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China's Dalian Wanda sets records in Chicago; Japan's tallest residential tower in the works

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China's Dalian Wanda sets records in Chicago; Japan's tallest residential tower in the works


An artist's rendering of the Vista Tower

Source: Dalian Wanda Group

Skyscraper in the Windy City

China'sDalian Wanda CommercialProperties Co. Ltd. and Chicago-based Magellan Development Grouphave unveiled plans for a US$900million skyscraper in the American city.

Locatedat 375 East Wacker Drive in Lakeshore East, the Vista Tower project is set to bethe largest-ever real estate investment by a Chinese company in Chicago, andone of the largestin the U.S. It is expected to create more than 2,000 construction jobs and over500 permanent jobs.

Thepartners will break ground this summer on the 95-story tower, which is poisedto be Chicago's third-tallest and will house 406 residential units, a 200-roomWanda Vista luxury hotel and around 9,000 square feet of retail space.

Workon the project isexpected to take four years, while the partners might need to invest US$1billion into the scheme.

Development pipeline

* , , Shutoken FunenKenchiku Kosha and a unit of Nomura Real Estate Holdings Inc. are partnering tobuild an estimated¥200 billion condominium complex in Tokyo's Shinjuku Ward, comprising two65-story buildings.

At235 meters high, the twin towers will have 3,200 units and are expected tobecome one of the tallest residential buildings in Japan. Work on the projectis expected to begin in fiscal 2019.

Theproject is one of the skyscrapers currently in the pipeline in the Japanese capital,where Mitsubishi Estate Co.Ltd. will build a 390-meter tall tower near JR Tokyo Station and is planning toopen a 245-meter high buildingin fiscal 2021.

* Malaysia-based plans to develop aprime site in Melbourne with an anticipated project value of A$640 million. Thedevelopment will feature retail, office and apartments, and is slated to belaunched in the second half of 2017. The company acquired the roughly 1.02-acresite controlled by Telstra for A$101 million, marking its fifth propertyacquisition in the country, following the purchase of an 850-square-meter site at 103-105 High St.in Prahran, Melbourne.

Crossing borders

* Australia YMCI Pty. Ltd., agroup backed by the provincial government of Yunnan, China, inked a A$660million land dealwith Goodman Group todevelop a mini-suburb comprising 11 apartment complexes, a town center, aschool and parklands near Sydney Olympic Park. The transaction is the largestever residential development play by a Chinese mainland group in Australia andsets the record for the highest price for a development site in the country.

* Beijing-based isramping up efforts toinvest in the U.S. real estate market with the formation of an affiliate companythat will be based in Houston. The company, AMG Capital LLC, is backed byinstitutional investors and high net worth investors from China and Hong Kong.

Itwill target class A urban multifamily developments in high-growth cities in theU.S., including Houston, Dallas, Austin, Seattle, Denver, Orlando, Phoenix andAtlanta. It will also target supply constrained markets like New York City, SanFrancisco, Los Angeles, Boston and Washington, D.C. It will also focus onhigh-quality offices, luxury hotels and urban in-fill lands.

* is expanding its hotelnetwork in Australia with the construction of two new properties, a Novotel onBrisbane's South Bank and The Mercure Sydney Bankstown hotel, as well as takingover the management rights on another two hotels in Sydney and Melbourne, The Sydney Morning Herald reported.

Capital markets

* Dalian Wanda CommercialProperties has completed an offering of five-year medium-term notes.The first tranche of notes, worth 6 billion Chinese yuan, has a 3.70% interestrate, while the second, also worth 6 billion yuan, has a 4.0% interest rate.

Inaddition, the company is believed to be considering the acquisition of a shellcompany for a potential backdoor listing on the Shanghai bourse.

* Besides Dalian WandaCommercial, China property portal SouFun Holdings Ltd. also plans to switch itsstock listing from the U.S. to China through a backdoor listing. The company isseeking to move its shares to the Shanghai stock exchange via an asset andshare swap with storage-battery manufacturer Chongqing Wanli New Energy Co.,Bloomberg News reported.

* plans toexercise an option to redeem the entire outstanding amount of itsapproximately US$561.0 million 8.50% senior notes due 2018 on May 31.

* served asthe guarantor for HLPFinance Ltd.'s US$3.00 billion medium-term note program.

* has a US$2.00 billioneuro medium-term note program, together with Lendlease Responsible Entity Ltd.

Balance-sheet watch

* 's contractedsales more than doubled in April on a year-over-year basis, amounting to35.65 billion yuan.

* posted around 23.06 billion yuan of contracted sales in April.

* recorded around 64.92 billion yuan of contracted sales in the four months endedApril.

* in its first-quarter operationsupdate that comparable specialty sales increased 4.5% in Australia to A$10,905per square meter, and 6.3% in New Zealand to NZ$12,257 per square meter.

* 's net income betweenJanuary and March rose 14% to 4.7 billion Philippine pesos compared with thesame period in 2015.

* 5.8 billion pesos ofcore net income in the first three months of 2016, up 12% year over year.

Now featured

: China has become an "over-supplier"of capital and is more than willing to invest abroad, Liang Xinjun, vice chairmanand CEO of Fosun International, said in his keynote presentation at MacquarieGroup's 8th Greater China Conference in Hong Kong.

: Dalian Wanda Commercial Properties' consideration of a backdoorlisting in Shanghai and IPO news from Turkey and South Korea made waves duringthe week.

: S&P Global Market Intelligence presents aweekly rundown of recent significant management and board changes and personnelmoves in the European and Asia-Pacific real estate industries.

: The May 6 editionof the Asia-Pacific property news recap also features the operational updatesof Goodman Group, GPT Group and Mirvac.