* is partnering with affiliates of Chicago-based MagellanDevelopment Group for a US$900 million tower in Chicago, in what is said to bethe biggest investment by a Chinese company in the city, Reuters reported.
Thecompanies plan to start construction for the Vista Tower "this summer," according to thenews outlet. The 95-story,mixed-use building will feature 406 residential units, a 200-room Wanda Vistaluxury hotel and around 9,000 square feet of retail space.
* , , Shutoken FunenKenchiku Kosha and a unit of Nomura Real Estate Holdings Inc. are partnering to buildan estimated ¥200 billion condominium complex in Tokyo, comprising two 65-storybuildings, the Nikkei Asian Review reported.At 235 meters high, the twin towers are expected to become the tallestresidential buildings in Japan.
The3,200-unit project will be located on an approximately five-hectare site in theShinjuku Ward. Work on the project is expected to begin in fiscal 2019.
* Aventus Capital Ltd.said it entered intoan agreement on behalf of AventusRetail Property Fund to acquire a portfolio of large-format retailcenters in Australia for A$219 million from Blackstone Group LP.
* Yongpyong Resort seeks to bethe first local resort company in South Korea to go public, as it plans toissue 16.7 million common shares to raise 135.4 billion South Korean won, The Korea Herald reported. Thecompany expects to launch the IPO on May 17 and will use the proceeds to fundreal estate development plans.
* Malaysia-based plans to develop aprime site in Melbourne with an anticipated project value of A$640 million, The Australian Financial Review reported.The company acquired the 4,000-square-meter site controlled by Telstra forA$101 million, marking its fifth property acquisition in the country, followingthe purchase of an850-square-meter site at 103-105 High St. in Prahran, Melbourne.
* and unit FrasersProperty Australia Pty. Ltd. are selling the A$300 million Southbank at 28 FreshwaterPlace in Melbourne.
* GPT CEO and ManagingDirector Bob Johnston said in the company's earnings release that the companysaw a "solid" March quarter of activity, and that its portfolio ofretail, office and logistics properties are benefiting from "strong"economies in New South Wales and Victoria.
* 's total assetsunder management rose to A$33.2 billion in the third quarter of fiscal year2016, according to a filing.
* CEO and ManagingDirector Susan Lloyd-Hurwitz said in the company's operationalupdate that the company retained "positive metrics" in itsindustrial, office and retail portfolios in the third quarter of fiscal 2016.
The company also revised its fiscal 2016 earnings anddistribution guidance to the top end of its previous forecast.
* said it appointedSean McMahon toserve as chief investment officer. McMahon was most recently the chiefinvestment officer of Frasers Property Australia. He had also as Frasers' executivegeneral manager of commercial and industrial.
* Eureka Funds Management isselling the 55 Clarence St. property in Sydney's central business district, asit reached a nearly A$150 million deal with a buyer for the 14,888-square-meterbuilding, The Australian reported.
HONG KONG AND CHINA
* sold 22out of 26 units for sale at its Ocean Wings project in Tseung Kwan O, Hong Kong, on May2, The (Hong Kong) Standard reported.
recordedaround HK$210 million by selling 22 units at The Mediterranean in Sai Kung over the weekend, whileWheelock and Co. Ltd.plans to start selling units at its Savannah project soon.
Meanwhile,Henderson Land Development Co.Ltd. and New WorldDevelopment Co. Ltd.'s sale of 30 units at The Bohemian House inSai Ying Pun on May 4 attracted around 200 subscriptions.
* Sun Hung Kai Properties sawimproved mall sales over the Labor Day weekend compared to the same period in2015, as shoppers began to buy presents ahead of Mother's Day on May 8, The Standard reported.
* U.S.-basedTaubman Centers Inc.unit Taubman Asia and Wangfujing Group Co. gained full ownership of a shopping center in Xi'an,China, in which they had a joint venture stake of 60%.
The partners paid roughly $150 million for the stake, withTaubman's share of the purchase price amounting to $75 million.
* remains"positive" about Shanghai's residential sector, despite challengessuch as decreasing transactions and slow price growth, CIFI Chairman Lin Zhongwas quotedby the South China Morning Post assaying.
Linnoted that the impact of a new policy for nonresidents in Shanghai wanting to buyproperty will not greatly affect its operations, as demand from locals is stillafloat. Further, the market in the city remains "pretty healthy" asthere is a low proportion of speculative buyers, he added.
* Fiftymainland-listed property developers reported 140.11 billion Chinese yuan inrevenues in the first quarter, up 51.3% year over year, according to Hexun.
* recorded 5.8billion Philippine pesos of core net income in the first three months of 2016, up 12%year over year. The group's consolidated revenue in the quarter was a 10%year-over-year increase to 18.2 billion pesos, according to the earningsrelease.
* The average occupancy ratein 18 major Tokyo hotels was 83.8% in the year ended March, the Nikkei Asian Review reported,citing a Nikkei Inc. survey.
* Sekiwa Real EstateLtd. will operate a high-end rental housing brokerage outlet in Tokyo incollaboration with parent company Sekisui House Ltd., The Nikkei reported.
* The 578-unit Gem Residencescondominium project inToa Payoh lured around 468 prospective buyers as of 4 p.m., local time, on May1, The (Singapore) Business Times reported.Evia Real Estate, Gamuda and Maxdin are the developers of the project.
* The is expected to be apositive catalyst for solving property developers' problems related tosanctions and permits, while protecting the interests of homebuyers in thecountry, The Economic Times of India reported.The bill became an act on May 1.
* Average home prices in thefirst quarter of 2016 increased 2.9% year over year, but average prices sloweddown compared to a 3.5% growth in the last quarter of 2015, The Korea Herald reported,citing data from the Korea Development Institute.
OTHER REAL ESTATE NEWS
* isramping up efforts toinvest in the U.S. real estate market with the formation of an affiliatecompany that will be based in Houston.
The company, AMG Capital LLC, will target class A urbanmultifamily developments in high-growth cities in the U.S., including Houston;Dallas; Austin, Texas; Seattle; Denver; Orlando, Fla.; Phoenix; and Atlanta. Itwill also target supply constrained markets like New York City, San Francisco,Los Angeles, Boston and Washington, D.C.
: The April 29 edition of the weekly news roundup of theAsian real estate space also features other cross-border investments.
: The 10 most read real estate articles for the week endingApril 29.
: Our real estate editors' picks for the best stories of theweek ending April 29.
The Daily Dose Asia-Pacific,Real Estate edition is updated by 6:30 a.m. Hong Kong time. Some external linksmay require a subscription. Articles and links are correct as of publicationtime.