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2B-yuan Wharf JV restructures; Nippon Building to splash ¥82B for 2 assets

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2B-yuan Wharf JV restructures; Nippon Building to splash ¥82B for 2 assets

* China Merchants Land Ltd. is transferring between two subsidiaries an indirectly held 50% interest in a project company for approximately 2.11 billion yuan.

The project company is a joint venture with Wharf (Holdings) Ltd. for the development of a roughly 2.02 billion-yuan land plot in Foshan, China.

* Nippon Building Fund Inc. signed deals to buy two Japanese assets for a combined ¥82.30 billion and to sell three properties for ¥92.70 billion.

Hong Kong and China

* Jiayuan International Group is expecting nearly HK$1.40 billion in net proceeds from the placement and subscription of up to 232,000,000 of its shares, each priced HK$6.11, under a share placement and subscription agreement signed with Mingyuan Group Investment Ltd.

* Shimao Property Holdings Ltd. is buying all the shares it does not already own in a commercial property development in Shenzhen through its Shimao Property Holdings (BVI) Ltd. subsidiary's 3.20 billion-yuan purchase of all the issued share capital of Win Real Group Ltd.

* Longfor Properties Co. Ltd. is planning to annually invest up to 10% of its received payments into commercial and residential property leasing businesses as it aims to expand its foothold in the property rental sector, the South China Morning Post reported.

* An indirect subsidiary of Landsea Green Properties Co. Ltd. is buying the 15-story Jie Fang Building commercial asset and five car parking spaces in Guangzhou under a deal signed with wholly owned subsidiaries of Hon Kwok Land Investment Co. Ltd.

According to the agreement, Guangzhou Langxiu Corporate Management Consulting Ltd. will buy the entire equity interest of the property's owner for about 230.0 million yuan and shoulder the target's loan amounting to roughly 30.0 million yuan.

* Separately, the board of Landsea Green Properties is seeking to change the company's name to Landsea Green Enterprise Co. Ltd. in a bid to reflect the company's diversified business operations.

* Emperor International Holdings Ltd. secured additional funds for its general working capital after a syndicate of nine banks provided it with a HK$2.50 billion club loan facility.

* National Bureau of Statistics data showed that new home prices across 70 major Chinese cities grew 0.4% in November, slightly up from the 0.3% increase observed in October.

Despite the price increases, year-to-November housing transactions slowed down in China as a result of the country's implementation of property cooling measures. New home sales were up 12.7% year on year to 11.55 trillion yuan, down from the 37.5% year-over-year rise logged in the year-ago period.

Japan

* Nippon Building revised its forecast for the period ending Dec. 31. The company now expects its ordinary and net income to both reach nearly ¥14.58 billion, higher compared to its earlier prediction of ¥13.01 billion.

* A Mitsubishi Estate Co. Ltd. joint venture commenced work on an approximately 300,000-square-meter logistics facility in Kawasaki City, which it expects to complete in May 2019, Daily Engineering & Construction News reported.

* The news outlet also reported that Japan Freight Railway Co. and a subsidiary of Mitsui Fudosan Co. Ltd. are planning a residential scheme with three condominium towers. The development will also have commercial facilities and is expected to be completed in fiscal 2025, with construction work expected to start in 2021.

Southeast Asia

* Frasers Property Holdings (Thailand) Co. Ltd. established a 25.00 billion-Thai-baht debt program guaranteed by its parent, Frasers Centrepoint Ltd.

* Keppel Land Ltd. is planning to develop approximately 520 landed homes in two prime sites in Vietnam's Ho Chi Minh City with a combined development cost of US$297 million. The Singapore-listed company signed conditional sales and purchase agreements to buy a 13-hectare site in Saigon and a six-hectare plot in District 9 for the projects.

India

* Baring Private Equity Partners India and Qatar Investment Authority are both reportedly looking to sell their shareholding in Indian commercial developer RMZ Corp.

Livemint, citing two persons aware of the matter, reported that Canada Pension Plan Investment Board and GIC are holding separate talks to buy Baring Private's 21% stake in RMZ, which is worth an estimated 24.00 billion Indian rupees. Meanwhile, Qatar's sovereign fund is planning to divest its shares through a buyback option deal that is being negotiated with the family of Raj Menda, corporate chairman and co-founder of RMZ.

Other real estate news

* City Developments Ltd. urged shareholders of Millennium & Copthorne Hotels Plc to consider the "very material premium and value" that is available to them through the Singaporean company's £6.20-per-share final offer.

The prodding comes after a group of minority Millennium investors banded together to call for the rejection of the bid.

* Oxley Holdings Ltd. said that, as of Dec. 19, approximately £500 million of over 1,000 houses have been handed over in its Royal Wharf waterfront development in London. The Singapore-listed developer said that by June 30, 2018, more than 400 residential units more are expected to be handed over in the 90%-sold project.

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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. Articles and links are correct as of publication time.

Cam Nones and John Chan contributed to this report.

As of Dec. 18, US$1 was equivalent to 6.62 yuan, 64.17 Indian rupees, ¥112.36 and 32.63 Thai baht.