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China Vanke loses US$10B in market value; GPT to develop A$100M Sydney tower

* Shares of China Vanke Co. Ltd. have nosedived 23% in Hong Kong in December, marking the worst fall among the 149 members of the MSCI China Index and erasing US$10 billion of China Vanke's market value, as a crackdown on leveraged buyouts thwarts a takeover battle for the Chinese property giant, Bloomberg News reported.

* GPT Group is set to construct an A$100 million office tower encompassing 15,680 square meters at Sydney Olympic Park after securing the NSW Rural Fire Service as an anchor tenant, which will occupy approximately 60% of the space in the five-floor building, The Australian Financial Review reported. According to the report, the company will break ground on the project in early 2017, with completion slated for the second half of 2018.

China, Hong Kong and Taiwan

* K. Wah International Holdings Ltd. will not refer to the land prices of Kai Tak, Hong Kong, and will instead assess the market's level of affordability before it establishes the price of its K. City project in the region, The (Hong Kong) Standard reported, citing general manager Tony Wan Wai-ming.

The publication also reported that MTR Corp. Ltd. received six bids for the residential site on top of its Ho Man Tin station, including bids from Sun Hung Kai Properties Ltd., Cheung Kong Property Holdings Ltd., Wheelock and Co. Ltd. and New World Development Co. Ltd.

* May Tan, chief executive for Hong Kong at Standard Chartered Bank, predicted that home prices in the country are unlikely to fall substantially amid robust demand, despite the rising interest rates and the government's measures to limit growth, the South China Morning Post reported.

* Hong Kong's Lands Department awarded tenders for two petrol filling stations in Kowloon on 21-year land grants to PetroChina International (Hong Kong) Corp. Ltd. at a total premium of US$368.5 million.

* Evertrust Rehouse Co. general manager Yeh Ling-chi said housing deals in Taiwan might increase between 3% and 5% in 2017 from a likely record low of 245,000 units in 2016, on the back of favorable policies, Taipei Times reported.

* Greenland Holding Group has spent 905 million Chinese yuan to acquire a residential land site in Shanghai, with a floor price of 9,079 yuan per square meter, representing a 31.6% price premium, Caixin reported.

* China's 50 major cities reported a combined land sales revenue of 2.45 trillion yuan, up 35% on a yearly basis, China News reported, citing data from Centaline Property Agency.

Australia

* Abacus Property Group and global real estate fund Heitman sold an eight-level office tower at 35 Boundary St. in South Brisbane to asset manager Fife Capital for approximately A$50 million, The Australian reported.

* AMP Capital, on behalf of one of its separate account clients, entered into a joint venture with New South Wales homebuilder and developer Rawson Group to offer residential housing solutions for two developments in Sydney's northwest and southwest. The global investment manager said in a release that it acquired a one-third equity share in the joint venture, which will have a US$200 million end value.

Southeast Asia

* Indonesian real estate business players welcomed the government's move to raise home prices for overseas buyers, saying that it will help to protect the domestic property market, The Jakarta Post reported.

Japan

* Industrial & Infrastructure Fund Investment Corp. announced the acquisition of IIF Hamura Logistics Center in Hamura-shi, Tokyo, from a domestic business company for ¥820 million.

* The number of residential rental contracts signed in the Tokyo metropolitan area dropped 9.5% year-over-year to 16,367 in November, making it the 9th consecutive month to record a decrease, Jutaku-Shimpo-sha reported, citing a survey conducted by At Home Co. Ltd.

Other real estate news

* Korea Investment & Securities entered into an agreement with BNP Paribas Real Estate to purchase French pharmaceutical company Norvatis' Paris headquarters building for 480 billion South Korean won, The Korea Herald reported.

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.

Julie, John Chan and Julia Revzin contributed to this report.