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Sun Hung Kai-Ping An JV wins 13.3B-yuan site; up to HK$3.6B plot lures 10 bids


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Sun Hung Kai-Ping An JV wins 13.3B-yuan site; up to HK$3.6B plot lures 10 bids

* Sun Hung Kai Properties Ltd.'s joint venture with Ping An Insurance (Group) Co. of China Ltd. placed the winning 13.26 billion yuan bid for an 857,700-square-meter mixed-use development site in Hangzhou, China, Mingtiandi reported, citing a notice from the city's Bureau of Planning and Natural Resources. The land plot carries approval for "a world-class urban tourism financial complex" project that will feature office, retail, residential and entertainment components.

* Sun Hung Kai Properties separately filed an application with Hong Kong's Town Planning Board to construct 13 residential buildings on a 14,553-square-meter land parcel in the Tuen Mun area of the city. The proposed development will provide 96 flats with 157 parking spaces upon its completion.

* Still in Hong Kong, Sun Hung Kai Properties is among 10 developers vying for the right to develop a commercial land plot in the Kai Tak area of Kowloon in the city, South China Morning Post reported. The property company is competing against tenderers such as CK Asset Holdings Ltd., Sino Land Co. Ltd. and China Overseas Land & Investment Ltd. for the property that CHFT Advisory and Appraisal values at between HK$3.4 billion and HK$3.6 billion.

* Actis LLP is seeking up to US$600 million for a new pan-Asia real estate fund that will focus on properties in China, India and South Korea, Private Equity News reported, citing a person familiar with the matter.

Hong Kong and China

* China Evergrande Group forecasts a 49% year-over-year decline in net profit and a 45% year-over-year fall in net profit from its core business for the first half. The Hong Kong-listed developer attributed the expected decline primarily to a decrease in the floor area of properties delivered in the first half.

* Landing International Development Ltd. expects to swing to a first-half net loss due to factors including a decrease in net revenue from its gaming business and a decline in revenue from the sale of its residential properties.

* The respective July contracted sales of Sino-Ocean Group Holding Ltd. and Redsun Properties Group Ltd. grew by 41% year over year to about 7.81 billion yuan and by 24.05% to roughly 4.01 billion yuan. On the other hand, the contracted sales of Kaisa Group Holdings Ltd. for the month fell by approximately 18% to nearly 5.35 billion yuan.

* Billion Development and Project Management Ltd. launched the sale of the second batch of flats at its The Aurora development in the Tsuen Wan are of the New Territories, Hong Kong, with an average price of HK$18,851 per square foot, The Standard reported. The divestment of the additional 116 residential units comes after a previous offering logged a 19x oversubscription with the receipt of 4,800 deposits, Oriental Daily added.

* Shimao Property Holdings Ltd. obtained dual-currency term loan facilities with respective amounts of about US$837.9 million and about HK$3.99 billion. The 48-month loan facilities will be used for the refinancing of the existing indebtedness of the company.

* Hong Kong's government raised the deposit for public tenders to as much as HK$50 million after Goldin Financial Holdings Ltd. in June backed out from buying a 10,692-square-meter land parcel in Kai Tak that it secured after offering to pay HK$11.12 billion, SCMP reported, citing the Lands Department. To protect its interest in cases of similar defaults, the government is also requiring successful tenderers to pay up to 10% of its winning bid within seven working days once the tender is awarded.

The new rules took effect immediately, with the recently launched tender for the nonindustrial site at the center of the forfeited transaction becoming the first to be subjected to the government's fresh mandates.


* Samty Residential Investment Corp. is getting an approximately ¥6.6 billion investment from Daiwa Securities Group Inc. The capital injection will lift the Japanese investment bank's stake in the real estate investment trust to 39.86% from 35.88%.

* Japan Retail Fund Investment Corp. completed its ¥9.92 billion divestment of the Aeon Sendai Nakayama property on Aug. 9, according to same-day release.


* City Developments Ltd. gained full control of the W Singapore-Sentosa Cove and Quayside Isle after acquiring the remaining 62.5% stake it does not already own in the property from the investors of Profit Participation Securities (PPS) 1 structure for S$393 million, The Business Times reported.

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.

Ian Cruz, Emily Lai and Jaekwon Lim contributed to this report.