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Swire Properties' H1 retail sales grow; Minor blocks Hyatt's NH Hotel pursuit


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Swire Properties' H1 retail sales grow; Minor blocks Hyatt's NH Hotel pursuit

* In the six months ended June 30, Swire Properties Ltd. saw increases in the reversion of all its principal properties in Hong Kong and growth in the sales of its retail properties in the city. During the reporting period, sales also jumped in four of the developer's five retail properties in China, according to its quarterly operating statement.

* Hyatt Hotels Corp.'s pursuit of NH Hotel Group SA was cut short after Thailand's Minor International PCL unveiled an enlarged stake in the targeted Spanish hotel operator. Minor's own takeover offer for NH Hotel is still awaiting approval from shareholders of the Madrid-based hotelier and will be voted on at an Aug. 9 meeting.

Hong Kong and China

* Future Land Development Holdings Ltd.'s Future Land Holdings Co. Ltd. subsidiary is expecting to record an up to 120% year-over-year surge in its net profit attributable to its shareholders for the six months ended June 30.

The anticipated jump from the nearly 1.14 billion yuan logged in the year-ago period is attributed to the significant increase in the settlement amount for the company's real estate projects and improvement in the gains from the change in fair value of its investment properties.

* Cifi Holdings (Group) Co. Ltd. is also optimistic about its core net profit for the same reporting period and is expecting an at least 50% year-on-year hike for the metric.

* An amount between HK$5.5 billion and HK$6.5 billion could be spent for the planned redevelopment in 2019 of the Hutchison House building in Hong Kong's Central district, The (Hong Kong) Standard reported, citing Thomas Lam Ho-man, head of the valuation and consultancy of real estate consultancy Knight Frank.

The vintage property, valued at HK$35.5 billion in the market, will have technologically advanced facilities and more parking spaces after the refurbishment, according to Raymond Chow, CK Asset Holdings Ltd.'s executive director.

* Lotte Group is planning to close the department stores that it is also looking to sell in China. The South Korean-Japanese conglomerate has been gradually exiting China after its stores were unofficially boycotted in the country due to South Korea's deployment of a Terminal High-Altitude Area Defense battery at a site that the company sold to the government.


* Shares of Weiye Holdings Ltd. traded for the last time on the Singapore stock exchange July 30, ahead of the Aug. 7 deadline for the acceptance of the company's voluntary delisting from the bourse. Weiye's shares will officially be delisted on the stock exchange's mainboard Aug. 21.

* The 37-unit Fragrant Gardens freehold development on Upper Paya Lebar Road hit the collective sales market with a S$65 million reserve price, The (Singapore) Business Times reported. The property's asking price, according to Knight Frank Singapore, "is a palatable, low-risk acquisition to mid-sized developers" despite the new property cooling measures implemented in the city-state.


* Partners Wolfdene and Blueways Group paid A$45 million to buy a 14-hectare greenfield site in Melbourne's Skye suburb that they plan to develop into a A$120 million subdivision, The Australian Financial Review reported.

* A 6,000-square-meter co-warehousing hub is expected to emerge from Up Property's A$100 million redevelopment of a former Philip Morris International Inc. site in Melbourne's Moorabbin suburb, according to the AFR. Clik Collective will operate the hub upon its scheduled opening in September.


* The Shibuya Stream complex, being developed by Tokyu Corp., is set to open Sept. 13, Jutaku-Shimpo reported. The property will house a nursery, a hotel, offices and some shops.

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Rollen Catorce and John Chan contributed to this report.