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In This List

Great Eagle suspends £250M London project due to uncertainty post-Brexit

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Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Great Eagle suspends £250M London project due to uncertainty post-Brexit

* Uncertainty in the U.K. propertymarket post-Brexit led Great EagleHoldings Ltd. to postpone a £250 million property project in London,according to Great Eagle Chairman Lo Ka Shui, Bloomberg News reported.Lo believes real estate values would drop, as several property funds have trading and halted clientwithdrawals.

* STR reported that there were576,712 hotel rooms in 2,508 projects under contract in the Asia-Pacific regionin June, up 4.0% in rooms under contract year over year but down 4.1% compared withrooms in construction.

* A Yuzhou Properties Co. Ltd.unit wonthe tender to acquire Zhongwei Property Zhejiang Co. Ltd. and its sale loan foran estimated 4.10 billion Chinese yuan. Zhongwei Property owns three land parcels in China with a total site area of approximately145,000 square meters and a total gross floor area of approximately 297,000 squaremeters.

AUSTRALIA AND NEW ZEALAND

* Chinese company Greenland Groupappears to be ready to bid for the second round of the New South Wales government'sland tenders at Macquarie Park in Sydney's north, following the recent launch ofa lifestyle hub at the A$500 million "nbh" project, The Australian reported.

* Goodman Property Trust conditionally agreed to offload threeoffice properties in Auckland for an initial price of NZ$206 million, accordingto a release. OysterManagement Ltd. is the buyer of the portfolio comprising the two Millennium officeestates and the Yellow HQ building.

* Sentinel Property Group boostedits stake in listed real estate fund Unity Pacific Group to 13.35%, allowing Sentinelto position itself for "future corporate activity" in Unity Pacific, The Australian reported.

HONG KONG AND CHINA

* Agile Property Holdings Ltd. saidit will change its English stock short name on the Hong Kong bourse to "AGILEGROUP" from "AGILE PROPERTY," effective July 20, at 9 a.m. localtime. The change follows a proposal by the company to change its .

* Sun Hung Kai Real Estate assistantgeneral manager Andy Chan Hon-lun said the company will put its residential projectsin Yuen Long, Hong Kong,on sale July 18. Sino Land Co. Ltd.plans to sell 90 units at its ParkMediterranean project in Sai Kung July 20, The (Hong Kong) Standard reported.

* Moody's raised 's corporatefamily rating to B3 from Caa1 and revised its ratings outlook on the company tostable from negative, following a property portfolio disposal completion in China.

JAPAN

*Sumitomo Realty & DevelopmentCo. Ltd. will construct a 135-meter-tall office building in Akihabara,Tokyo, The Nikkan Kensetsu Kogyo Shinbunreported.

* Separately,Sumitomo Realty & Development also unveiled the model room of the City TerraceKoganei Park condominium project with total 922 units, Mainichi Newspapers reported. Theproject's site area spans more than 30,000 square meters.

SINGAPORE

* Transactions for condominiumproperties worth S$10 million and more increased in the first half, amounting toas much as S$259 million from 19 sold properties, compared with S$103 million ofdeals for eight properties in the second half of 2015, The (Singapore) Business Times reported,citing a CBRE Research analysis of URA Realis caveats data.

INDIA

* Demand from sectors such as IT, BFSI and manufacturing drovealmost 10.4 million square feet of office space to be absorbed in the second quarter,representing an 18% quarter-on-quarter rise, the Press Trust of India reported,citing a Collier International report.

SOUTH KOREA

* South Korea's Ministry of Land, Infrastructure and Transportsaid the country's home deals in the first half plunged 23.4% year over year, hintingat a slowdown in the local real estate market, The Korea Herald reported.

SOUTHEAST ASIA

* Singapore sees the Philippines as a good investment destinationin real estate, as the city-state government is in discussions with the Bases Conversionand Development Authority for the Clark Green City development in Pampanga, GMANews? reported,citing BCDA President Arnel Casanova.

* A tax amnesty would spur an increase demand for propertiesin Indonesia both directly and otherwise, The Jakarta Post reported, citing PT Bank Tabungan Negara President DirectorMaryono.

OTHER REAL ESTATE NEWS

* Malaysia-based Amcorp Properties initiated a €70 million jointventure with Grosvenor Europe to invest in property development projects in Madrid,IPE Real Estate reported.

Now featured

:The July 15 edition of Asia-Pacific property news recap also features a series ofhotel projects in Japan and India.

The Daily Dose Asia-Pacific, RealEstate edition is updated by 6:30 a.m. Hong Kong time. Some external links may requirea subscription. Articles and links are correct as of publication time.