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Real Estate News & Analysis: May Edition

CK Asset, Hongkong Land post H1 results; Xander buys Indian office park

* CK Asset Holdings Ltd.'s net profit fell 38.9% in the first half to HK$15.13 billion from HK$24.75 billion in the prior-year period due to an absence of disposal gains. Revenue grew 41.0% to HK$34.01 billion from HK$24.12 billion.

* Hongkong Land Holdings Ltd.'s first-half underlying profit attributable to shareholders increased 2% year over year to US$465.9 million from US$455.1 million. Net profit, however, fell about 63% to US$410.9 million from US$1.12 billion due to revaluation losses on investment properties.

* Xander Investment Management Pte. Ltd. paid US$130 million to acquire the Weikfield IT Citi Info Park in Pune, India, Mint (New Delhi) reported, citing an announcement from the Singaporean company. The office park purchased from New Vernon Capital LLC spans 1.1 million square feet and is leased to tenants including Maersk, WNS, Whirlpool, Nihilent Ltd. and Tavisca Solutions Pvt. Ltd.

* Real estate transactions across Asia Pacific jumped 6% year over year in the first half to US$86 billion, Mingtiandi reported, citing figures from JLL. Capital investment in Singapore's property market helped boost the region's aggregate transaction volume to a historical high, according to the global real estate services company.


* CapitaLand Ltd.'s Ascott Residence Trust and Ascendas Hospitality Trust subsidiaries appointed Deloitte & Touche Corporate Finance Pte. Ltd. the independent financial adviser for their planned merger. The proposed combination of the two real estate investment trusts is expected to create the largest hospitality trust in Asia Pacific with an asset value of S$7.6 billion.

* CapitaLand Retail China Trust is seeking to raise between S$273.4 million and S$279.4 million from a private placement of 105,043,000 new units, and a preferential offering of 86,871,006 new units to existing unit-holders.

Hong Kong and China

* Henderson Land Development Co. Ltd. pocketed HK$1.67 billion from selling 351 micro flats in Hong Kong in the first half, becoming the city's largest developer of flats with floor area less than 200 square feet, the South China Morning Post reported.

* Guangzhou R&F Properties Co. Ltd.'s attributable contracted sales for the first seven months of 2019 grew 5% on an annual basis to 70.72 billion yuan, reflecting contracted gross floor area of 6,479,200 square meters. In July, the property developer's attributable contracted sales amounted to about 10.50 billion yuan.


* WeWork Cos. Inc. is negotiating to lease a Mirvac Group-managed 20,000-square-meter building in Sydney's central business district, The Australian reported. Talks are understood to be in preliminary stages.

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