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Mantra board backs Accor bid; €4B CK deal OK'd; Hong Kong chief talks housing

* Mantra Group Ltd. said its board unanimously recommends the company's A$1.2 billion scheme of arrangement with AccorHotels.

* CK Asset Holdings Ltd. and CK Hutchison Holdings Ltd. unit CK Infrastructure Holdings Ltd.'s proposed joint acquisition of European sub-metering company ista Luxemburg GmbH was given the green light by a majority of shareholders.

As part of the joint venture, CK Asset and CK Infrastructure will respectively invest €2.93 billion and €1.58 billion for a 65% stake and 35% stake in the target company.

* In her first policy speech, Hong Kong Chief Executive Carrie Lam promised to increase land supply where possible in the administrative region. Of her subsidized starter homes scheme, a plan supported by Sun Hung Kai Properties Ltd. and Wheelock Properties Ltd., she said about 1,000 residential units will be provided in the first phase of the program, Reuters reported.

In line with the plan, the government is also considering the possibility of requiring developers to reserve units for the starter homes scheme. Developers may be required to pursue mixed-use developments which would offer a specified number of affordable homes for middle-class families.


* Indiabulls Real Estate Ltd. subsidiary Brenformexa Ltd. launched an offer to buy out and delist Singapore-listed Indiabulls Properties Investment Trust for 90 Singaporean cents per share.

* The Housing Development Finance Corp. Ltd. committed to invest in Tribeca Creators LLP's Housing for Millennial Generation project, which aims to construct affordable homes in the suburbs of Mumbai, Livemint reported.


* Mirvac Group is planning a A$2 billion residential estate in the Sydney suburb of Marrickville, delivering about 2,600 apartments, The Australian reported.

* Charter Hall Group's Charter Hall Prime Industrial Fund signed a sale-and-leaseback deal worth more than A$100 million with equipment giant Hastings Deering for three industrial assets in the Brisbane suburbs of Archerfield and Acacia Ridge, The Australian Financial Review reported.

* CostaFox, developer Michael Fox's joint venture with the Costa family from Geelong, Victoria, applied for the development of a A$300 million apartment tower in the Fishermans Bend locality south of the Melbourne central business district.

* Sydney home prices slid 1.9% in the three months to September, the AFR reported, citing Domain Group data, adding that the decrease is the first seen in the sector in almost two years.

Hong Kong and China

* Wharf (Holdings) Ltd. subsidiary Greater Honour Ltd. is expected to rake in HK$9.00 billion from its planned divestment of a 55,390-square-meter mixed-use development project in Hong Kong to Pace Ascend Ltd.

* China Vanke Co. Ltd. agreed to participate in a 6 billion-Chinese-yuan logistics property investment fund to invest in logistics real estate projects. The consortium was led by Jiangsu International Trust Corporation Ltd., with China Vanke investing 1.5 billion yuan in cash for a 25% stake.

* For September, Shui On Land Ltd. recorded residential property sales of about 625 million yuan and commercial property sales of roughly 20 million yuan, amounting to an estimated 645 million yuan of contracted property sales.

In the month, KWG Property Holding Ltd.'s reserved property sales were up 12.7% on the year, while Kaisa Group Holdings Ltd. and Shenzhen Investment Ltd. saw year-over-year declines in their contracted sales.

Meanwhile, China Merchants Land Ltd.'s contracted sales for the quarter ended Sept. 30 decreased 13% year over year to nearly 4.00 billion yuan.

* A subsidiary of Tahoe Group Co. Ltd. agreed to pay 849.6 million yuan for a land site and construction project. Reuters, citing a Chinese-language filing, reported that a separate unit of the group is also buying a 65% stake and a creditor's right in a real estate company for 341.1 million yuan and 3.7 billion yuan, respectively.


* Japan Retail Fund Investment Corp. is looking to buy trust beneficiary rights in Round1 Sannomiya Station for ¥3.20 billion from Hulic Co. Ltd.

* Keihanshin Real Estate Co. Ltd. will build an office building in Osaka on a 6,600-square-meter lot it purchased from Fujitsu Ltd., Tokyo's The Nikkei reported. Its delivery in 2020 will mark the completion of the Osaka Business Park project launched in 1969 to create a building complex on a former arms factory site north of Osaka Castle.

Other real estate news

* A pipeline of apartments in Westfield Corp.'s Stratford City shopping center in London will be retained as build-to-rent investments, The Australian reported, citing Westfield CEO Steven Lowy, who added that approvals have been secured for more than 1,100 apartment units.

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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. Articles and links are correct as of publication time.

Cam Nones, Emily Lai and Jaekwon Lim contributed to this report.

As of Oct. 11, US$1 was equivalent to 6.59 Chinese yuan, ¥112.28 and S$1.36.