* Goodman Group's proposed joint development with Brickworks Ltd. in Sydney secured approval, The Australian reported. The estate, which is expected to have an end value of A$3 billion, is reportedly being considered to be the home of Amazon.com Inc.'s new distribution center in the city.
* Blackstone Group Inc.-managed real estate funds bought Taubman Centers Inc.'s 50% stake in a South Korean shopping center for US$300 million. The selling regional mall real estate investment trust expects to net approximately US$240 million from the divestment, and it will retain a 17.15% beneficial interest in the property.
Greater China
* Dalian Wanda Group Co. Ltd. committed 45 billion yuan in investments to Dalian, China, as part of a cooperation agreement with the city's government, Xinhua News Agency reported. Dalian will be the strategic development point for the company, which will work on projects including rail and property development, construction of an innovation center and a mega sports center.
* Poly Property Group Co. Ltd. acquired a 37,700-square-meter mixed-use land parcel in Guangzhou, China, for 3.55 billion yuan, Guandian reported. The development site zoned for commercial, financial and residential use broke records in the city's Liwan District when it sold for 42,500 yuan per square meter.
* Greenland Holdings Corp. Ltd. gained full ownership of the JSWB Global Home Furnishings Center in Shanghai after buying the remaining 50% it did not own in the shopping center from Chinese furniture maker Jisheng Wellborn for 2.35 billion yuan, Mingtiandi reported, citing a filing on the Shanghai stock exchange.
* Sun Hung Kai Properties Ltd. sold 351 of the 352 flats it offered at the Cullinan West III development, South China Morning Post reported. The residential properties were sold at an average price of HK$23,172 per square foot.
* Zhenro Properties Group Ltd.'s Zhenro Properties Holdings Co. Ltd. subsidiary issued 1.10 billion yuan of domestic corporate bonds under its up to 3.10 billion-yuan debt shelf, which was recently approved by the China Securities Regulatory Commission. The company can adjust the coupon rate for the four-year bonds after the second year, and the final coupon rate for the bonds is set at 7.16%.
* Hong Kong Financial Secretary Paul Chan said the city's government will reclaim 700 hectares of land for housing construction over the next five years, Global Times reported. Chan added that the chief executive will introduce a more detailed plan in October concerning measures that will accelerate the reclamation process.
Singapore
* The completion of Fortune REIT's delisting from the Singapore stock exchange was pushed back to Oct. 21 from Oct. 11, according to a statement from its manager, Ara Asset Management (Fortune) Ltd.
* Far East Consortium International Ltd.'s joint venture with AMTD Property Investment Holdings Ltd. was named as the buyer of the 268-room hotel and serviced residence component of OUE Ltd.'s OUE Downtown development. The Hong Kong-listed developer's contribution to the 49/51 joint venture for the S$289 million transaction is S$141.6 million, according to a filing.
Japan
* Mitsubishi Estate Logistics REIT Investment Corp. resolved to buy four Japanese properties for an aggregate consideration of about ¥27.44 billion. The property company will use proceeds from the issuance of investment units, borrowings, and cash on hand to finance the acquisition, which is scheduled to take place Oct. 9, according to a filing.
Australia
* ZACD Group Ltd. agreed to provide financial support for iProsperity Group Pty. Ltd.'s roughly A$300 million acquisition of AccorInvest SAS' 23-property hotel portfolio, The Australian reported. The transfer of the properties' ownership was completed in August.
Other real estate news
* Manulife US REIT marked its foray into Sacramento, Calif., with the US$198.8 million purchase of the 29-story office building at 400 Capitol Mall. The Singapore-listed real estate investment trust intends to finance the acquisition using a combination of loans and proceeds from a planned equity fundraising, according to a news release.
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.
Ian Cruz and Emily Lai contributed to this report.
