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Anbang portfolio lures Blackstone, Brookfield; Swire signs HK$2.4B sale deal

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Anbang portfolio lures Blackstone, Brookfield; Swire signs HK$2.4B sale deal

* Anbang Insurance Group Co. Ltd.'s divestment of its luxury hotel business received offers from 17 bidders including Blackstone Group LP, Brookfield Asset Management Inc., Fortress Investment Group LLC, Singaporean sovereign wealth fund GIC Pte. Ltd. and South Korea's Mirae Asset Management. The highest bid for the portfolio, which formerly traded as Strategic Hotels & Resorts on the public markets, was tipped to have reached US$5.8 billion.

* Swire Pacific Ltd.'s Swire Properties Ltd. subsidiary agreed to sell its entire 50% stake in a 26-story commercial building at 625 King's Road in North Point, Hong Kong, to Jacko Rise Pte. Ltd. for nearly HK$2.38 billion. The transaction will involve the transfer of all the Hong Kong-listed property developer's shareholdings in Island Land Development Ltd., which owns the targeted property.

Australia

* Hotel tycoons and brothers Paul and Robert Salter paid A$150 million to acquire the 304-room Next Hotel in Brisbane from Challenger, The Australian Financial Review reported. The acquisition, according to the publication, takes the buyers closer to listing a A$1 billion hotel trust on the Australian stock exchange.

Hong Kong and China

* Sino Land Co. Ltd. pocketed HK$10.2 billion from its sale of 739 flats in its 740-unit Coronation residential development in the Yau Ma Tei area of Kowloon, Hong Kong, local publication The Standard reported. The property company is expected to launch the final 1,503-square-foot flat in the project.

* Grandjoy Holdings Group Co. Ltd. joined with Yango Group Co. Ltd. to acquire a 181,063-square-meter residential land parcel in Shaoxing city in Zhejiang Province, China, after eight hours of bidding, Guandian reported. The land cost 4.24 billion yuan with a premium of 62.23%.

* C&D International Investment Group Ltd.'s Xiamen Yi Yue Property Co. Ltd. subsidiary agreed to provide an approximately 664.7 million-yuan loan to Changsha Fumao Real Estate Co. Ltd. The loan is subject to a 10% annual interest rate. It will be used to repay other debts and to finance the operation, management and upfront expenses for an approximately 1.26 billion-yuan land parcel in Changsha, China.

* The government of Hefei in China's Anhui Province issued a new regulation that prohibits affiliated companies from participating in an auction for the same piece of land, The Paper reported. Offenders will be banned from all land auctions in the city for two years.

Southeast Asia

* Oxley Holdings Ltd. told the Singapore stock exchange that its approximately S$1.03 billion divestment of the Chevron House commercial building at 30 Raffles Place in Singapore to Golden Compass (BVI) Ltd. is anticipated to complete by the end of the first quarter of 2020. The property company will transfer its entire interest in the issued and paid-up capital of Oxley Beryl Pte. Ltd. as part of the transaction, along with the subsidiary's existing bank loans.

* Frasers Property (Thailand) PCL and ST Telemedia Global Data Centres are jointly investing 7 billion baht to develop a data center in Ramkhamhaeng, Bangkok. The two-building facility will have a gross floor area of 60,000 square meters and is billed to be the largest hyperscale data center in Thailand.

Japan

* Nippon Building Fund Inc. secured loans totaling ¥13.5 billion from The Chiba Bank Ltd., The Bank of Fukuoka Ltd., The 77 Bank Ltd., The Yamaguchi Bank Ltd., Nippon Life Insurance Co., Development Bank of Japan Inc. and Sumitomo Life Insurance Co. The unsecured and unguaranteed loans will be used by the Japanese trust to partially repay long- and short-term debts callable in May.

* Real Estate Economic Institute Co. Ltd. said new apartment sales in the Kansai region, covering Osaka, Kyoto, Nara, Wakayama, Hyogo and Shiga, fell 51.1% year over year to 852 units in April, Tokyo's The Nikkei reported. The slump is attributable to a decline in inventory ahead of a scheduled hike in consumption tax in October.

* The Ministry of Finance plans to allow commercial property operators to lease government-owned land, rather than allowing them to purchase it, as part of its planned policy change on unused state-owned land, The Nikkei reported.

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, Emily Lai and Jaekwon Lim contributed to this report.