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SoftBank mulls US$16B WeWork investment; Blackstone strikes A$420M PAG deal

* Japan's SoftBank Group Corp. is believed to be planning a US$16 billion capital injection in WeWork Cos. Inc. The investment, which could raise the coworking space provider's value to US$36 billion, reportedly elicited concerns from Public Investment Fund of Saudi Arabia and Abu Dhabi's Mubadala Investment Co. ahead of its expected announcement in early 2019.

* PAG Investment Management sold its half-stake in the office building at 60 Margaret St. in Sydney to Blackstone Group LP for A$420 million. The property is co-owned by the Hong Kong-based investment management firm with Mirvac Group, which did not exercise its pre-emptive right on the divested 50% interest.

* Separately, Blackstone was named by The Australian Financial Review as the seller of the Figtree Grove Shopping Centre in the Wollongong city of the Australian state of New South Wales. The asset was sold under a A$206 million deal with a joint venture between Singapore's SPH REIT and Moelis Australia Ltd.

Hong Kong and China

* China SCE Group Holdings Ltd. and Hong Kong private equity firm Gaw Capital Partners are initially investing US$800 million in a long-term rental apartment investment platform in China, Mingtiandi reported, citing a Chinese-language filing from the property developer.

The pair will purchase, develop and operate multifamily residential developments in the core cities of the country through the joint venture that was seeded with an initial 20,000-square-meter apartment building in Shanghai.

* Shareholders of Greenland Hong Kong Holdings Ltd. approved the planned US$283 million sale of its Nanchang Shenyang Real Properties Ltd. property development subsidiary to Greenland Holdings Corp. Ltd. The Hong Kong-listed seller intends to use proceeds from the endorsed deal for business developments and general working capital.

* Keppel Corp. Ltd.'s Keppel Land China Ltd. subsidiary won the tender to a 10.97-hectare residential site in the Sino-Singapore Tianjin Eco-City after offering to pay 1.07 billion yuan during an auction administered by the Sino-Singapore Tianjin Eco-City Investment & Development Co. Ltd.

* Meanwhile, Beijing Capital Land Ltd.'s board will seek approval from its shareholders for its plan to issue up to 10 billion yuan of domestic corporate bonds in China. The property company said in a filing that proceeds from the debt program that will be presented for consideration during an extraordinary general meeting scheduled for Jan. 8, 2019, will be directed toward repaying its corporate debts.

* Skyfame Realty (Holdings) Ltd. obtained a HK$750 million loan facility from the Hong Kong branch of the Industrial Bank Co. Ltd. The credit line with a two-year term includes an option to extend for one additional year, according to a filing.

* The government of the Chinese city of Heze reversed a policy to restrict real estate flipping, Reuters reported. The decision marks the first rule-reversal in the country since authorities started implementing regulations aimed at curbing rising home prices, the news agency added, citing state-run media.


* Adamas Inc. PCL's proposed 1 baht-per-share takeover of fellow Bangkok-based property developer Asset Five Holding Co. Ltd. secured the approval of the offeror's board. The transaction will involve the transfer of up to 752,836,413 new Adamas shares to the target.

South Korea

* Singapore's sovereign wealth fund GIC Pte. Ltd., through a real estate fund managed by ADF Asset Management Co. Ltd., agreed to purchase two distribution centers in Greater Seoul's Gyeonggi Province from Halla Corp.'s K-Eco Logis Co. Ltd. subsidiary for US$570 million.


* Tokyo Tatemono Co. Ltd. started the construction of the Sendai Kakyouin Project in Sendai City, Miyagi Prefecture, Jutaku-Shimpo reported. The nine-floor, 5,800-square-meter property will be the company's second office building in the city after the construction of the Tokyo Tatemono Sendai Building, which opened in 2009. Completion of the new project is scheduled at the end of January 2020.

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 and John Chan contributed to this report.