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Longfor, Logan Property post higher H1 net profit; S-REITs' merger gets court OK

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Longfor, Logan Property post higher H1 net profit; S-REITs' merger gets court OK

* Longfor Group Holdings Ltd.'s net profit in the first half increased to 6.31 billion yuan from 5.43 billion yuan in the prior-year period. The Chinese developer's revenue grew to 38.57 billion yuan from 27.12 billion yuan during the comparable period, while its gross profit rose to 12.58 billion yuan from 10.07 billion yuan.

* In the same reporting period, Logan Property Holdings Co. Ltd.'s net profit jumped 49.4% year over year to 5.13 billion yuan from 3.43 billion yuan. First half revenue increased to 27.02 billion yuan from 15.15 billion yuan, while gross profit improved to 9.39 billion yuan from 5.61 billion yuan.

* A Singapore court approved OUE Commercial REIT's proposed takeover of OUE Hospitality Trust. The merger, which is expected to take effect Sept. 4, will create one of the largest real estate investment trusts in Singapore, with an expected market capitalization of about S$2.9 billion and approximately S$6.8 billion of total assets.

Hong Kong and China

* Landsea Green Group Co. Ltd.'s Nanjing Langming Real Estate Group Co. Ltd. subsidiary, Tianjin Langxin Investment Management Co. Ltd. and Xinda Investment Co. Ltd. are boosting Chengdu Haixing Cold Industry Trading Co. Ltd.'s capital through a 500.0 million-yuan equity transaction. Chengdu Haixing oversees the development of a land parcel in Chengdu, China, according to a filing.

* Outbound real estate investment from mainland China in the first half of 2019 dropped 66% from a year earlier to US$3.8 billion, primarily due to tighter capital control policies and real estate lending regulations, IPE Real Assets reported, citing a Cushman & Wakefield research based on Real Capital Analytics data. Such investment from Hong Kong fell 31% to US$5.2 billion, the report added.

* Moody's expects that by July 31, 2020, nearly US$54 billion worth of real estate-related bonds will be redeemed as China continues to tighten financing for property developers, Oriental Daily reported.

Japan

* Mitsubishi Estate Co. Ltd., Japan Real Estate Investment Corp. and Nippon Flour Mills Co. Ltd. completed the joint development of the Link Square Shinjuku building in Tokyo ahead of the project's planned Aug. 31 completion, J Town Net reported.

* Japanese real estate rental brokerage company Housecom Corp. secured approval from the Tokyo stock exchange to trade its shares on the bourse's first section from Aug. 30, Jutaku Shimpo reported.

Singapore

* Ascott Residence Trust's trustee will issue S$150 million of fixed-rate perpetual securities, according to a news release. The REIT will use the net proceeds from the offering for general corporate expenditures, which include the planned redemption of its S$150.0 million of 5.00% perpetual securities with first call date on Oct. 27.

Australia

* CBRE Group Inc.'s Melbourne arm will launch in October the auction for a three-level brick building at 60 Hardware Lane in the city. The property, which is home to two tenants including the Il Nostro Posto restaurant, generates A$150,000 of rent annually, according to the marketing agent.

* Separately, CBRE is overseeing the sale of the 186.82-hectare Narelle Park Aggregation in the Aberdeen town of New South Wales' upper Hunter Region. The agricultural site includes about 164.65 hectares of irrigable land, CBRE noted.

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.

Aries Poon and John Chan contributed to this report.