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Vinhomes debuts with 296 trillion-dong cap; US$16B Unibail-Westfield merger OK'd


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Vinhomes debuts with 296 trillion-dong cap; US$16B Unibail-Westfield merger OK'd

* Vinhomes JSC debuted on the Ho Chi Minh City Stock Exchange May 17, with a market capitalization of 296 trillion dong, the (Tokyo) Nikkei Asian Review reported. With its current worth, the Vingroup JSC subsidiary becomes the second-most-valuable listed Vietnamese company, next to its parent valued at 324 trillion dong.

* Shareholders of Unibail-Rodamco SE approved the French mall landlord's plan to take over Westfield Corp. as part of a US$15.68 billion agreement. Unibail also recently secured approval from the Australian stock exchange for the listing of its shares Down Under in line with the merger plan, which will be voted on by the target's security holders May 24.

* IFM Investors and Industry Super Property Trust, according to JLL, are forming a joint venture that could pave the way for some of Australia's largest superannuation funds to invest roughly A$500 million offshore in pursuit of diversification. Some of the investments could go to the European gateway cities of London, Paris, Frankfurt and Berlin.

Southeast Asia

* A total of 411,153,659 shares, or a 22.42% stake, in Ticon Industrial Connection PCL have been tendered at the closing of Frasers Property Ltd.'s nearly 7.36 billion-baht mandatory offer for the Thai property developer. At closing the Singaporean offeror grew its stake in the target to 89.46% from 67.05%.

* Filipino developer SM Prime Holdings Inc. is set to launch its fourth mall in the Philippine province of Pampanga on May 18. The soon-to-open SM City Telabastagan will have two floors of shopping and dining, among other features, with 55,000 square meters of gross floor area.

* Singapore-listed developer City Developments Ltd., in a partnership with Chinese co-working space operator Distrii, opened Singapore's single-largest and tech-driven co-working facility, The (Singapore) Business Times reported.

The facility launched at City Developments' Republic Plaza office building spans 62,000 square feet across six floors and includes more than 900 work stations and a multipurpose hall that can accommodate 200 people, among other amenities.

* A privatized Housing and Urban Development Co. estate along Singapore's Dunearn Road was sold collectively to an unnamed buyer for approximately S$401.8 million. The selling price for the Chancery Court residential site reportedly represents a 6% premium to the property's S$390 million reserve price.

With Chancery Court's sale to Far East Organization, the year-to-date collective sales transaction value in the country now totals S$8.81 billion, surpassing the S$8.7 billion recorded in 2017 for 30 residential and non-residential sites, according to The Business Times.

Hong Kong and China

* Perennial Real Estate Holdings Ltd., together with its subsidiaries and associated companies, obtained loans amounting to roughly 6.46 billion yuan from China Construction Bank for the refinancing of the first and second phases of the Beijing Tongzhou Integrated Development in China's capital. The mixed-use Beijing Tongzhou District project, according to a news release, will comprise retail, office and residential components.

* Shareholders of Guangdong Land Holdings Ltd. will meet June 7 to vote on, among other things, the Hong Kong-listed developer's plan to buy the owner of two property projects in Guangzhou, China, under an approximately 2.04 billion-yuan deal signed April 27.

* New World Development Co. Ltd.'s K11 Art Mall in Tsim Sha Tsui, Hong Kong, will undergo a HK$200 million refurbishment, The (Hong Kong) Standard reported. A 30% hike in foot traffic and sales is expected following the mall's renovation, expected to complete by 2019-end.

* Meanwhile, a 30% increase in sales is expected during the second quarter for 10 Sun Hung Kai Properties Ltd.-operated shopping malls, The Standard noted in the same report, citing Fiona Chung, general manager of the leasing department at Sun Hung Kai Real Estate Agency.

* China South City Holdings Ltd. is expecting net proceeds of nearly US$147.7 million from its planned issuance of US$150.0 million in 10.875% senior notes due Aug. 24, 2020. The Hong Kong-listed company plans to use the amount for debt refinancing and general corporate expenditures.


* Diversified property developer Charter Hall Group is acquiring the 20,000-square-meter office building at 343 Albert St. in Brisbane for A$108 million on behalf of Singaporean wealth fund GIC, The Australian Financial Review reported. The CBRE-brokered deal for the property reflects a 6.75% yield.

* In New South Wales, Charter Hall Retail REIT divested two shopping centers in the suburbs of Thornleigh and Earlwood to unnamed buyers for a combined consideration of A$71.8 million. Coles and Woolworths, respectively, anchor the two properties.


* Global hospitality consulting company HVS and real estate broker Anarock Property Consultants are establishing a joint venture with the aim of providing consulting and advisory services to players within India's US$210 billion hotel industry, Mint (New Delhi) reported.


* U.S.-based Fenox Venture Capital and Sega Sammy Holdings Inc. will jointly manage a co-working space in Sumitomo Realty & Development Co. Ltd.'s Osaki Garden Tower in Osaki, with plans of starting the business in August, reported.

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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.

Rollen Catorce and John Chan contributed to this report.

As of May 17, US$1 was equivalent to 6.37 yuan, S$1.34, 32.12 baht and 22,777.00 dong.