* Nippon Building Fund Inc.'s net income in the first half increased 9.8% year over year to ¥15.39 billion, or ¥10,899 per unit. The Japanese real estate investment trust's operating revenues in the six months ended June 30 also increased to ¥38.53 billion from ¥36.64 billion a year earlier, and higher than its roughly ¥36.90 billion target for end-June period.
* A total of 2,195,898,701 shares in Golden Land Property Development PCL, or approximately 94.5% of the Thai property company's share capital, were tendered in Frasers Property (Thailand) PCL's 8.50-baht-per-share takeover offer. Frasers Property (Thailand), an indirect associate of Singapore-based property group Frasers Property Ltd., is set to pay about 18.67 billion baht for all the tendered shares, according to a news release.
Hong Kong and China
* Vanke Property (Overseas) Ltd.'s board is proposing to change the Hong Kong-listed developer's English name to Vanke Overseas Investment Holding Co. Ltd. The planned name change, which reflects the company's ongoing expansion, is subject to shareholder approval.
* Bank of America Merrill Lynch lowered its price target by 15% and dropped its average net asset value per share by 4.5% on Hong Kong property stocks, citing the weak economic outlook in Hong Kong, Tencent News reported. It lowered its rating on Henderson Land Development Co. Ltd. to "neutral" from "buy," and upgraded Link Real Estate Investment Trust to "buy" from "neutral."
The bank is forecasting a 2% price drop in residential properties in Hong Kong this year, based on the assumption that the political turmoil will be settled in a few months, according to the report. The forecast represents a 10% drop from the peak in June, and the bank expects that property prices in 2020 will remain stable.
* The contracted sales of China Resources Land Ltd. and its subsidiaries decreased 40.9% in July to approximately 12.65 billion yuan from the roughly 21.39 billion yuan in the prior-year period. Separately, the Chinese developer said that in July, it acquired nine land parcels with a total gross floor area of about 2,121,734 square meters in cities across China for nearly 8.08 billion yuan.
* Poly Developments and Holdings Group Co. Ltd. acquired a 65,033-square-meter residential land parcel in Shanghai for 2.5 billion yuan, Guandian reported. The sale conditions stipulated that 80% of the development site must be used for small and midsize apartments that can be used for public rental housing.
* Henderson Land Development Co. Ltd. launched the sale of 20 flats at its The Addition development in the Cheung Sha Wan area of New Kowloon, Hong Kong, The (Hong Kong) Standard reported. The properties are being sold at an average price of HK$22,651 per square foot after discounts, 8.8% higher than the average price of the first group listed in March.
* The average prices of new homes in 70 of China's major cities grew 0.6% in July, marking the 51st straight month of gains, Reuters reported, citing data from the National Bureau of Statistics. Year over year, home prices in the cities tracked by the government agency increased 9.7% during the month.
* Takara Leben Real Estate Investment Corp. is buying and leasing trust beneficiary interests in six properties across Japan for ¥22.33 billion. The company will partially finance the acquisition by borrowing ¥13.40 billion from a syndicate of lenders including Sumitomo Mitsui Banking Corp., Mizuho Bank Ltd. and Shinsei Bank Ltd.
* Nomura Real Estate Master Fund plans to borrow ¥14.40 billion from a syndicate of lenders to repay outstanding loans that will mature Aug. 26.
* Asahi Kasei Corp. intends to grow its seniors apartment housing supply in Tokyo to 500 units in 2025, Tokyo's The Nikkei reported.
* JLL India said 1.56 trillion rupees of homes launched in 2011 and years prior in Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune remain uncompleted, Mint (New Delhi) reported.
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Moira Dickinson, Emily Lai and Jaekwon Lim contributed to this report.