S&P Global Market Intelligence offers our top picks of Asia-Pacific real estate news stories and more published throughout the week.
* Radisson Hospitality AB shareholders were urged by the independent committee of the board to reject a Jin Jiang International (Holdings) Co. Ltd.-led consortium's mandatory public offer after considering a number of factors, including the hospitality company's present strategic and financial position, anticipated potential future development, as well as related opportunities and risks.
The recommendation was released ahead of the Jan. 7 commencement of the offer, which is slated to close Feb. 1.
* Spring Real Estate Investment Trust terminated its proposed 1.65 billion-yuan acquisition of the Huamao Place shopping center in Huizhou, China. The parties involved in the deal failed to agree on extending beyond Jan. 31 the solicitation for unit holders' approval for the transaction that was agreed upon in September 2018.
* Mounting issues with a co-developer in an urban redevelopment project in Xi'an, China, are putting Kaisa Group Holdings Ltd. at risk of losing its more than 1 billion-yuan investment in the project. The company bought a majority stake in August 2017 in the project from Xi'an Xinlicheng Co., but Kaisa's legal title was swiftly removed by local builder Xi'an Xingzhengyuan Co. in the following month.
* China Evergrande Group and electric car startup Faraday Future settled their monthslong conflict over funding issues, with the property developer agreeing to restructure its US$2 billion investment commitment in the Los Angeles-based company.
The restructuring agreement will also see both parties withdraw and waive all litigations and arbitrations against each other, and Evergrande will own Faraday's entire operations in China.
* The Blackstone Group LP-backed Embassy Office Parks REIT secured the approval of the Securities and Exchange Board of India to list on bourse, which is now expected to take place within the first quarter. Embassy Office's successful listing would make it the first REIT to be listed in India.
* Shui On Land Ltd.'s Ally Victory Ltd. subsidiary is forming a joint venture with a unit of China Life Insurance (Overseas) Co. Ltd. and certain Manulife Financial Corp. units for investments in China's real estate sector amounting to US$1.00 billion.
The parties pledged a total of US$750.0 million to the venture, which includes the management and administration of properties in first-tier Chinese cities like Shanghai.
* Cromwell European REIT made two European deals during the week, with the purchase of a pair of Dutch office properties for €127.6 million and an 11-property portfolio in Finland for €113.1 million.
* Two Singapore condominium estates rang in the new year with comebacks on the en bloc market after failing to secure buyers in 2018. Both the Horizon Towers and Cavenagh Gardens estates retained their respective reserved prices of S$1.1 billion and S$480 million for their return to the market.
Breaking a record?
* Meanwhile, another property in Singapore, the Dairy Farm condominium estate, has increased its reserve price to S$1.84 billion from about S$1.69 billion to attract other owners in signing up to sell the development. 68% of the owners have agreed to the collective sale of the asset, shy of the 80% approval level needed for a public tender to occur.
With the reserve price, Dairy Farm will be the priciest collective sale in Singapore if the property does change hands successfully.