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Dalian Wanda opens 24B yuan Cultural Tourism City; DLF to launch REIT soon

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Dalian Wanda opens 24B yuan Cultural Tourism City; DLF to launch REIT soon

* Dalian Wanda Group Co. Ltd. unveiled the24 billion-Chinese-yuan Hefei Wanda Cultural Tourism City in Hefei, China. The newlyopened development is the second Wanda City to begin operations in 2016,following the Jinan Wanda Culture, Sports and Tourism City in Jinan.

HefeiWanda Cultural Tourism City has a mall, an outdoor theme park, a hotel clusterand other amenities.

* CEO Rajiv Talwar said thecompany will soon list a REIT in India, as the Securities and Exchange Board ofIndia settled most of the company's concerns for real estate investmenttrusts, the Business Standard of India reported.

Talwardid not specify a timeline for the company's planned float. However, thepublication also quoted an unnamed executive as saying that the issue could belaunched after the closing of the stake sale involving DLF Cyber City Developers Ltd.

AUSTRALIA

* agreed to sell a 25%interest in The Myer Centre Brisbane in Queensland and a 50% interest inMornington Central in Victoria for A$224.6 million. The company exchangedcontracts with ISPT for the divestment.

* The New South WalesDepartment of Planning gave the go-ahead for Statewide Planning's proposeddevelopment of a 43-floor mixed-use tower in Sydney's west, The Australian Financial Review reported.The approval requires Statewide Planning to allot four stories of the buildingfor commercial and retail purposes, aside from having apartments and offices,as the site was zoned for commercial purposes.

* In Canberra, real estatebuyers are pursuing approximately A$260 million of office properties withlong-term government leases, TheAustralian reported.The investors seek to acquire the assets as institutional buyers have reratedthe properties' values.

* Longhurst Group plans toredevelop the retail-office Edgecliff Centre in Sydney into a mixed-useproperty after buying it for about A$138.8 million, The Australian reported.The deal is believed to have been struck on a record-low 3.72% yield, accordingto the publication.

HONG KONG AND CHINA

* isone of many property developers in Hong Kong that is rushing the launch of newhousing projects, as the U.S. Federal Reserve decided to maintain a lowinterest rate, The (Hong Kong) Standard reported.Henderson Land scheduled the sale of 68 units at its Seven Victory Avenueproject in Ho Man Tin on Oct. 2, with prices ranging between HK$3.9 million andHK$8.5 million.

* is betting on thelong-term growth prospects of China's key cities, as it plans to seek newopportunities for expansion in Beijing, Shanghai and certain second-tiercities, China Daily reported,citing Hongkong Land executive director Raymond Chow.

* 's GuangzhouCity Construction & Development Co. Ltd. plans to issue bonds worth 2.00billion yuan as the third tranche of its 8 billion-yuan bond . The notes will be divided intotwo types and proceeds from the third-tranche issuance will be used to repayloans and replenish liquid capital.

* Moody's rated Chineseproperty developers' margins and interest coverage levels are expected to bestable for full year 2016 compared to the previous year, Stephanie Lau, aMoody's assistant vice president and analyst, said in a note. Lau attributedthe likely improvement to "less destocking pressure, higher completionrates and lower funding costs."

* Nanjing unveiled homepurchase restriction measures for second- and third-home purchases, effectiveSept. 26, Sina reported.

JAPAN

* Sankei BuildingCo. Ltd. and ORIX Corp. expect to open the Esugeto Akasaka Sanno officebuilding in Akasaka, Minato Ward, Tokyo, by November-end, Jutaku-Shimpo-Sha reported. The 11-floorproperty is the first joint venture of the two companies.

SOUTHEAST ASIA

* said StarhillGlobal REIT MTN Pte. Ltd.'s issuance of S$70 million fixed-rate notes due 2026will carry an annual interest rate of 3.14%. The net proceeds from the issuancewill be used to refinance Starhill Global REIT's existing borrowings. DBS BankLtd. serves as the dealer of the bonds, which are expected to be issued Oct. 3.

* paid US$51.9 millionto buy a 0.5-hectare prime site at District 1, Ho Chi Minh City. The site hasthe potential for 302 residential units across a 17-story residential tower anda 22-story serviced residence building. When completed, the project's value isestimated to be worth US$106 million.

* In Bangkok,Mitsubishi Jisho Residence Co. Ltd. and AP (Thailand) PLC sold out all the condominium units atRhythm Ekkamai in six days, Thailand News Agency reported.

* The exposure of Philippinebanks to real estate loans rose 5% to 1.14 trillion Philippine pesos in thesecond quarter compared to 1.08 trillion pesos in the first quarter, The Philippine Star reported.

INDIA

* Approximately 16 millionsquare feet of new office space will be deployed in Mumbai by Dec. 31, 2017, The EconomicTimes of India reported,citing data from JLL India. The city has 106 million square feet of officestock.

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The Daily Dose Asia-Pacific,Real Estate edition is updated by 6:30 a.m. Hong Kong time. Some external linksmay require a subscription. Articles and links are correct as of publicationtime.

Cam Nones, John Chan andJulie Zhu contributed to this report.