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Embassy Office raises 17.4B rupees pre-IPO; China plot gets 2.5B-yuan allocation

* Embassy Office Parks REIT raised 17.43 billion rupees from its anchor investors for its planned listing on the National Stock Exchange of India Ltd. and Bombay Stock Exchange Ltd., The Economic Times of India reported. The real estate investment trust backed by Blackstone Group LP and Embassy Group is aiming to raise 47.5 billion rupees in total from its IPO that will run March 18-20.

* China Sunsine Chemical Holdings Ltd. told the Singapore stock exchange that its Shandong Sunsine subsidiary plans to invest up to 2.5 billion yuan for an industrial land that it is buying in China's Shandong province. The property that the company is buying under a deal with a local government agency spans 534,000 square meters, according to The (Singapore) Business Times.

Hong Kong and China

* Midea Real Estate Holding Ltd. is expecting a year-over-year increase of more than 70% in its core profit for the year ended Dec. 31, 2018. The Hong Kong-listed property company attributed the bullish forecast mainly to the improvement in the group's revenue.

* New World Development Co. Ltd. will sell 100 units at its Artisan Garden development in the To Kwa Wan bay of Kowloon, Hong Kong, for a higher price after the first batch of 80 units marketed in the project attracted more than 1,300 applications, The (Hong Kong) Standard reported.

* Hong Kong's Lands Department will launch March 22 the public tender for a roughly 9,765-square-meter nonindustrial site in the Kai Tak area of Kowloon in the city. The New Kowloon Inland Lot No. 6552 property that will remain on offer until May 3 has a minimum gross floor area of 35,740 square meters and a maximum gross floor area of 59,566 square meters.

* Official government statistics released March 15 showed a slowdown in home price growth during the first two months of 2019 in 70 cities tracked by China's National Bureau of Statistics, Mingtiandi reported. Average home prices in the monitored Chinese cities decreased to 0.5% in February from 0.6% in January, marking the slowest pace of growth in nearly a year.

Southeast Asia

* French hospitality company AccorHotels is looking to double its 300 lodgings in Southeast Asia over the next decade, The Nikkei Asian Review reported. The expansion plan comes as Marriott International Inc. makes a move on attracting travelers with its luxury hotels.

* The tender closing date for the 76,617-square-foot Peace Centre/Peace Mansion site at No. 1 Sophia Rd. in Singapore's prime District 9 was extended to May 3 from April 11, The Business Times reported. A delay in the authorities' approval for the top-up to the lease of the property with a reserve price of over S$688 million was cited as the reason for the extension.

* Filipino developer DoubleDragon Properties Corp. is expecting 2.36 billion pesos from the sale of units at its 519-room Hotel101-Davao project in Ecoland, Davao City, Philippines. The development, which recently secured the license to sell, occupies a 5,300-square-meter commercial site.


* Shanghai-based Dahua (Group) Co. Ltd. is believed to be buying a 98.4-hectare land parcel in the Point Cook region of Melbourne's western suburbs from Aviation 3030 Pty. Ltd. under a A$140 million deal, The Australian Financial Review reported. The targeted residential site at 688 Aviation Rd. is part of the proposed new Aviators Field suburb.


* The APA Group acquired a 3,200 square-meter land parcel in Osaka, on which the company intends to develop the 31-floor APA Hotels & Resorts Umeda Station Tower. The hotel is expected to have the most number of rooms in West Japan when it opens by the end of 2022, Jutaku Shimpo reported.

* Sunshine City Corp. and its parent, Mitsubishi Estate Co. Ltd., agreed to acquire the 14-floor Toyota Automobile Ikebukuro Building near the Sunshine City complex in Tokyo, Yahoo News (Japan) reported.

* MCUBS MidCity Investment Corp. intends to repay by March 29 its ¥6.90 billion loan from Mizuho Bank Ltd. The property company will use proceeds from the sale of its 45% stake in Matsushita IMP Bldg. to repay the borrowing ahead of its April 30 maturity date, according to a news release.

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 and John Chan contributed to this report.