trending Market Intelligence /marketintelligence/en/news-insights/trending/If4W2vObqzmToDygicPZdg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Manulife's S-REIT listing back on; Fitch to withdraw Westfield ratings

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Manulife's S-REIT listing back on; Fitch to withdraw Westfield ratings

* Manulife U.S. REIT plans to raiseup to US$470 million by offering 566 million units at 82 cents to 83 cents apiecethrough an IPO in Singapore,Bloomberg News reported,citing a prospectus. Manulife FinancialCorp. seeks to use the listing to attract investors with higher dividendyields compared with some of its peers.

As previously reported,Manulife's IPO for an S-REIT made news in May 2015, and later in June, it was reportedthat it secured six cornerstone investors. The plan was subsequently scrapped inJuly due to market volatility.

* Fitch Ratings expects to withdrawits ratings for Westfield Corp. Ltd.but will continue to maintain coverage of the company prior to the withdrawal, accordingto a note by the rating agency.

Fitchhas decided to discontinue the ratings, which are uncompensated, in 30 days.

* said in a Chinese-language filingthat it has completed an offering of five-year medium-term notes. The first trancheof notes, worth 6 billion Chinese yuan, has a 3.70% interest rate, while the second,also worth 6 billion yuan, has a 4.0% interest rate.

Previously, the company saidit plans to use proceeds from the offering to fund projects in China, specificallythe Wuhan Central Cultural Zone project in Hubei province and two Wanda City projectsin Harbin and Nanchang.

* said Shui On Development(Holding) Ltd. and Wuhan Shui On Tiandi Property Development Co. Ltd signed a dealto sell two commercial projects in Hubei, China, to CITIC Pacific China HoldingsLtd. for an aggregate price of around 4.50 billion yuan.

AUSTRALIA

* Aventus Retail Property Fund said it raised around A$80 millionfrom the completion of the institutional component of its fully underwritten 3-for-20accelerated nonrenounceable entitlement offer, while the retail component is expectedto raise approximately A$25 million. The fund will issue new units at a fixed priceof A$2.03 per unit and will rank equally with existing units from the allotment.

Proceedsfrom the equity raising will be used to fund its A$219 million acquisition of aportfolio of large-format retail centers from Blackstone, as previously .

* Peet Ltd. seeks to raise A$75 million from the launch ofnew unsecured debt securities, according to a release. The company will issue 750,000bonds, with the proceeds slated to be used for refinancing its 2011 convertiblenotes. National Australia Bank is the sole lead arranger and lead manager of theissuance.

* Vicinity Centres said it sold Indooroopilly Central in Queenslandfor A$85 million to an unnamed private investor. The company expects to settle thetransaction around June 30.

* Separately, the company also discloseda partnership with Perth Airport Pty. Ltd. for the development of a A$145 millionfactory outlet at the Perth Airport in Western Australia.

* AccorHotels plans to expand in Melbourne with the constructionof two new hotels and management of another two, The Sydney Morning Herald reported.

HONG KONG AND CHINA

* plans to distribute a firstspecial dividend July 13, as part of a specialdistribution worth an aggregate of HK$4.40 per share. The company willpay the dividend to shareholders of record as of May 27.

* Greentown China Holdings Ltd. plans to exercise an optionto redeem the entire outstanding amount of its approximately US$561.0 million 8.50%senior notes due 2018 on May 31, according to a filing.

* Country Garden Holdings Co. Ltd., its subsidiaries, jointventures and associates recorded around 64.92 billion yuan of contracted sales inthe four months ended April by selling approximately 8.30 million square metersof contracted gross floor area, according to a filing.

* Evergrande Real Estate Group Ltd. said it and subsidiariesposted around 23.06 billion yuan of contracted sales in April, representing a contractedsales area of approximately 2,611,000 square meters.

* Tax officials in Shanghai believethat some hotel companies have misinterpreted the new value-added tax policy, as hotel room rates should not increaseunder the new regulation, China Dailyreported,citing the local tax bureau in Shanghai.

* The total valueof first-hand home sales in Hong Kong during April was a record HK$23.3 billion,accordingto the Hong Kong Economic Times. The largevolume of luxury residences entering the market partly accounted for the high total.

* Midland Realty analystLiu Jiahui forecasts a further 5% decrease in property prices in Hong Kong duringthe next six months, the Hong Kong EconomicTimes reported,due to increased supply of properties and weaker demand.

MACAU

* Macau's gamblingrevenue in April dropped 9.5% year over year to 17.34 billion Macanese pataca, the23rd consecutive monthly decline, according to data released by Macau's Gaming Inspectionand Coordination Bureau, as reportedin the Hong Kong Economic Times.

JAPAN

* Hong Kong investors continueto buy Japanese properties, despite an increasing Japanese yen and declining houseprices back home, the South China MorningPost reported,citing industry experts.

* Jutaku-Shimpo-Sha's semiannual survey of housing rents inJapan's four largest cities shows broad-based declines as at March 1 from six monthsago.

* The Ministry ofLand, Infrastructure, Transport and Tourism opened to public review its revisionof the standard apartment management contract, which strengthens information disclosures,Jutaku-Shimpo-Sha reported. 

SINGAPORE

* Indiabulls Real Estate Ltd. unit Grapene Ltd. plans to acquirethe entire issued units in Indiabulls Properties Investment Trust that it does notown, controlled or agreed to be acquired, according to a filing.

* Moody's withdrew its Ba3 corporatefamily rating for Saizen Real EstateInvestment Trust due to a lack of information to maintain the rating.

INDIA

* K Raheja Corp. isplanning an estimated 20.00 billion-Indian-rupee investment for the acquisitionof a commercial property in Navi Mumbai, Mintreported.The company plans to build six million square feet of commercial space on the landin the next 2.5 years.

THAILAND

* Demand from overseas investorshave propelled condominium prices in prime areas in the country, although salesin Bangkok have been weaker amid fewer project launches and an economic slump, theSCMP reported,citing James Pitchon, head of research at property consultant CBRE Thailand.

OTHER REAL ESTATE NEWS

* Sumitomo ForestryCo. Ltd. increased its stake in Texas-based Gehan Homes Ltd. from 51% to 100% undera plan to sell 8,000 houses in the U.S. and Australia annually, Jutaku-Shimpo-Sha reported.

Now featured          

: S&P Global Market Intelligence presents a weeklyrundown of recent significant management and board changes and personnel moves inthe European and Asia-Pacific real estate industries.

The Daily Dose Asia-Pacific, RealEstate edition is updated by 6:30 a.m. Hong Kong time. Some external links may requirea subscription. Articles and links are correct as of publication time.