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Daiwa House, Sumitomo log FY'17 results; Sino-Ocean, Anbang sign JV deal

* Daiwa House Industry Co. Ltd.'s net income attributable to owners of the parent grew 17.2% year over year in the fiscal year ended March 31 to about ¥236.36 billion from ¥201.70 billion. Looking ahead, the Japanese real estate company expects its attributable net income to increase 0.3% on an annual basis to ¥237.00 billion in the year ending March 31, 2019.

* Similarly, Sumitomo Realty & Development Co. Ltd.'s profit attributable to owners of the parent jumped 15.7% to ¥119.73 billion in the fiscal year ended March 31 from the roughly ¥103.49 billion recorded in the year-ago period. For the same period in 2019, the company is forecasting its attributable profit will reach ¥130.00 billion.

* Hong Kong-listed developer Sino-Ocean Group Holding Ltd. is boosting its cooperation with shareholder Anbang Insurance Group Co. Ltd. through the formation of a 50/50 joint venture that will have a registered capital of 200 million yuan. The new joint venture, Beijing Bangbang Zhiye Co. Ltd., is engaged in real estate development, sales and rentals of commercial properties, property management, and engineering survey and design.

Hong Kong and China

* Tycoon Li Ka-shing formally stepped down from his business empire during the May 10 annual general meeting of his CK Asset Holdings Ltd. and CK Hutchison Holdings Ltd. companies. Li, recognized as Hong Kong's richest man, handed over the reins of the companies to the older of his sons, Victor Li Tzar Kuoi, but will remain as senior adviser for both companies.

* Swire Properties Ltd. is in discussions with unidentified parties in relation to the potential divestment of its Cityplaza Three and Cityplaza Four office buildings in Hong Kong. The Swire Pacific Ltd. subsidiary said the virtually identical properties that are home to tenants including Sony Pictures, Thomson Reuters, Adidas and Deloitte could be sold separately or collectively.

* In the first four months of 2018, Greenland Hong Kong Holdings Ltd.'s contracted sales slipped roughly 13% year on year to about 7.96 billion yuan, representing gross floor sales area of approximately 629,350 square meters.

* Hong Kong's Development Bureau said the maximum ex-gratia compensation amount for residents who will be relocated due to public projects will be doubled to HK$1.2 million from HK$600,000, The (Hong Kong) Standard reported.

Australia

* Macquarie analysts are expecting European retail giant Unibail-Rodamco SE to take over Westfield Corp.'s spots in the top 20, 50, 100, 200, 300 and ASX 200 and 300 A-REIT indices upon the completion of its US$15.68 billion acquisition of the Australian shopping mall operator, The Australian Financial Review reported. Shareholders of the target will meet May 24 to vote on the planned merger.

* Singapore-based Frasers Property Ltd. is planning to sell 2,500 housing units primarily in the Australian states of New South Wales and Victoria within the fiscal year ending Sept. 30. In the developer's announcement of its quarterly results, it also said it intends to "actively" up its land bank.

* Meanwhile, Rod Fehring, CEO of Frasers Property's Australian arm, told the AFR that the company might have to change its business model in developing vacant land in light of the Australian government's new tax measures. Fehring said implementation of the measures targeting land-owning developers "reflects a lack of understanding" on the government's part.

* Superannuation fund Retail Employees Superannuation Pty. Ltd. tapped Knight Frank and CBRE to assist with the marketing of its roughly A$275 million, 23-level office building at 60 Station St. in Sydney's Parramatta suburb. The property on offer has a net lettable area of 25,729 square meters, including retail space and basement parking.

* Zone Q, the Australian arm of Chinese player JiaHe JianAn Group, is believed to have commenced due diligence on AEW Capital Management's office asset at 55 Clarence St. in Sydney, the AFR's Street Talk reported. It is understood that a roughly A$255 million deal, reflecting a below-4% yield, would be struck between the Perth-based developer and the U.S.-headquartered investment manager.

* Melbourne developer Caydon Property Group appointed Probuild to construct the first stage of its A$1 billion The Malt District mixed-use project in Melbourne's Richmond suburb, The Australian reported. Probuild was tasked to develop a split 15- and 12-level building comprising 209 apartments within the project, which is expected to be completed mid-2020.

Cambodia

* An indirect subsidiary of China-based diversified developer Jiayuan International Group Ltd. agreed to pay nearly US$35.6 million for the acquisition of five adjoining land parcels in Phnom Penh with a combined estimated area of 608,140 square meters. In a filing, the company said the subsidiary is also looking to buy multiple freehold lands at a price of US$58.5 per square meter. The land parcels span about 2,900,000 square meters in total and are adjacent to the five plots.

Japan

* Sumitomo Realty & Development Co. Ltd. launched the urban redevelopment project Musashi-Koyama Station Front Road Area. The development will sit on a 0.7-hectare site comprising a 145-meter-tall condominium tower with 41 floors and will house commercial shops and public utility facilities, RE-Port reported.

* Mitsubishi Jisho Residence Co. Ltd. and Taiyo Construction Co. Ltd. will jointly develop a 14-floor condominium project in Totsukamachi, Tokyo, in September, Town News reported.

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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. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Rollen Catorce and John Chan contributed to this report.

As of May 10, US$1 was equivalent to ¥109.58 and 6.35 yuan.