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Blackstone JV eyes US$1B in IPO; Wharf, Wanda plan further restructuring

* Embassy Office Parks, a joint venture of private-equity giant Blackstone Group LP and Embassy Property Developments and India's first real estate investment trust, is targeting to raise about US$1 billion in its December-end listing, The Economic Times of India reported, citing two people familiar with the development.

* After initiating its exit from the communications, media and entertainment industries, works are now underway for Wharf (Holdings) Ltd.'s demerger with its wholly owned Wharf Real Estate Investment Co. Ltd. The conglomerate said the subsidiary is preparing for a separate listing, with its sights on Hong Kong property investments.

* Tycoon Wang Jianlin is planning a further restructuring of his empire. The latest move involves Wanda Hotel Development Co. Ltd.'s 6.3 billion-Chinese-yuan acquisition of a related company engaged in theme park design, construction and operations management; the sale of four project companies to Dalian Wanda Commercial Properties Co. Ltd. at a yet-to-be-determined price; and Wanda Hotel Development Co. Ltd. buying a Dalian Wanda Commercial subsidiary involved in hotel design, construction and operations management for 750 million yuan in cash.

Shares of the company will resume trading on The Stock Exchange of Hong Kong Ltd. on Aug. 9 at 9:01 a.m., local time, following a trading halt.


* Canada-based Brookfield Asset Management Inc. is looking to buy a six-project portfolio in Bengaluru for 8 billion rupees from local developer Total Environment Building Systems. The Economic Times of India, citing two persons familiar with the development, noted that the structured debt transaction is in its advanced stages, with a deal likely to be signed "over the next two weeks."


* Sumitomo Realty & Development Co. Ltd. recorded a 29% year-over-year increase in its attributable profit to roughly ¥42.80 billion in the April-to-June quarter from ¥33.17 billion. The company's ordinary profit and operating income in the fiscal first quarter, meanwhile, jumped to about ¥62.69 billion and to nearly ¥63.19 billion, respectively.

Hong Kong and China

* CK Hutchison Holdings Ltd. subsidiary CK Infrastructure Holdings Ltd. reportedly secured three loans worth €1.95 billion to help fund its planned acquisition of German metering and energy management group ista through a joint venture with Cheung Kong Property Holdings Ltd.

* Future Land Development Holdings Ltd. subsidiary Future Land Holdings Co. Ltd. completed Aug. 8 its overseas issuance of US$200 million in 5% notes due Aug. 8, 2022.

* Country Garden Holdings Co. Ltd.'s announcement of a US$100 million tap issuance on its US$600.0 million offering of 4.75% senior notes due July 25, 2022, will not materially affect the company's debt leverage, according to Moody's, adding that the tap bonds will also not impact the company's Ba1 corporate family rating and senior unsecured debt rating.

Fitch Ratings echoed Moody's in its own note that the tap will not affect the BB+ rating of the notes, adding that Country Garden's liquidity is still healthy and sufficient.


* Lendlease Corp. Ltd. has withdrawn its development application for one of the three towers planned for its A$6 billion Barangaroo South development in Sydney. The Australian reported that the company made the call following community consultations.

Meanwhile, the application for the two other towers, which will stand 71 stories and 60 stories tall, was recommended for approval by the New South Wales' Department of Planning and Environment.

* Meriton Apartments Group outbid Country Garden Holdings for an 11-hectare waterfront development in Sydney, offering to acquire the property from Malaysia's TA Global Bhd. for nearly A$250 million, The Australian reported. The Little Cove development is part of TA Global's joint venture project with Charter Hall Group.

* The Australian Financial Review, citing JLL, reported that the average vacancy rate of shopping malls in the country reached its highest point in eight years, peaking at 3.3% in June.

The paper also noted that 763 stores nationwide have gone into voluntary administration in the 18 months to June, prompting shopping center landlords like Vicinity Centres, Scentre Group, Mirvac Group and GPT Group to refresh their portfolios in a bid to attract more customers.


* Newly listed developer Cebu Landmasters Inc. expects to beat its 1.2 billion-Philippine-peso net income target for full-year 2017. The developer also reported revenue of roughly 1.81 billion pesos and net income of 634 million for the first half of 2017.

* Udenna Development Corp. broke ground on a 12.5-hectare site in Lapu-Lapu City, Cebu, where it intends to develop the US$341 million Emerald Resort and Casino, The Philippine Star reported.

Now featured on S&P Global Market Intelligence

Data Dispatch Asia-Pacific: Asia-Pacific real estate companies' capital raising falls 29% YTD through July: Chart Watch: Year-to-date as of July 31, Asia-Pacific real estate companies raised US$42.85 billion through capital activity.

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.

Cam Nones contributed to this report.