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ESR boosts bid for Propertylink; Spring REIT calls for PAG bid rejection

* ESR Real Estate (Australia) Pty Ltd. increased its takeover offer for Propertylink Group to A$1.20 per security from A$1.15 per security. The Warburg Pincus LLC-backed offeror gained the support of the target's directors after the sweetened bid.

* Spring Real Estate Investment Trust is urging its unit-holders to reject PAG's HK$6.15 billion takeover proposal after its independent board committee deemed the bid's terms not fair and reasonable. The targeted Hong Kong-based office-focused real estate investment trust is planning to hold an extraordinary general meeting Oct. 29 to consider the bid, among other things.

Hong Kong, China and Taiwan

* Shareholders of HNA Group Co. Ltd. rejected the plan to sell its Beijing office complex to China Vanke Co. Ltd. for 1.29 billion yuan, with 92.95% of shareholders voting against the plan. The company said it will put forward an adjusted proposal.

* ZH International Holdings Ltd.'s Henan Zensun Huafu Real Estate Co. Ltd. subsidiary won the public bidding for a 40,941.43-square-meter residential site in Zhengzhou, China, after it offered to pay nearly 326.5 million yuan. The Hong Kong-listed property group intends to use internal resources to finance the impending acquisition.

* Yuexiu Property Co. Ltd.'s contracted sales in September decreased by about 47% to approximately 2.38 billion yuan, reflecting gross floor area of about 108,700 square meters.

* China Aoyuan Property Group Ltd. subsidiary Aoyuan Group Co. Ltd. secured approval from the China Securities Regulatory Commission to issue 1.5 billion yuan of 8.50% three-year term domestic corporate bonds. The terms of the planned offering were determined at the conclusion of a bookbuilding exercise on Oct. 9, according to a filing.

* China Fortune Land Development Co. Ltd.'s application for the issuance of 8 billion yuan of corporate bonds has been approved by the authority, China Internet Information Center reported. The first tranche will consist of 4 billion yuan of seven-year bonds and will be used to settle maturing bonds.

* Meanwhile, Agile Properties Ltd.'s plan to issue 8 billion yuan of nonpublic-offering bonds has been terminated by the authority, The Beijing News reported.

* Insurance giant Allianz committed to invest about US$175 million to secure a 35% stake in a real estate fund managed by the Warburg Pincus & Co.-backed KaiLong Group, Mingtiandi reported. The investment will be directed to the closed-ended KaiLong Greater China Real Estate Fund II that will target commercial real estate opportunities in China and Hong Kong.

* Hilton Worldwide Holdings Inc. returned to the Taiwan market after 15 years with the opening of the first international upscale hotel in New Taipei City. The recently unveiled 400-room Hilton Taipei Sinban provides 3,105 square meters of meeting space, with the largest meeting room accommodating up to 900 guests, according to a news release.


* Lendlease Corp. Ltd. filed an application with the Metropolitan Redevelopment Authority of Perth in Australia for a A$1.3 billion urban regeneration project on the edge of the city's central business district, The Australian Financial Review reported. If approved, the proposed Waterbank development will accommodate 1,300 residential units, about 150 affordable housing units, offices and 2,500 square meters of retail and community space.

* Private real estate lender Qualitas is aiming to raise up to A$500 million from the ASX listing of Qualitas Real Estate Income Fund, the AFR reported. The general offer period for the IPO of what could be Australia's first listed pure property debt investment trust is scheduled to begin Oct. 16.

* Hometown America Corp.'s A$2.25-per-security takeover offer for Gateway Lifestyle Group and LandMark White Ltd.'s A$10.3 million buyout proposal for fellow Australian property valuation and consultancy Taylor Byrne Pty. Ltd. both closed, as planned, Oct. 15.

The respective merger agreements gave Hometown a 96.45% shareholding in its targeted Australian property company and established LandMark White as the largest listed valuation services business in Australia.

* Malaysian developer SP Setia Bhd. commenced construction works on a A$565 million apartment and hotel development in Melbourne, the AFR reported. The project will comprise a 60-level tower that will include 300 apartments and a second 62-level building that will feature a Shangri-La-branded luxury hotel.

* Chinese-backed developer Aoyuan International is competing with private investor Danny Avidan to secure the A$150 million-plus Sirius apartment tower in Sydney's The Rocks neighborhood, The Australian reported. The Chinese property developer was previously reported to already be out of the running for the property that once also caught the interest of Mirvac Group.


* Nippon Telegraph & Telephone Corp.'s ¥180.83 billion buyout offer and delisting proposal for property company NTT Urban Development Corp. garnered the support of the target's board. The ¥1,680-per-share tender offer will be open for acceptances from Oct. 16 to Nov. 27, with settlement slated to begin Dec. 4.

* Mitsui Fudosan Co. Ltd. unveiled the 26-story Nihombashi Muromachicho Mitsui Tower in Tokyo's Nihombashi Muromachicho, Jutaku-Shimpo-Sha reported. The office and retail complex is set to open in autumn 2019.


* Filipino developer Megaworld Corp. earmarked 10 billion pesos for the development of its fourth residential condominium building within its 15.4-hectare Uptown Bonifacio township in Fort Bonifacio, Taguig. The 45-story Uptown Arts Residence will add 452 residential units to the township.

Other real estate news

* Singaporean wealth fund GIC Pte. Ltd. is buying the Tour Ariane office building in Paris from Unibail-Rodamco-Westfield SE under a €464.9 million agreement. The transaction, which is part of the selling global retail company's €3 billion asset disposal program, is slated to close by 2018-end.

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. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Rollen Catorce, Emily Lai and Jaekwon Lim contributed to this report.