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Thailand's Asset World plans US$1.5B IPO; 278 trillion-rupiah project in limbo

* Thailand's richest man Charoen Sirivadhanabhakdi is reportedly looking to list Asset World Corp. in an IPO in Bangkok that could raise at least US$1.5 billion, Bloomberg News reported, citing people with knowledge of the matter.

The billionaire's TCC Group conglomerate is soliciting pitches from banks for a role in the Asset World share disposal, which could occur in 2019, the report noted, citing the unnamed sources. Apart from owning a hospitality business, Asset World develops shopping centers and office space in Thailand, and had about 140 billion baht of assets at the end of 2017, according to a company representative.

* Indonesia's Corruption Eradication Commission conducted a search of Lippo Group Deputy Chairman James Riady's residence Oct. 17, in light of a bribery probe that has put PT Lippo Karawaci Tbk.'s 278 trillion-rupiah Meikarta project on the outskirts of Jakarta in limbo, Bloomberg reported. Four people affiliated with the Lippo Group have been arrested by the Indonesian anti-corruption watchdog, including operational director Billy Sindoro.

According to a report by The Jakarta Post, Lippo Group's management is expected to have a meeting with Indonesia Stock Exchange officials Oct. 18 regarding the project's future.


* The Australian federal government is putting the 128-hectare Maribyrnong Defence Site in Melbourne on the block, The Australian Financial Review reported. Barring contamination issues, the site, which is being marketed by CBRE, could be worth up to A$500 million, according to market observers.

* Australian data center real estate investment trust Asia Pacific Data Centre, or APDC, is recommending that security holders sell their shares to NextDC Ltd. in response to an A$2.02-per-share offer. The trust's board and an independent board appointed by Asia Pacific Data Centre Holdings Ltd. said a superior offer is unlikely to emerge, given that NextDC already owns over 90% of the data center landlord's securities after recently purchasing 360 Capital's entire 67.3% stake.

* Innovative Construction & Development Pty. Ltd. is constructing a A$270 million, 49-story mixed-use development atop the City Tattersalls Club's premises at 194-204 Pitt St. in Sydney's central business district, The Sydney Morning Herald reported. The real estate developer's first venture in the metropolis will include a four-star boutique hotel and a 246-unit residential tower.

* Marriott International Inc. said a new 150-room hotel under the Courtyard brand at 50 Batman St. in West Melbourne will open in 2021, setting aside fears of an oversupply in hotel rooms in area, the AFR reported. Chinese company Ousia Investments will develop the project, which will house 250 square meters of flexible meeting space, a 24-hour fitness center and an outdoor heated swimming pool, among other amenities.

* Financial services group AMP Capital is projecting a peak-to-trough decline of 20% in the Sydney and Melbourne housing markets, a steeper decline than the previous 15% forecast predicted in March, the AFR reported. According to the report, AMP Capital's worsened forecast echoes low auction clearance rates, restricted credit access and the looming specter of reduced negative gearing and property investors' capital gains tax deductions under a federal Labor government, the report noted.

Hong Kong, China and Macau

* Macau Theme Park and Resort will spend HK$5 billion to construct an integrated 800-room resort in Macau that will open in 2020, The (Hong Kong) Standard reported. Lisboeta will cover a plot area of 106,015 square meters.

* Hong Kong-based real estate developer China Merchants Land Ltd., along with its associate and joint venture, logged contracted sales of about 21.89 billion yuan for the nine months ended Sept. 30, translating to aggregate contracted sales area of about 1,161,171 square meters, representing respective year-on-year increases of 26% and 12%.

* A Tesson Holdings Ltd. subsidiary satisfied requirements to purchase the land use rights of a 104,600.43-square-meter plot in Lishui District, China, with a successful 650.0 million-yuan bid. The successful bid was contingent upon another Tesson unit winning the rights to a 228,782.45-square-meter plot, also in Lishui, with an approximately 54.9 million-yuan bid.

* A Beijing Capital Grand Ltd. subsidiary won the land use rights for a 101,973.59-square-meter parcel in Xingning District, Nanning, in China with a 362.5 million-yuan bid.

* Longfor Group Holdings Ltd.'s Chongqing Longhu Tianjie Commercial Property Co. Ltd. emerged as the sole eligible bidder for Beijing Capital Land Ltd.'s 51% stake in Beijing Kaiyuanhean Investment Management Co. Ltd. that came to the market with a 598.2 million-yuan asking price. The target company is involved in the development and operation of a project in Beijing's Lize Finance and Commerce Area.

* Hong Kong billionaire Ma Ah-muk is reportedly looking to off-load the entire 27th floor of The Centre, a premium office property in Hong Kong's central business district, with the entry fee expected to be in excess of HK$72 million, The Standard reported. CK Asset Holdings Ltd. received HK$40.2 billion from the sale of 75% of the building in 2017, the report noted.

* WeWork Cos.' Chinese competitor Ucommune paid an undisclosed sum to purchase rival Fountown, bringing its offices in Beijing and Shanghai to 88 and 42, respectively, the South China Morning Post reported. In August, Ucommune attracted 300 million yuan in pre-series D financing, taking the company's valuation to US$1.8 billion, the report added.

* Sino Land Co. Ltd. is undertaking a redevelopment project at Kwun Tong, a former industrial area in Hong Kong's Kowloon East district, that will add 1,999 units to Hong Kong's housing supply, the SCMP reported. According to the report, the redevelopment occupies a 570,000-square-foot space and will be built in five phases, three of which will be intended for residential use.

* The Shenzhen government has enacted a new law requiring developers to commence construction works on residential land within one year of the conclusion of the land sale contract, Xinhua News Agency reported. The new regulation also requires the projects to be finished in four years and has raised the amount of fine for breaching the rules.

* Land sales in China totaled 4.23 trillion yuan in the first nine months of 2018, representing a 32.1% increase from the comparable period. Transactions in the 10 most popular cities showed a 9% year-on-year drop to 982.3 billion yuan.


* APA Group, which operates the APA hotel chain, has purchased a land site near Nagoya Station to open a 13-story, 187-room hotel in July 2020, Tokyo's The Nikkei reported. The hospitality group plans to deploy three hotel buildings with a total of 790 rooms around Nagoya Station.

Other real estate news

* Singaporean real estate company CapitaLand Ltd. completed its purchase of a 3,787-unit portfolio of 16 freehold properties in the U.S. for US$835 million, marking its debut in the country's multifamily sector. In September, CapitaLand had laid out plans to inject north of US$1.5 billion in the U.S., in a bid to expand its multifamily portfolio to more than 6,500 units.

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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.