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In This List

Ascendas nixes plan to sell the company; GLP completes $1.3B portfolio stake syndication

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Segment

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


Ascendas nixes plan to sell the company; GLP completes $1.3B portfolio stake syndication

* Singapore-listed ceased all talksrelated to an unsolicited expression of interest for the potential acquisition ofthe trust's stapled securities. It decided not to proceed with the transaction afteran evaluation of the proposals.

* Global Logistic Properties Ltd., or GLP, said it completedthe US$1.3 billion syndicationof an approximately 65.66% interest in GLP US Income Partners II, subject to post-closingadjustments. Following the completed stake syndication, the portfolio companiesowning assets in the portfolio ceased to be GLP subsidiaries and have become associatedcompanies.

* The Singapore-based company alsosaid in a separate news release that it secured new lease deals with four clientsfor 98,000 square meters of industrial space in China. The customers include DepponLogistics and Yonghui Superstores, with all but one client being new customers.

* New World Development Co. Ltd. expects to the shares of New World China Land Ltd. on the Hong Kong bourse by earlyAugust. New World Development's share and option offers closed April 5, with thecompany moving toward a compulsory acquisition of shares that it does not alreadyown in New World China.

New WorldChina also applied to the Hong Kong stock exchange for a trading suspension of itsshares, effective from 9 a.m., local time, on April 6, according to the filing.

* China Vanke Co. Ltd. said it posted 33.61 billion Chineseyuan of contracted sales in March by selling 2,398,000 square meters of space. Sincethe company's disclosure of a sales update in February, the company acquired 16 new property projects.

* Following Standard & Poor'sRatings Services and Moody's ratingsreports, Fitch Ratings said DalianWanda Commercial Properties Co. Ltd.'s possible privatization could put pressure on the company's BBB ratingand stable outlook if Dalian Wanda Group Co. Ltd. successfully implements its proposal.The plan would also raise Dalian Wanda Group's leverage and further weaken its financialprofile, following several acquisitions since 2014.

HONG KONG AND CHINA

* Cheung Kong Property Holdings Ltd. has generated HK$4.9 billionby selling 843 units so far at its Yuccie Square project in Hong Kong, The (Hong Kong) Standard reported.The company plans to launch 28 units for sale at the project "over the weekend,"according to the publication.

* China Overseas Land & Investment Ltd. plans to hold itsannual general meeting on May 6 to consider resolutions such as the approval anddeclaration of a final dividendfor full year 2015 worth 41 Hong Kong cents per share.

* Evergrande Real Estate Group Ltd. said it recorded contractedsales worth around 29.20 billion yuan in March, representing approximately 3,282,000square meters of contracted sales area.

* saidit logged approximately 6.05 billion yuan of contracted sales in March, includingcontracted sales by joint ventures. The sales figure corresponded to a contractedgross floor area of approximately 344,400 square meters.

* New World China Land informedholders of the 3.00 billion yuan 5.50% bonds due 2018 and US$900.0 million 5.375%notes due 2019 that the bonds will continue to be listed and traded on the HongKong stock market, despite a scheduled delisting of in the company's shares on thestock exchange.

The companypreviously said it willcontinue to meet its obligations to holders of the notes, regardless of whetheror not the company will remain listed on the Hong Kong bourse.

* Longfor Properties Co. Ltd., Agile Property Holdings Ltd. and Joy City Property Ltd. are some of the property firms thatare expected to be "pioneers" in the Chinese panda bond market, as theyseek diversified funding channels and dodge foreign exchange-related risks, theSouth China Morning Post reported.

Panda bonds are yuan-denominated bonds sold locally by the issuer'soffshore holding firms rather than subsidiaries in China.

* Fitch Ratings said Beijing, Shanghaiand Shenzhen are implementing unique local housing policies, due to varying marketdynamics among the three key cities. These "megacities" are implementingsuch policies to control increasing house prices and speculative demand, accordingto the rating agency.

* E-House, a China-based real estateresearch house, reported that total property sales during March in 30 cities inits coverage was up 82.9% from March 2015, according to Sina.The turnover was the highest sales total on a monthly basis since 2010.

* Hong Kong's Land Registry announced3,154 home purchase agreements in March, down 49.2% year over year, accordingto the Hong Kong Economic Times.

* Residential unit sales in Nanjingand Suzhou in China were up in March, reaching a six-year high in Nanjing, according to QQ.com. Salesin Suzhou were up 138.9% year over year.

AUSTRALIA

* Cbus Property gained the approvalof Victorian Planning Minister Richard Wynne for its A$1.3 billion Collins Streettower project in Melbourne,following negotiations on reducing the skyscraper's height by 21.6 meters, The Australian Financial Review reported.The approval means the company is expected to break ground on the building beforeDec. 31.

* Mirvac Group secured law firm Francis Burt Chambers as atenant for the company's renovated Allendale Square tower in Perth, The Australian reported.The 15-year deal for 6,000 square meters of space at the St Georges Terrace buildinghelps the company buck the trend of slumping leasing activity in the city, according to the publication.

JAPAN

* Ichigo Office REIT Investment Corp. said in its flash datafor portfolio occupancy in March that it sold the Ichigo Saga Building and IchigoYokohama Nishiguchi Building, reducing its properties to 74 assets. Its number oftenants decreased to 692 in March from 720 in February. As of March 31, the company'sportfolio had a leasable area and leased area of 219,400 square meters and 212,000square meters, respectively.

* George Tanasijevich,president and CEO of Marina Bay Sands, toldThe Sankei Shimbun in an interview thatthere is no change in Las Vegas SandsCorp.'s plan to invest US$10 billion in Japan's integrated resorts industry.

SINGAPORE

* An Alpha Investment Partners-managedreal estate fund purportedly bought full ownership of the 78 Shenton Way developmentfor around S$603 million, or S$1,665 per square foot, The (Singapore) Business Times reported.

INDIA

* Parsvnath Developers Ltd. and private equity fund Red FortCapital are tipped to be negotiating with Blackstone for the sale of two commercialoffice properties in central Delhi for 5.50 billion Indian rupees, The Economic Times of India reported,citing two unnamed sources familiar with matter.

SOUTH KOREA

* Lotte Tour and Chinese propertyfirm Greenland Group plan to build the highest building on Jeju Island worth 700billion South Korean won, the Korea JoongangDaily reported.The Dream Tower will have 38 floors on a 302,777-square-meter site. China StateConstruction Engineering Corp. will serve as the main builder of the project, accordingto Lotte Tour.

OTHER REAL ESTATE NEWS

* Tianco Group Inc.,DongDu International Group, Greenland Group and China Vanke unit Vanke HoldingsUSA are some of the companies that are expanding in the residential sector in NorthAmerica, including Canada, The Wall StreetJournal reported.

Vanke Holdings plans to use its ties with an extensive of Chinese homebuyers inmarketing its projects abroad, as demand from them is expected to grow, accordingto Vanke Holdings Managing Director Kai-Yan Lee.

Now featured

: S&P Global Market Intelligence presents aweekly rundown of recent significant management and board changes and personnelmoves in the 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.

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