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GLP in ¥84.85B deals with J-REIT; WeWork's rival in China raises US$120M

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GLP in ¥84.85B deals with J-REIT; WeWork's rival in China raises US$120M

* GLP Pte. Ltd.'s GLP J-REIT signed agreements for the ¥84.85 billion acquisition of eight properties across Japan. The deal, expected to be completed in September, will be funded using ¥47.85 billion of net proceeds from an issuance of 411,013 new units, together with borrowings and cash on hand.

* Mainland China startup Beijing MyDreamPlus Technology Co. Ltd. raised US$120 million as part of a fundraising effort led by Hillhouse Capital and General Atlantic, Bloomberg News reported. The coworking space operator, which also plans to list in about three years, will use the amount to fund its expansion in China, where WeWork Cos.' local arm is also boosting its exposure.

Hong Kong and China

* The embattled Wuzhou International Holdings Ltd. is holding negotiations with creditors as it looks to conduct a debt restructuring and sell some of its assets. The Chinese real estate developer is considering the options amid the financial difficulties that it is experiencing, which resulted in the suspension of construction or operations in seven of its projects.

* Future Land Development Holdings Ltd. called off its plans to buy stakes in two licensed banks in China after the parties involved in the nearly 972.9 million-yuan deal failed to agree on the final terms of the transaction.

Completion of the now-abandoned deal could have given the property company a 3.49% equity interest in Jiangsu Jiangnan Rural Commercial Bank Co. Ltd. and a 9.99% stake in Jiangsu Zhenjiang Rural Commercial Bank Co. Ltd.

* CapitaLand Ltd. bid 2.05 billion yuan to win two sites in Guangzhou, China, with a total area of approximately 150,000 square meters. The Singaporean company said it will develop 1,300 homes on the site by 2021.

* Greenland Holdings Corp. Ltd. reached partnership deals with the Chinese Academy of Sciences and China Tower to expand in non-real-estate-related businesses, The Paper reported. The developer will work with the research institute in the energy industry, and with the telco to develop smart properties and digitization in all of its properties.

* Companies in Nanjing, China, are now banned from buying residential properties after the city's municipal government implemented a similar property cooling measure in Shanghai, Reuters reported. In late June, China signaled a further tightening of property curbs in 30 major cities within 2018, prompting various local governments to implement similar bans.

Australia

* Japan's Daibiru Corp., in its first Australian project, is teaming up with Melbourne-based construction company John Holland Group on a A$220 million commercial development in Sydney. By June 2020, the pair is expected to complete the development of an office and retail building at 275 George St. that will have a net leasable area of 7,274 square meters.

* Folkestone is planning to develop a 144-room hotel in Sydney under a joint venture with Veriu ­Hotels & Suites, The Australian reported. The proposed A$45 million hotel, to be built by construction and fit-out group FDC, will be the real estate funds manager and developer's second hotel investment in the city.

Indonesia

* PT Bank UOB Indonesia, a subsidiary of United Overseas Bank Ltd., launched a new coworking space at its parent's headquarters in partnership with Cocowork, Digital News Asia reported. As part of the collaboration, members of the former EV Hive will also be provided by UOB Indonesia with financial solutions such as loans, cash management and trade financing products.

India

* Across India, 3.3 trillion rupees of projects are facing construction delays, Mint (New Delhi) reported, citing figures from Gurgaon-based real estate data provider PropEquity.

In a separate, same-day report, the publication cited Hardeep Singh Puri, union housing and urban affairs minister, as saying that the report by a housing authority-empowered committee to resolve the problems affecting homebuyers is expected to be finalized "shortly."

Japan

* Mitsubishi Estate Co. Ltd. will participate in a "workation" project promoted by local governments in the resort town of Shirahama in Wakayama Prefecture, Jutaku-Shimpo-Sha reported. Workation is vacation that combines business and leisure.

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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.