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Hang Lung's FY'19 net profit down 24% YOY; China Evergrande plans US$4B issuance

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Hang Lung's FY'19 net profit down 24% YOY; China Evergrande plans US$4B issuance

* Hang Lung Properties Ltd.'s net profit attributable to shareholders for the 2019 full year dropped 24% to HK$6.17 billion from HK$8.08 billion in the prior-year period. EPS for the period fell to HK$1.37 per share from HK$1.80 per share.

* China Evergrande Group's Scenery Journey Ltd. subsidiary intends to issue US$2.00 billion of 11.5% senior notes due 2022 and US$2.00 billion of 12.0% senior notes due 2023, less than a week after the developer unveiled plans to issue US$2 billion of senior notes with the same coupon rates. The Chinese property group will use proceeds from the latest offering primarily to refinance existing debt and for general corporate purposes, according to a filing.

Greater China

* Lai Sun Development Co. Ltd. expects to record a substantial year-over-year decline in its consolidated results for the six months ending Jan. 31. The company attributed the expected decline primarily to the absence of the net gain on bargain purchase on the acquisition of subsidiaries during the review period.

* Seazen Holdings Co. Ltd. pocketed HK$2.71 billion from its completed placement of 311 million shares priced at HK$8.78 apiece. The amounts raised from the issuance will be used for the company's long-term business development and general working capital, according to a filing.

* Sun Hung Kai Properties Ltd.'s Sun Hung Kai Properties (Capital Market) Ltd. plans to issue US$500.0 million of 2.875% guaranteed notes under its US$7.00 billion debt instrument program. The notes are expected to be listed on the Stock Exchange of Hong Kong on or around Jan. 22.

* Dexin China Holdings Co. Ltd. said it will issue US$200.0 million of 11.875% senior notes that will mature April 23, 2022, to raise funds for the refinancing of its offshore debt and for working capital expenditures.

* Separately, DaFa Properties Group Ltd. is issuing US$200 million of 11.5% senior notes that will mature on Jan. 27, 2021, also for its debt refinancing initiative.

Australia

* LendLease Group confirmed that the party it had been negotiating with for the sale of its services business has pulled out from the sale process. The property group was responding to a report in The Australian Financial Review's Street Talk that disclosed John Holland Pty. Ltd.'s withdrawal from the process.

* The Victorian government approved Cbus Property's A$1 billion proposal to develop a 49-story office tower in central Melbourne after the project's height was reduced from 58 stories, the AFR reported. The 59,000-square-meter building will house a four-level wellness hub and provide parking for 600 bikes.

* Frasers Property Ltd.'s Frasers Property Industrial Constructions Pty. Ltd. and Winten Property Group also secured the go-ahead for a A$750 million office complex development intended for a 15,620-square-meter site in Sydney, The Australian reported. The project will have a gross floor area of 83,368 square meters across four buildings standing between nine and 17 stories.

India

* Embassy Group earmarked 10 billion Indian rupees for its planned foray into the co-living property market of India, The Economic Times reported, citing Embassy COO Aditya Virwani. Through the Olive brand, the group intends to launch 10,000 beds across the country by 2021.

The publication also reported that Embassy Group plans to raise 40 billion rupees through the sale of assets to repay debt and for a planned investment in the expansion of WeWork India.

Other real estate news

* Trumark Cos. LLC is selling a 60% equity interest in the company to the U.S. subsidiary of Japanese homebuilder Daiwa House Industry Co. Ltd. As part of the deal, Daiwa House USA Inc. also pledged to provide more capital to fund the further development of Trumark's business.

* Singapore-based Oxley Holdings Ltd. and Ballymore completed the €115 million off-market disposal of the No. 3 Dublin Landings office building in Dublin's North Quays to IPUT PLC. Oxley Holdings noted in a news release that it received €86.0 million from the divestment.

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.