* Unizo Holdings Co. Ltd. turned down respective takeover offers from Blackstone Group Inc. and an unnamed investment fund, even after its largest shareholder, Elliott Management Corp., recently questioned how it responded to previous buyout bids from H.I.S. Co. Ltd. and SoftBank Group Corp.'s Fortress Investment Group LLC. The Japanese hotel chain operator said Blackstone's revised ¥5,000-per-share offer is inconsistent with its policies of securing the interests of its shareholders, while not providing a reason for also rejecting the offer of the investment fund that is "acknowledged in Japan."
* Wheelock & Co. Ltd. launched a US$5.00 billion medium-term note program, which the company expects to be listed on the Hong Kong stock exchange on Oct. 11.
* Asset World Corp PCL debuted on the Stock Exchange of Thailand, with its valuation reaching 188 billion baht at one point, Nikkei Asian Review reported. The debut comes after the company raised 48 billion baht through its IPO of 8 billion shares priced at 6 baht apiece.
* In the first half, Asia Pacific real estate investors' joint venture transactions declined year over year to US$13 billion from US$21 billion, according to JLL. The real estate services company noted that the figure for the first half of 2018 was boosted by CK Asset Holdings Ltd.'s HK$40.2 billion record-breaking sale of The Center tower in Hong Kong.
Australia
* Melbourne's city planners endorsed Cbus Property's proposal to develop a more than A$1 billion office tower that straddles four addresses around the corner of Bourke and Queen streets and will be known as 435 Bourke Street, The Australian Financial Review reported. The proposed 49-level tower will provide about 58,000 square meters of office space.
Singapore
* Fortune REIT's delisting from the main board of the Singapore stock exchange is expected to take effect Oct. 21. Ara Asset Management (Fortune) Ltd., the manager of the real estate investment trust, noted in a news release that the trading on the bourse of the retail-focused property company's shares will be suspended Oct. 11 after their last trading day Oct. 10.
* CapitaLand Ltd.'s CapitaLand Treasury Ltd. plans to issue S$500.0 million of fixed-rate subordinated perpetual notes. The notes will carry a distribution rate of 3.65% per year for the first five years.
Greater China
* Merchants Nanjing Real Estate Co. Ltd., which is 51%-owned by China Merchants Land Ltd., bought a 79,800-square-meter residential land parcel in Nanjing, China, for 3.14 billion yuan, Guandian reported. The development site can accommodate a project spanning 175,700 square meters.
* Longfor Group Holdings Ltd.'s contracted sales for the nine months ended Sept. 30 increased year over year to 174.62 billion yuan from 149.08 billion yuan, while the respective contracted sales of Yuexiu Property Co. Ltd., C&D International Investment Group Ltd. and Hopson Development Holdings Ltd. for the period rose by about 34% to nearly 48.06 billion yuan, by approximately 153.82% to 31.27 billion yuan and by 33.4% to roughly 15.07 billion yuan, respectively, according to separate filings.
* Sun Hung Kai Properties Ltd. commenced the sale of 178 flats at its Cullinan West III development atop the Nam Cheong MTR station in Hong Kong, The Standard reported. The residential units are being offered at a discounted average price of HK$25,485 per square foot.
India
* WeWork Cos. Inc.'s Indian arm is in early discussions with new investors to raise US$200 million after previous negotiations with ICICI Bank for a US$100 million fundraising fell through after The We Co. postponed its IPO, Reuters reported, citing the division's chief shareholder, Jitu Virwani. WeWork India intends to double its current capacity of 45,000 seats in six Indian cities by the end of 2020, the report added.
Now Featured on S&P Global Market Intelligence
Data Dispatch: Citigroup takes equity REIT stock offering underwriter lead through Q3'19
Data Dispatch: Morgan Stanley takes top spot in Q3'19 REIT M&A league tables
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.
Ian Cruz and Emily Lai contributed to this report.
