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CapitaLand profit up 97% YOY in Q2; Blackstone sells 2 in 11-asset portfolio

* In the quarter ended June 30, CapitaLand Ltd. recorded a year-over-year hike of 97% to S$579.3 million from S$294 million for profit after tax and minority interests.

CEO Lim Ming Yan said in a statement that the expansion of the company's mall network and of The Ascott Ltd., both of which are experiencing "positive momentum," are expected to drive CapitaLand's "major capital deployment decisions."

* Blackstone Group LP divested two properties from a recently acquired 11-asset portfolio to funds managed by Charter Hall Group and Goodman Group. The acquired assets form part of the roughly A$600 million portfolio that Blackstone acquired in May from the Motor Accident Commission of South Australia, The Australian reported.

* Craig Mason, from JLL's Project and Development Services, said owners of old buildings in various Asian countries can reinvigorate properties and rake in profits through retrofitting. JLL said the move has proven effective in certain Australian cities.


* The Hills Council in Sydney approved Mirvac Group's proposal to transform the IBM complex in West Pennant Hills into a residential development, which The Australian reports to be worth more than A$600 million.

* Singaporean investor Rockworth Capital Partners secured in a A$98 million deal the rights to an office building in Melbourne's St Kilda Road precinct. According to The Australian, the property was purchased from the Fort Street Real Estate Capital-managed Australian Property Opportunities Fund.

* GPT Group's GPT Wholesale Office Fund signed a 10-year lease with naming rights to Deloitte Australia at its Brisbane Riverside Centre in Brisbane, The Australian reported. Deloitte signed for 6,0000 square meters of space over four levels.

* Asset manager Brookfield Property Partners LP is hoping to lock in wholesale investors for a new Australian office fund that will manage premium towers in Sydney and Melbourne. The Australian noted that Brookfield has already packed a portfolio of up to eight assets for the planned office fund.

* Property Council of Australia data said the office vacancy rate in the country over the last six months improved to 10.5% from 10.9%, The Australian Financial Review reported. Council CEO Ken Morrison attributed the improvement to positive office space demand, which he believes will continue due to limited supply.

Hong Kong, China and Taiwan

* Sunac China Holdings Ltd., in a bid to raise funds for debt payments, is planning to sell up to US$1 billion of dollar-denominated bonds. The note sale quota for the company, which follows an up to 100 billion-yuan acquisition spree over the past six months, was reportedly allocated by China's National Development & Reform Commission.

* Meanwhile, S&P Global Ratings placed Sunac China's proposed issuance of U.S.-dollar-denominated senior unsecured notes on CreditWatch with negative implications, citing a belief that the company's financial leverage could be facing deterioration after its aggressive land acquisitions and expansion.

* China Vanke Co. Ltd.'s contracted sales for July amounted to 35.56 billion yuan for 2,491,000 square meters of sold area. During the same month, the company acquired 20 new developments.

Year-to-July, the company recorded sales of 312.74 billion yuan, representing sold area of 21,176,000 square meters.

* China Logistics Property Holdings Co. Ltd. launched an offering of US$100.0 million in 8% senior notes due Aug. 8, 2020, priced at 100% of the principal aggregate amount. Proceeds from the issuance are intended to repay offshore debt and for general corporate expenditures.

* Jinmao (China) Hotel Investments and Management Ltd. subsidiary China Jin Mao (Group) Co. Ltd. is planning to issue yuan-denominated short-term notes representing the second tranche under the company's 1 billion-yuan debt program.

* Land Registry figures cited by the South China Morning Post show a 58.9% month-over-month decline in July in the sale of private flats to HK$12.03 billion from HK$27.22 billion. Hong Kong Property CEO Lee Chi-shing attributed the fall to a lack of new large-scale property developments.

* Home sales area in 29 major mainland cities dropped by 8.69% year over year in July, and nearly 60% of cities saw declines month on month, according to data from China Index Academy, China News reported.

* Meanwhile, housing sales for July also dipped by 6.6% year on year in major municipalities in Taiwan, the Taipei Times reported, citing numbers released by various local governments.


* Singaporean wealth fund GIC is in advanced talks to purchase a 50% stake in India-based lifestyle developer Provenance Land. The Economic Times of India noted that the pair will likely sign a deal that values the target at 20.00 billion Indian rupees.

Southeast Asia

* A joint venture of a Wing Tai Holdings Ltd. subsidiary won the tender for a 99-year leasehold residential site in Singapore's Serangoon North Avenue 1 area after placing the highest bid of S$446.3 million.

* OUE Commercial REIT will pay unit holders a dividend of 1.15 Singapore cents per unit for the quarter ended June 30, down 15.4% from 1.36 cents per unit distributed in the year-ago period.

* Thai developers including Sansiri Public Co. Ltd., as cited by Reuters, claim that more Chinese investors have been snapping up assets in Thailand, as property prices in major mainland cities continue to increase, forcing them to look offshore for investments.


* MCUBS MidCity Investment Corp. added a year to the contract period for a commitment line earmarked for property acquisitions and refurbishments. The contract for the unsecured and unguaranteed commitment line, which carries a ¥15 billion maximum borrowing capacity, was extended to Aug. 18, 2020, from Aug. 18, 2019.

* A Mitsubishi Estate Co. Ltd. unit is planning to build a condominium building in Zushi City, Kanagawa Prefecture, Kentsu Shinbunsha reported.

South Korea

* South Korea became the latest country to introduce property cooling measures. London's Financial Times reported that the country's new government increased capital gains taxes and tightened mortgage regulations.

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Data Dispatch: NAV monitor: US REITs trading at 2.5% median discount to NAV as of Aug. 1: Chart Watch: Of the top 10 companies trading at the greatest discounts to net asset value as of Aug. 1, eight were from the retail sector.

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.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

Cam Nones, John Chan and Julie Zhu contributed to this report.