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Mirvac plans A$1B tower; Keppel sells China project; Ho Bee settles £650M buy


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Mirvac plans A$1B tower; Keppel sells China project; Ho Bee settles £650M buy

* Mirvac Group filed an application with the City of Sydney Council to develop a more than A$1 billion office tower at 55 Pitt St. in Sydney's Circular Quay, The Australian reported. The proposal for the area where Lendlease Corp. Ltd. is also developing a Mitsubishi Estate Co. Ltd.-backed A$1.5 billion office building is scheduled to be reviewed by the council June 18.

* Keppel Land China Ltd.'s Keppel China Township Development Pte. Ltd. subsidiary signed a roughly 980 million yuan deal with Shenyang Sunac Xinxing Enterprise Management Ltd. for the sale of a residential development in Shenyang, China. Keppel Land's parent, Singapore-listed conglomerate Keppel Corp. Ltd., is expecting an estimated S$43 million gain from the agreed transaction.

* Singaporean developer Ho Bee Land Ltd. completed its £650 million acquisition of the Ropemaker Place office building in the City of London from a joint venture involving AXA Investment Managers - Real Assets. The purchase of the British Land Co. PLC-developed 21-story property increased Ho Bee Land's total investment in London to S$2.4 billion, according to company Chairman and CEO Chua Thian Poh.

Hong Kong and China

* China SCE Property Holdings Ltd.'s board proposed to change the property company's name to China SCE Group Holdings Ltd. The change, which is subject to shareholders' approval, is being done to better reflect the corporate image and future business development of the group, according to a filing.

* Swire Properties Ltd. agreed to the all-cash HK$15.00 billion sale of its entire stake in the CityPlaza Three and CityPlaza Four properties in Hong Kong to Henglilong Investments Ltd. The commercial property developer said it will use proceeds from the divestment as general working capital.

* Kaisa Group Holdings Ltd.'s contracted sales in May grew 23.5% on an annual basis to nearly 3.77 billion yuan, representing contracted gross floor area of approximately 225,813 square meters.

* China Merchants Land Ltd. obtained a 1.00 billion yuan, three-year term loan facility from an unnamed bank June 15, after securing a similar facility two days earlier. The validity of both facilities is subject to China Merchants Shekou Industrial Zone Holdings Co. Ltd. remaining as the borrower's single largest shareholder.

* House-sharing platform Xiaozhu is in discussions with potential investors to raise roughly US$100 million, The Information reported, citing people familiar with the matter. The Beijing-based US$1 billion startup's fundraising comes as its competitors, including Airbnb Inc., intensify their expansion efforts in Xiaozhu's home market, the digital media company noted.

* All 119 units on offer from Henderson Land Development Co. Ltd.'s residential project Cetus.Square Mile were sold within the first day of sale, bringing in a total value of HK$820 million to the developer, Ming Pao reported.

* Global hotel chain Wyndham Hotels & Resorts Inc. plans to add around 200 hotels annually in China in the next few years, following the spin off of the hotel business, The Paper reported. The group's president of Greater China, Liu Chenjun, said the company now mainly targets two categories of tourists, including the younger generation and family travelers.


* Midsize Indian developers are slowly taking to market their large residential developments and owned land parcels as larger companies, such as Embassy Group, enter the affordable- and mid-income housing sectors, Mint reported. At least three unidentified midsize companies are encountering difficulties in selling their respective projects amid challenging conditions in the market.

South Korea

* Korea Post is reportedly calling for proposals as it looks to award 600 billion won of real estate investment mandates for the local market. The allocated amount will be equally distributed toward core real estate, value-add real estate and logistics properties.


* Farm manager Growth Farms is forming a A$100 million fund that will buy and lease back to farmers rural properties across Australia, The Australian Financial Review reported. The planned Australian Agricultural Lease Fund that is backed by independent advisory company Providence Wealth is seeking total returns of between 10% and 12%.


* The Private Lodging Business Act, known as the Airbnb law, took effect in Japan on June 15, legalizing the home-sharing business nationwide, The Mainichi Shimbun reported.

* Mitsui Fudosan Co. Ltd. and Mitsui Fudosan Hotel Management Co. Ltd. will open Mitsui Garden Hotel Gotanda in Shinagawa-ku, Tokyo, on June 29, Jutaku-Shimpo-Sha reported. The latest addition to the Mitsui Garden Hotels chain has 16 floors and 370 rooms.

Other real estate news

* A partnership involving HNA Group Co. Ltd. secured a US$342 million floating-rate loan for the refinancing of the 21-story office building at 850 Third Ave. in New York City, local publication The Real Deal reported, citing unnamed sources. The amount provided by French bank Natixis, Paramount Group Inc. and Harbor Group International LLC will replace a US$238 million debt borrowed from Morgan Stanley.

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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, Emily Lai and Jaekwon Lim contributed to this report.

As of June 15, US$1 was equivalent to 6.44 yuan. S$1.35 and 1,103.94 won.