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Shriram cuts India IPO size; Umihome, GIC in US$570M rental-home fund

* Shriram Properties Ltd. has reduced the size of its proposed India IPO to 7.5 billion rupees from 12.5 billion rupees amid weak sentiment toward the property market, Mint reported, citing people familiar with the matter. The Bengaluru-based builder plans to launch the offering after the Union budget in February when "housing-friendly" policies may be announced. A spokesperson declined to comment.

* Chinese rental housing provider Umihome and Singapore's GIC Asset Management Pte Ltd. plan to launch a US$570 million fund to invest in long-term rental apartments, Beijing News reported. The investments will take place over the next four years and focus on long-term rental properties in first- and second-tier cities in China.

Greater China

* China Evergrande Group said it has not suspended the construction work of a resort development in the city of Wuhan following a collapse of a building on the site that killed six people, Apple Daily reported. The project, spanning 6,666,667 square meters, is being developed by Wuhan Badengcheng Investment Co. Ltd.

* Longfor Group Holdings Ltd. plans to issue US$250.0 million 3.375% senior notes due 2027 and US$400.0 million 3.85% senior notes due 2032. The proceeds from the issuance will be used for refinancing and corporate purposes.

* Yuzhou Properties Co. Ltd. plans to issue US$645 million 7.375% senior notes due 2026. The net proceeds, estimated at roughly US$638.5 million, will be used to refinance its existing medium to long-term offshore debt.

* KWG Group Holdings Ltd. plans to issue US$300 million 7.40% senior notes due 2027. Net proceeds from the notes issue will be used to refinance some of its existing debt.

* Various Chinese developers released their sales figures for December and the full year of 2019. Greentown China Holdings Ltd.'s contracted sales in December amounted to roughly 22.9 billion yuan, after selling 7,918 units with a saleable area of roughly 860,000 square meters. The company also recorded around 135.4 billion yuan of contracted sales for the 12-month period ended Dec. 31, with a saleable area of 5,220,000 square meters.

* Longfor Group's December contracted sales totaled 19.80 billion yuan, with a gross floor area of 1,087,000 square meters sold. For the full year of 2019, the company posted a 20.86% year-over-year growth to 242.50 billion yuan in contracted sales, with a gross floor area of 14,238,000 square meters sold.

* Gemdale Properties and Investment Corp. Ltd. had approximately 11.17 billion yuan of contracted sales in December 2019, with around 538,600 square meters of contracted sales area sold.

* Sunshine 100 China Holdings Ltd. recorded around 1.86 billion yuan of contracted sales in the month, with a contracted sales area of roughly 125,916 square meters.


* UOL Group Ltd.-backed Pan Pacific Hotels Group is eyeing to open eight properties in various countries in 2020, including China, the U.K., Thailand, Vietnam and Indonesia, The (Singapore) Business Times reported, citing CEO Choe Peng Sum.


* Sunway Property, a unit of Malaysia's Sunway Bhd., plans to launch 3.5 billion ringgit worth of projects in 2020, The New Straits Times reported. About 70% of the new launches will be in Singapore, namely Parc Canberra, Ki Residence and Park Avenue Residences, which have a combined gross development value of 2.44 billion ringgit, citing a company executive.

* LBS Bina Group Bhd. is setting its 2020 property sales target at 1.6 billion ringgit, The NST reported. In 2019, the company recorded property sales of 1.63 billion ringgit, up 6.82% from 1.53 billion in 2018.


* Accommodation provider Ingenia Communities Group lowered its earnings forecast, the Australian Financial Review reported. The company expects that tourism revenue across its Broulee, Lake Conjola and Bermagui parks in New South Wales' South Coast will drop by at least A$2 million due to the bushfires.

Aries Poon and Emily Lai contributed to this report.

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