* CapitaLand Ltd. said that in the first six months of 2018, it off-loaded assets worth S$3.11 billion, already beating its capital recycling target of S$3 billion for the full year. Of the divested amount, S$1.8 billion was redeployed in the period for new investments.
Meanwhile, its profit after tax and minority interests amounted to S$605.5 million in the second quarter, 4.4% higher than the S$580.1 million logged in the prior-year period. The Singaporean company attributed the increase mainly to higher contributions from its newly acquired and opened investment properties in Singapore, China and Germany.
* Investa Property Group "quietly won approval" for its strategic partnership with Macquarie Capital (Australia) Ltd. on the Investa management platform, The Australian reported.
The alliance, put in play amid Blackstone Group LP's pursuit of Investa Office Fund, will reportedly mark Macquarie Group's return to property management in Australia and could also give the bank some influence over the takeover.
Hong Kong, China and Taiwan
* Wharf Real Estate Investment Co. Ltd. recorded a 108% surge in its profit attributable to equity shareholders to about HK$10.18 billion year over year. On the other hand, its revenue and operating profit declined in the period by 15% and 10%, respectively, due mainly to its exit from its Harbour Centre Development Ltd. subsidiary.
* MTR Corp. Ltd. has found that the construction methodology report that it submitted to the government for a development project in Hong Kong contained inaccuracies. The rail operator/developer also said that CEO Lincoln Leong Kwok-kuen is retiring early as soon as a replacement is found.
* A plunge from the 36 expressions of interest recorded in June, only five bidders remained for a HK$37.65 billion development project around the Wong Chuk Hang Station in Hong Kong, the South China Morning Post reported.
MTR closed the tender for the site with proposals from Sun Hung Kai Properties Ltd., CK Asset Holdings Ltd., Henderson Land Development Co. Ltd., Chinachem Group Co. Ltd. and a consortium among New World Development Co. Ltd., Wheelock Properties Ltd., Sino Land Co. Ltd., China Overseas Land & Investment Ltd. and K. Wah International Holdings Ltd.
* China Evergrande Group's contracted sales dipped in July to approximately 40.66 billion yuan from the 44.16 billion yuan recorded a year ago, while the sales area in the reporting month clocked in at an estimated 3.76 million square meters.
* Longfor Group Holdings Ltd. recorded an 11.0% year-over-year increase in contracted sales for the first seven months of 2018 to 114.34 billion yuan, reflecting gross floor sales area of 7,102,000 square meters.
* Mitsui Fudosan Co. Ltd., Mitsui Fudosan Residential Co. Ltd. and Panasonic Homes Co. Ltd. are planning the first project for their built-for-sale housing joint venture in Taiwan, according to a release. The 137-unit residential development in Taipei will have a site area of approximately 33,130 square feet and total floor area of about 191,750 square feet upon the completion of its construction in 2021.
* British multinational hospitality company InterContinental Hotels Group PLC entered into an agreement to manage a new A$120 million hotel being developed in the Yarra Valley wine region of Victoria, according to The Australian. The hotel, which will bear InterContinental's voco brand, will offer 170 rooms upon its expected opening in 2021.
* Logos is buying a A$119 million Kmart distribution center in Melbourne's Truganina suburb from American investment manager Invesco, The Australian Financial Review reported. JLL and CBRE brokered the deal, which was struck on an initial yield of about 5.45%.
* The New South Wales Land & Environment Court rejected Stamford Land Corp. Ltd.'s second attempt to build a A$135 million luxury apartment project at Circular Quay's Sir Stamford Hotel site, the AFR reported. The court cited the site's heritage status as a reason for the ruling.
* Fine Skill Holdings Ltd.'s S$127.5 million proposal to delist Weiye Holdings Ltd. from the Singapore bourse closed with 48,856,982 shares tendered to accept the bid. Weiye Holdings' shares are expected to be officially delisted from the bourse's main board Aug. 21.
* Nomura Real Estate Development Co. Ltd. won the redevelopment contract from the Itabashi Ward of Tokyo and East Japan Railway Co., The Daily Engineering & Construction News reported. The company beat four other bidders, which included a Mitsubishi Estate Co. Ltd. subsidiary. The urban redevelopment project will include the construction of an approximately 53,000-square-meter, 38-level building.
Other real estate news
* China Vanke Co. Ltd.'s acquisition of a 4.9% stake in Cushman & Wakefield PLC reached its initial close at the same time as the real estate services giant's IPO wrapped up in New York. The transaction with the Chinese developer's Vanke Service (HongKong) Co. Ltd. subsidiary was expected to deliver a gain of up to US$172.3 million to the newly listed company.
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Cam Nones and John Chan contributed to this report.