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Mitsui Fudosan fiscal Q1 profit down 12.9% YOY; Scape plans A$1B property fund

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Mitsui Fudosan fiscal Q1 profit down 12.9% YOY; Scape plans A$1B property fund

* Mitsui Fudosan Co. Ltd.'s profit attributable to owners for the fiscal first quarter ended June 30 dropped 12.9% year over year to ¥33.18 billion from ¥38.08 billion. EPS for the period fell to ¥33.84 from ¥38.51, while operating income declined 8.8% to ¥50.89 billion from ¥55.77 billion.

* Scape Australia is gearing up for the launch of a A$1 billion core fund that will invest in the company's portfolio of purpose-built student accommodation properties, The Australian Financial Review reported. The fund's impending launch is part of the company's strategy to manage A$4 billion of assets over the next five years.

India

* Representatives for both Coffee Day Enterprises Ltd.'s founders and Blackstone Group Inc. agreed to revive negotiations related to the transfer of an approximately 30.00 billion-rupee technology park, The Economic Times reported, citing people directly aware of the development. A deal for the 90-acre property is expected to help the cafe chain operator to substantially reduce its debt.

Hong Kong and China

* Modern Land (China) Co. Ltd. expects to post a year-over-year rise in first-half net profit of between 30% and 50%. The company attributed the forecast to an improvement in the total gross floor area it delivered to buyers and a rise in gross profit margin of delivered properties during the period.

* The reversion in Swire Properties Ltd.'s three office properties in Hong Kong all increased in the second quarter. The percentage change in rent on lease renewals climbed 19% in the Pacific Place property, 13% in the Taikoo Place complex and 11% in the company's One Island East and One Taikoo Place developments, according to a filing.

* Hong Kong's Lands Tribunal approved Henderson Land Development Co. Ltd.'s application to compulsorily acquire a group of 60-year-old buildings at 1-21C Whampoa St. and 80-86 Baker St. in the Hung Hom area of Kowloon in the city for an aggregate consideration of approximately HK$2.14 billion, Mingtiandi reported. Upon completion, the transaction will add 19,700 square feet of space to the property company's development pipeline in the area.

* The contracted sales of China Vanke Co. Ltd. in July rose year over year to 48.19 billion yuan from 45.14 billion yuan, while the respective contracted sales of Country Garden Holdings Co. Ltd. and China Aoyuan Group Ltd. for the period grew year over year by 16.03% to roughly 42.57 billion yuan and by 11% to about 6.65 billion yuan.

* Meanwhile, Future Land Development Holdings Ltd.'s total contracted sales for the seven months ended July 31 rose 29.29% year over year to about 146.95 billion yuan, reflecting approximately 12,704,000 square meters of combined gross floor sales area.

* Central China Real Estate Ltd. plans to issue US$300 million of 6.875% senior notes due Aug. 8, 2022, at a price equivalent to 99.005% of the notes' principal amount. In a filing, the property company noted that proceeds from the issuance will be used primarily to repay its existing debt.

Southeast Asia

* CapitaLand Retail China Trust is aiming to raise up to S$279.4 million from its offering of new unit, which comprises a private placement of 105,043,000 new units priced S$1.469 apiece and a preferential offering of 86,871,006 new units priced at S$1.440 apiece.

* Vietnamese property developer Son Kim Land raised US$121 million through its third equity financing, Deal Street Asia reported. A consortium led by EXS Capital and ACA Investments Pte. Ltd., as well as Credit Suisse Group AG, participated in the funding round, from which the proceeds will be used to finance the real estate company's developments across Vietnam.

Japan

* MCUBS MidCity Investment Corp. extended its agreement for a ¥15 billion commitment line to Aug. 18, 2022, from Aug. 18, 2021. Funds generated from the loan facility are earmarked for the purposes including the purchase of new properties and the repayment of interest-bearing debts.

Australia

* According to forecast from JLL, the aggregate value of hotel sales across Australia is expected to decline in 2019 to A$1.5 billion from A$1.8 billion in the year prior, AFR reported. The expected reduction was attributed primarily to a decrease in quality investment grade properties earmarked for 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.