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AXA Investment JV inks deal to buy Urbanest; CapitaLand closes S$1.67B sale deal

* A joint venture between Axa Investment Managers - Real Assets, Allianz SE, Scape and APG entered into binding contracts to acquire Urbanest, which holds the largest purpose-built student accommodation portfolio in Australia. The portfolio comprising 6,805 beds was expected to fetch more than A$2 billion in September.

* CapitaLand Ltd. completed the nearly S$1.67 billion transfer of 28 business park properties in the U.S. and two business park properties in Singapore to its Ascendas Real Estate Investment Trust subsidiary. The new owner of the portfolio noted in a news release that it used about S$1.30 billion of the proceeds generated from its rights issuance to partially finance the transaction.

Greater China

* Vanke Property (Overseas) Ltd. formally changed its name to Vanke Overseas Investment Holding Co. Ltd. following the receipt of necessary approvals from relevant authorities. In line with the name change, the property company's stock short name on the Hong Kong stock exchange was also altered to Vanke Overseas from Vanke PPT OVS.

* Shenzhen called off the 3.44 billion-yuan public tender for a 17,509-square-meter commercial plot in the Qianhai area of the city after it failed to attract bids from developers, Tencent News reported. As part of the tender conditions for the property, the winning tenderer was supposed to refrain from selling 500-square-meter lots.

* Poly Property Group Co. Ltd. won the auction for two adjacent mixed-use land parcels in Guangdong, China, that were marketed with a 2 billion-yuan reserve price, Guandian reported. The development sites can generate a maximum of 1.11 million square meters of gross floor area for residential, education, cultural and elderly service purposes.

* CCCG Real Estate Corp. Ltd. outbid 13 other developers to secure the rights to a 96,600-square-meter land plot in Kunming, China, with an offer to pay 1.93 billion yuan, Guandian reported. The company is paying a 95.98% premium for the property that is intended for a 24-class nursery, which will be transferred to the government without compensation.

* Country Garden Holdings Co. Ltd. obtained approval from the Shenzhen stock exchange for its proposed issuance of 372 million yuan in asset-backed securities based on its Anhuotai Maternity Hospital, China Internet Information Center reported.

* Morgan Stanley expects a 5% increase in sales and a 6.4% growth in the average selling price for China properties in 2020 due to a relaxation in the country's regulations for the market and a better credit environment, Ming Pao reported.

* The government of the Chinese city of Changsha introduced a new regulation that limits property developers' average profits to between 6% and 8%, National Business Daily reported. The rule also specifically excludes the running costs of community facilities in house prices, which can only consist of relevant cost, profits and taxes.


* Piramal Group and IIFL Wealth Management Ltd. are investing in an alternative investment fund that will provide financing to stalled housing developments, Mint reported. The fund, which has a target capital of 20.00 billion Indian rupees, will realize its purpose by injecting funds to established developers in the city, similar to a separate 250 billion-rupee fund that the government announced in November.


* Charter Hall Long WALE REIT agreed to buy interests in 225 BP Australia Pty. Ltd.-leased convenience retail properties and an Arnott's Biscuits Pty. Ltd.-leased industrial property in Sydney's Huntingwood suburb for an aggregate consideration of A$619 million.


* Sunway Group spent more than 500 million ringgit to improve security, connectivity, accessibility, landscape and green efforts at its Sunway City Kuala Lumpur township, The New Strait Times reported, citing K.L. Tan, senior managing director of the master community developer.

Other real estate news

* Chinese property company City Century Development Ltd. bought a site in downtown Los Angeles for its planned development of a US$1 billion housing-and-retail project. The property's transfer took place after the city green-lit the project that will replace an existing medical office building, a former tire store and parking lots on the site.

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.

Ian Cruz, Emily Lai and Arra Czarina Igno contributed to this report.