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CapitaLand H1 profit falls 5.3% YOY; new rules pave way for Filipino REITs

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CapitaLand H1 profit falls 5.3% YOY; new rules pave way for Filipino REITs

* CapitaLand Ltd. posted a 5.3% year-over-year decline in first-half profit after tax and minority interests to S$875.4 million from S$924.6 million. The Singapore-listed developer's revenue also fell 21.6% to S$2.13 billion from nearly S$2.72 billion.

* Colliers International Group Inc.'s senior research manager for the Philippines, Joey Bondoc, said the listing of real estate investment trusts in the country is expected to take place within 2019, following the government's relaxation of laws deemed to be restrictive to property trusts, South China Morning Post reported. In April, Reuters reported that Ayala Land Inc. could potentially raise US$500 million in what would be the Philippines' first REIT offering.

* Separately, Ayala Land said in a filing that it is preparing to issue 5 billion Philippine pesos of five-year fixed-rate bonds due 2024. Proceeds from the offering, which is expected in September, will be used for the Filipino developer's capital expenditures for the year.

Hong Kong and China

* Meanwhile, Wharf Real Estate Investment Co. Ltd.'s underlying net profit for the first half increased 3% year over year to HK$5.18 billion from HK$5.02 billion, despite a 31.3% decrease in its profit attributable to shareholders to HK$6.99 billion from HK$10.18 billion due to a decline in the revaluation surplus of its investment properties.

* SRE Group Ltd. expects to post a net loss for the first half, compared to a net profit in the prior-year period. The bearish forecast was primarily attributed to a decrease in the company's revenue and gross profit from property developments, according to a filing.

* China Overseas Land & Investment Ltd.'s contracted property sales in July rose to about HK$33.14 billion from HK$23.05 billion recorded in the prior-year period. For the reporting month, the real estate group spent about 24.03 billion yuan to acquire various levels of interests in 11 development sites in China and Hong Kong.

* The respective July contracted sales of Shimao Property Holdings Ltd. and Central China Real Estate Ltd. grew 60% year over year to nearly 20.04 billion yuan and by 21.3% to approximately 5.27 billion yuan.

* China South City Holdings Ltd.'s China South International Industrial Materials City (Shenzhen) Co. Ltd. subsidiary completed an issuance of 1.4 billion yuan of three-year domestic corporate bonds with a coupon rate of 8% per year. Proceeds generated from the offering will be used to repay the issuer's debts.

Japan

* Mitsubishi Estate Co. Ltd.'s profit attributable to owners grew 4.4% year over year in the fiscal first quarter ended June 30 to ¥26.42 billion from ¥25.30 billion. EPS for the quarter rose to ¥19.06 from ¥18.22, while revenue from operations fell to ¥265.88 billion from ¥272.66 billion.

Australia

* Nine Entertainment Co. plans to house its television and print arms together in a A$1.2 billion tower in Sydney's north, The Australian reported. The transfer of the media company's employees to the Winten Property Group-developed property at 1 Denison St. is expected to commence in the second half, joining the staff of other tenants including Microsoft Corp.

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Data Dispatch: Real estate stock slump shows limits of yuan devaluation

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.