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China Resources, Country Garden log profits; Westfield mall set for £600M revamp


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China Resources, Country Garden log profits; Westfield mall set for £600M revamp

* In financial year 2017, China Resources Land Ltd. and Country Garden Holdings Co. Ltd. both recorded year-over-year increases in the profit attributable to their respective owners. During the reporting year, China Resources saw its attributable core profit grow 17.7% year on year to HK$19.16 billion, while the attributable profit of Country Garden surged 126.3% to 26.06 billion yuan.

Meanwhile, state-owned China Resources disclosed during its earnings results briefing that for 2018, it is aiming for a 20% year-over-year jump in its contracted sales to 183 billion yuan and rental income from investment properties of more than 10 billion yuan.

* Australian giant Westfield Corp., in partnership with Commerzbank AG's Commerz Real, is carrying out a £600 million overhaul of its Westfield London shopping center in London's White City district. The planned refurbishment will see the mall's size increase to 2.6 million square feet, to make it the largest mall in Europe.


* AccorHotels' planned A$1.18 billion takeover of Mantra Group Ltd. garnered a "no objection" decision from the Australian Federal Treasurer, taking the proposed A$3.96-per-share scheme closer to completion.

* Analysts at global bank Citigroup Inc. believe that diversified developer Lendlease Corp. Ltd. will benefit from spinning off its engineering arm, which could be worth an estimated A$853 million, The Australian Financial Review reported. The analysts added that the spinoff of Lendlease's underperforming engineering unit could boost the Australian developer's market value to A$12 billion in 2020.

* Diversified property developer Stockland is planning to double the size of its Green Hills shopping complex in New South Wales to approximately 74,000 square meters through a A$414 million refurbishment. According to the AFR, the revamped version of the mall will focus more on lifestyle and entertainment features and will house tenants including Target, JB HiFi, Harris Scarfe, Endota Spa, Tigerlily, Seed, Country Road, City Beach, Peter Alexander and a 6,000-square-meter David Jones store.

* Partners Charter Hall Retail REIT and Telstra Super are seeking more than A$40 million from the divestment of the Woolworths-anchored Thornleigh Marketplace property in Sydney, which they bought for A$28 million in 2011, the AFR reported.

* Data from the Australian Bureau of Statistics showed that the number of established houses transferred in 2017 was the lowest since 2012 for both Sydney and Melbourne, the AFR reported. In Sydney, the figure was down year over year to 46,361 homes from 50,383, while in Melbourne, the number of transferred established houses was estimated at 46,361 in 2017.

The publication attributed the decrease mainly to stock shortages and tighter credit rules.

Southeast Asia

* Singapore-listed Oxley Holdings Ltd. sought the services of CapitaLand Ltd.'s CapitaLand Retail Management Pte. Ltd. subsidiary to manage the five-story retail component of its 55-story integrated development in Phnom Penh, Cambodia, according to a news release. Dubbed The Peak, the development also features Cambodia's first Shangri-La Hotel, an office tower and two residential towers

* Legasi Azam Sdn. Bhd., an indirect subsidiary of Malaysian Resources Corp. Bhd., agreed to sell the 1.866-acre No.16 Jalan Kia Peng site in Kuala Lumpur for 323 million ringgit.

* South Korean construction company GS Engineering & Construction Corp. and Indonesian developer Vasanta Group are jointly developing the proposed City Gate 88 residential complex in Jakarta that will contain 1,445 homes across five 25- to 30-story buildings, The Korea Herald reported.

* Separate partnerships involving Lendlease, Perennial Real Estate Holdings Ltd., GuocoLand Ltd., UOL Group Ltd. and City Developments Ltd. are among the parties that submitted the 15 bids for the tender for a mixed-use commercial and residential site at Singapore's Holland Road, The (Singapore) Business Times reported.

Hong Kong and China

* Yunnan Metropolitan Real Estate Development Co. Ltd. earmarked 12 billion yuan for the eight-year development of a new project in China's Sichuan province, Reuters reported.

* Shareholders of Beijing Capital Land Ltd. approved during a March 20 general meeting the proposal of the company's board to publicly issue up to 3 billion yuan of corporate bonds and to establish a maximum 10 billion-yuan medium-term note program.


* Mitsui Fudosan Co. Ltd. and Mitsui Fudosan Hotel Management Co. Ltd. are jointly developing the Mitsui Garden Hotel Nihonbashi Premier, slated to open September 13, Yutosoken reported.

* Sumitomo Realty & Development Co. Ltd.'s City Terrace Yashio development in Yashio City, Saitama Prefecture, billed as the largest condominium in the city with its 493 units, will be ready for occupancy from late May, Jutaku-Shimpo Inc. reported.

* U.S.-based co-working space operator WeWork Cos. will launch its sixth facility in Tokyo in July, the Nikkei Asian Review reported. WeWork will be providing space for 1,900 workers in the new branch being set up in an office building in Tokyo's Hibiya district, the paper noted.

Other real estate news

* The A$130 billion AustralianSuper superannuation and pension fund is looking to explore opportunities in Europe's office and retail sector and has tapped TH Real Estate as adviser, IPE Real Assets reported.

The Daily Dose Asia-Pacific, Real Estate edition is updated by 6:30 a.m. Hong Kong time. S&P Global Market Intelligence provides links to external sites where these offer further, relevant information to our readers. While we ensure that such links are functional at the time of publication, we are not responsible in instances where those links are unavailable later.

Rollen Catorce and John Chan contributed to this report.

As of March 20, US$1 was equivalent to 6.33 yuan and 3.92 Malaysian ringgit.