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CK Asset 2018 profit up 33%; KKR's US$1.5B Asia fund; Tahoe selling in China

* CK Asset Holdings Ltd.'s profit attributable to shareholders in the year ended Dec. 31, 2018, increased 33.2% on an annual basis to HK$40.12 billion from HK$30.13 billion. The Hong Kong-listed developer saw a 34% improvement in its EPS during the comparable period to HK$10.85 from HK$8.07, while its revenue jumped to HK$64.48 billion from HK$63.78 billion.

* KKR & Co. committed about US$250 million for its maiden Asia-focused real estate fund, for which it is believed to be aiming to raise US$1.5 billion. The private equity firm is expected to hold a first close for the fund during the second quarter.

* Faced with mounting debt, Tahoe Group Co. Ltd. is planning to sell 12 under-development projects across China that it acquired over the past two years for an aggregate consideration of at least 40 billion yuan, the South China Morning Post reported, citing sources familiar with the matter. A majority of the developments said to be earmarked for divestment are residential, with some featuring commercial components.

Hong Kong and China

* Petrus HK Co. Ltd.'s approximately HK$21.26 billion offer to privatize Hopewell Holdings Ltd. was approved at the March 21 court meeting and extraordinary general meeting of shareholders. The takeover is expected to take effect May 2, subject to the completion of other conditions.

* Lai Fung Holdings Ltd. expects a significant decrease in its unaudited interim profit attributable to shareholders of the company for the six months ended Jan. 31 from the HK$358.9 million it recorded in the prior-year period. The property company cites lower fair value gain from investment properties and lower profit contribution from a joint venture project for the bearish forecast.

* CIFI Holdings (Group) Co. Ltd. is expecting to net about US$248.6 million from its planned issuance of US$255.0 million in 6.55% senior notes due March 28, 2024. The anticipated net proceeds will be used by the company to refinance its existing debt and/or for general corporate expenditures.


* Oxley Holdings Ltd.'s Oxley Gem Pte. Ltd. subsidiary appointed CBRE Pte. Ltd., Jones Lang LaSalle Property Consultants Pte. Ltd. and JLL Hotels & Hospitality Group as the exclusive agents for its ongoing sale of the Mercure and Novotel hotels at 28 and 30 Stevens Rd. It follows the company's termination of a S$950.0 million deal for the supposed sale of the hospitality properties to Gracious Land Pte. Ltd.

* More than 80% of the owners of the Sim Lim Square in Rochor Canal Road gave permission to collectively sell the six-story mall after the initial asking price for the property was increased to S$1.3 billion from S$1.1 billion, The (Singapore) Straits Times reported. Marketing agent SLP Scotia said it plans to relaunch the public tender for the asset by April-end.


* A Sunway Real Estate Investment Trust special-purpose company submitted applications with the Securities Commission Malaysia for its plan to establish a 10.0 billion-ringgit perpetual note program. Issuance of the first tranche of notes under the program is expected to take place in the second quarter.


* AMP Capital and Plenary Group are the two remaining parties competing for the approximately A$200 million contract to purchase Infratil Ltd.'s 50% stake in the concessionaire that provides housing for students at the Australian National University in Canberra, The Australian Financial Review's Street Talk reported.

* Hong Kong-based Euro Properties and Lotus Capital Asset Management are considering the potential sale of the Nine Network's Willoughby head office in Sydney, The Australian reported. The sale of the property intended for an over A$1 billion development is expected to deliver A$200 million to the companies.


* Godrej Properties Ltd. acquired a 27-acre railway land parcel in the Ashok Vihar area of New Delhi from the Rail Land Development Authority for approximately 11.00 billion rupees, The Economic Times of India reported, citing people aware of the deal. In an email response to the paper, the property developer said it does not comment on market speculation.

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.

Cam Nones contributed to this report.