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Real Estate News & Analysis: May Edition


HNA's white knight; GLP's new Chinese fund

S&P Global Market Intelligence offers our top picks of Asia-Pacific real estate news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.

Spending money

* Henderson Land Development Co. Ltd. bought two of HNA Group Co. Ltd.'s four sites in Kai Tak, Hong Kong, for HK$16 billion, representing a 12% premium over the approximately HK$14.2 billion that HNA paid for the sites in 2016. The deal was announced Feb. 12 and completed Feb. 14.

HNA still has two other plots in the Kai Tak area, which together with the two just-sold sites, were meant to be home to a "world-class integrated residential complex" that it was planning.

The completed deal offers some relief for the cash-strapped Chinese conglomerate, which has been under pressure to divest global assets and trim its mounting debt.

* Another Chinese conglomerate, Anbang Insurance Group Co. Ltd. is believed to be in the midst of a government-supervised assets sale. Blackstone Group LP is tipped to be in the early stages of planning to bid and buy back the Waldorf Astoria hotel in New York and U.S. hotel owner Strategic Hotels & Resorts Inc., which it sold to Anbang in deals topping US$8.45 billion.

* In Australia, Blackstone is reported to be making a play for two distribution centers in New South Wales owned by Steinhoff Asia Pacific Holdings Pty. Ltd. The centers are part of Steinhoff's A$126.1 million portfolio of lands and buildings.

* Warburg Pincus & Co. affiliates and Becamex IDC Corp. have formed a US$200 million joint venture to seek opportunities in Vietnam's industrial and logistics sector.

Making money

* Sumitomo Realty & Development Co. Ltd.'s profit attributable to owners of its parent for the nine-month period from April 1, 2017, to Dec. 31, 2017, increased 23.0% year over year to about ¥108.30 billion, or ¥228.49 per share.

* The 2017 full year was a good one for CapitaLand Ltd., with the Singaporean developer saying its profit after tax and minority interest in the year weighed in at S$1.55 billion, the highest on record since 2008.

* Newly private GLP Pte. Ltd. established its first value-add fund in China. Backed by China Life, GLP China Value-Add Venture I has total equity commitments amounting to 10 billion yuan and will target to buy completed logistics and industrial properties in the mainland.

Seeking money

* Sasseur Reit is on track to becoming the first listed outlet mall real estate investment trust in Singapore, while making up to S$600 million in the process. The trust, which is planning to hold four retail outlet malls in its seed portfolio, plans to release its IPO prospectus by early March and end the month — on March 29 — with a spot on the Singapore bourse's list of companies.

Featured during the week on S&P Global Market Intelligence

With fewer financing options, Chinese property developers face difficult 2018

Celestyn Wong contributed to this report.

As of Feb. 14, US$1 was equivalent to ¥106.95, 6.34 yuan and S$1.32.