashi-dori 1-chome No. 1 District Urban Area development project, will occupy a 2,500-square meter site and will feature residential and commercial facilities.

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. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Rollen Catorce and John Chan contributed to this report.