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Blackstone bids ¥37.91B; ASF loses A$3B casino bet; 3.84B yuan for Beijing land

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Blackstone bids ¥37.91B; ASF loses A$3B casino bet; 3.84B yuan for Beijing land

* Blackstone Real Estate-managed funds are planning to purchase Astro Japan Property Group's portfolio through the acquisition of the latter's TK Interests for ¥37.91 billion. If accepted during a Sept. 13 meeting of shareholders, the funds' bid will result in the delisting of TK Interests from the Australian bourse.

* Australia-listed ASF Group Ltd.'s proposed A$3 billion integrated resort development on the Gold Coast was terminated by Queensland Premier Annastacia Palaszczuk, The Australian reported. Palaszczuk, at the announcement of the termination, said she wanted to preserve the site earmarked for the project as parkland for future generations.

On Aug. 1, the Chinese-backed developer requested a trading halt following the announcement.

* A consortium comprising China Resources Land Ltd., Country Garden Holdings Co. Ltd. and China Merchants Industrial Zone Holdings Co. Ltd. purchased for 3.84 billion yuan a prime land parcel in Beijing, with an estimated gross floor space of 73,598 square meters, the South China Morning Post reported. The group would also have to pay another 3.39 billion yuan as compensation fee, almost doubling its cash out to 7.23 billion yuan.

Hong Kong and China

* New World Development Co. Ltd. extended for the second time the acceptance period for its proposal to acquire in cash all the shares it does not own in its HK$3.37 billion department store business. As of Aug. 1 at 4 p.m., Hong Kong time, 384,225,603 shares of New World Department Store China Ltd. have been tendered for acceptance, representing 82.23% of the offer shares and short of the required minimum acceptance of 90%. The acceptance period has been extended to Aug. 15.

* China Jinmao Holdings Group Ltd. was granted the option to acquire Wuhan Huazi Enterprise Management Consulting Co. Ltd.'s equity interest in a project in Tianjin, China, that was won July 31 for 3.15 billion yuan. The site has an area of roughly 59,628 square meters and gross floor area of roughly 119,256 square meters.

* Wheelock and Co. Ltd. is expected to launch the sale of apartments in its 648-unit 10 Muk Ling project in Kai Tak, in the third quarter, The (Hong Kong) Standard reported.

* Unaudited figures for July released by Guangzhou R&F Properties Co. Ltd. showed a 33% year-over-year increase in its contracted sales to roughly 5.95 billion yuan. Year-to-date, the company's contracted sales were recorded at approximately 44.76 billion yuan, up 31% from the year-ago period.

* According to Moody's, Cheung Kong Property Holdings Ltd.'s planned acquisition of a European sub-metering company through a joint venture with CK Hutchison Holdings Ltd. subsidiary CK Infrastructure Holdings Ltd. will not immediately affect its A2 issuer rating and stable outlook for the company.

* Short sellers cited by Bloomberg News have called out Sunac China Holdings Ltd. on its "overdose of debt-fueled investment" that includes the landmark 43.84 billion-yuan acquisition of Dalian Wanda Group Co. Ltd.'s 91% stake in 13 cultural tourism projects in Xishuangbanna and Nanchang in China.

* Meanwhile, Chinese conglomerate HNA Group's offshore transactions, including its planned £200 million purchase of the London-based International Currency Exchange, are facing roadblocks as Beijing intensifies capital controls and widens a crackdown of debt-fueled investments, Reuters reported, citing four people familiar with the matter.

* Private equity funds making a play in China's real estate sector are expected to make a shift from debt investment to equity now that authorities have banned them from providing loans to developers, the South China Morning Post reported.

* New home sales in Shanghai city in China dropped by 2.11% to 671,700 square meters in July from the month before and down 48.9% year over year, Securities Times reported, citing data from Lianjia.

Australia

* Citi analysts cited by The Australian Financial Review believe Mirvac Group will return to residential developments after forays in office projects.

* Centuria Industrial REIT will continue to list AWA Logistics as a tenant in two of its facilities in Perth. The Australian reported that the pair renewed the logistics company's lease contract for 84,000 square meters of space that will deliver Centuria over A$5 million in rent every year.

* JLL's Australian Healthcare Real Estate Investment Review lists healthcare properties Down Under as the leading alternative asset class for real estate investors, citing Dexus' plan to form a healthcare property fund with Commercial & General as proof of the expanding demand.

Japan

* Japan Real Estate Investment Corp. is splashing ¥10.53 billion to increase its stake in the Tokyo-based Shiodome Building by 5%. The property is an integrated retail and office development with an area of roughly 115,931 square meters.

* Ichigo Hotel REIT Investment Corp. signed an agreement with six banks for a loan amounting to ¥1.80 billion, which it will use for the acquisition of the Urbain Hiroshima Executive hotel in Hiroshima. The loan will be subjected to an interest rate swap with Mizuho Bank Ltd.

* Tokyo-based Hotel Okura intends to expand its hotel brand in up to 20 locations across Asia by 2020. The Nikkei Asian Review reported that the hotel operator, which operates 72 hotels outside Japan, is planning to launch the Okura Prestige brand in major Southeast Asian destinations, including Yangon in Myanmar, Ho Chi Minh City in Vietnam and Phnom Penh in Cambodia.

* Tokyo Tatemono Co. Ltd. will develop two urban hotels at Asakusa Kaminarimon in Tokyo, and the other in Shinsaibashi in Osaka, Jutaku-Shimpo-Sha reported.

South Korea

* SK Group subsidiary SK Holdings Co. Ltd. agreed to buy a 10% diluted stake in pan-Asia logistics property developer e-Shang Redwood for 374 billion South Korean won, marking its first investment in logistics real estate.

* The Korean Teachers' Credit Union, which manages 27 trillion won of assets, is giving TH Real Estate the mandate to invest in the U.K. commercial real estate debt market, as the South Korean retirement fund looks into investing in senior loans obtained from London office properties. CoStar U.K. noted that TH Real Estate already raised roughly £300 million for its Global Real Estate Debt Partners - Fund I (UK) investment strategy.

Southeast Asia

* Sunway Bhd. is acquiring four industrial land parcels in Selangor, Malaysia, for a proposed mixed-use development with an estimated value of at least 1.4 billion ringgit, The (Malaysia) Star 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.

Rollen Catorce, John Chan and Julie Zhu contributed to this report.