* China Evergrande Group's first-half net profit dropped 51.6% to 14.92 billion yuan from 30.81 billion yuan in the prior-year period. The Chinese developer's gross profit fell 29.0% during the comparable period to 77.26 billion yuan from 108.86 billion yuan, while its revenue declined by 24.4% to 226.98 billion yuan from 300.35 billion yuan.
* AMP Capital acquired an additional 25% stake in the Wynyard Place commercial development in Sydney from Brookfield Property Partners LP for A$450 million. The fund manager's Wholesale Office Fund reportedly bought the interest in the A$1.8 billion project on behalf of the Hong Kong Monetary Authority.
Australia
* Oxford Properties Group Inc. off-loaded its properties in Brisbane, as part of its A$2.6 billion offering of its Investa Office Fund's portfolio, The Australian reported. The Canadian investor sold the Australian Government Centre in the city's central business district to Ashe Morgan Winthrop for about A$430 million, after selling the properties at 239 George St. and 15 Adelaide St. for about A$225 million.
* Hermes, through Qualitas' first Opportunity Fund, acquired the retail floors in the Trust Building in Sydney's central business district for A$105 million, The Australian Financial Review reported. The property is expected to be the French luxury fashion brand's flagship store in the city.
Singapore
* OUE Ltd. increased its stake in Gemdale Properties and Investment Corp. Ltd. to about 27.9% from 21.8% for HK$815.9 million. The Singapore-based property group made the all-cash acquisition through its Beacon Ltd. subsidiary, according to a news release.
* Colliers International closed the S$401.9 million collective sale of the 17-story City Towers freehold development in Bukit Timah Road. The completion of the asset's transfer to an entity affiliated with Hong Kong tycoon Li Ka-shing's CK Asset Holdings Ltd. comes after obtaining a sale order from Singapore's High Court in May.
* Savills Singapore is marketing the four-story Beaufort On Nassim freehold condominium at 12 Nassim Rd. in District 10 with a reserve price of nearly S$222.7 million, The (Singapore) Business Times reported, citing the real estate services company. The residential property sits on a 4,212.6-square-meter site and comprises 30 residential units.
Hong Kong and China
* K&K Property Holdings Ltd. secured a 50-year land grant for an approximately 1,057.8-square-meter residential development site in New Territories, Hong Kong, after it offered to pay HK$244.2 million. The company outbid 17 other tenderers including Sun Hung Kai Properties Ltd., Sino Land Co. Ltd. and Far East Consortium International Ltd., according to the city's Lands Department.
* Times China Holdings Ltd. is adding US$100.0 million to its previous issuance of US$400.0 million of 6.75% senior notes due 2023. Proceeds from the follow-on offering will be used to refinance existing debt and for general corporate expenditures.
Thailand
* Central Pattana PCL will proceed with its planned opening on Aug. 31 of a 5 billion-baht luxury mall despite unresolved disagreement with state-owned Airports of Thailand PCL, Reuters reported, citing the property company. The developer maintained that it had complied with regulations, despite complaints from the airport operator, which installed barriers around the retail property.
Japan
* Nippon Accommodations Fund Inc. borrowed a total of ¥7.00 billion from Mizuho Bank Ltd., The 77 Bank Ltd., Sumitomo Mitsui Trust Bank Ltd. and Mizuho Trust and Banking Co. Ltd. The unsecured and unguaranteed loans will be used to repay short-term debts of the same amount that matured July 31.
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