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Country Garden to issue US$1B senior notes; Jiayuan loses over HK$26B in value

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Country Garden to issue US$1B senior notes; Jiayuan loses over HK$26B in value

* Country Garden Holdings Co. Ltd. priced an offering of US$550 million of 7.125% senior notes due April 25, 2022, at 100% of the principal amount, and additional US$450 million of 8.000% senior notes due Jan. 27, 2024, at 98.985% of the principal amount. The company plans to use the net proceeds from the issuance largely for refinancing existing offshore debt.

* Jiayuan International Group lost more than HK$26 billion in market value after its shares dipped 80.62%, or HK$10.48 per share, to close at HK$2.52 per share, The (Hong Kong) Standard reported.

Fellow real estate developer Sunshine 100 China Holdings Ltd. also saw a 65% plunge in value, according to a Bloomberg News report, as the Hang Seng Index ended down on Jan. 17 after an afternoon trading session that wiped out HK$37.4 billion in market value.

* Keppel Corp. Ltd. unit Alpha Investment Partners Ltd. closed its value-add pan-Asian fund, Alpha Asia Macro Trends Fund III, at about US$1.1 billion, beating its initial fundraising target of US$1.0 billion.

The investment vehicle will focus on retail and accommodation assets as well as offices, business parks and logistic facilities in key gateway cities in the Asia-Pacific region. It is expected to have approximately US$2.4 billion of assets under management when fully leveraged and deployed.

Australia

* Hotelier Hilton Worldwide Holdings Inc. is planning to open a 600-room flagship luxury hotel in 2022 as part of Malaysian real estate developer OSK Holdings Bhd.'s A$2.8 billion Melbourne Square project, The Australian Financial Review reported. Following a shortlisting process, OSK said it was in talks to bring the Hilton Hotels & Resorts brand to the six-tower project, which was always envisioned to include a hotel.

* Citing official figures, an AFR report said total housing finance dipped 2.5% to A$29.1 billion in seasonally adjusted terms in November 2018, a greater drop than a consensus estimate of a 1.2% fall. On the investor mortgage lending side, totals slumped to A$9.3 billion from A$9.9 billion in October 2018, down 22.6% year over year.

Hong Kong and China

* Government data revealed that December 2018 saw the fourth straight increase in the number of Chinese cities reporting a month-over-month dip in existing-home prices, further indicating how the property market is cooling in response to Beijing's initiatives to rein in the sector, Caixin reported. Out of 70 major cities monitored by the National Bureau of Statistics, 22 reported a price drop, up from 17 in the previous month, the report noted.

* Citi Private Bank is forecasting the mainland property market to mount a comeback in 2019 with higher transaction volume on the back of loosened property policies enacted by certain local governments on financing for developers, The (Hong Kong) Standard reported.

Singapore

* Frasers Commercial Trust's manager said it is in talks with various prospective tenants to lease space at Alexandra Technopark, after a report in The (Singapore) Business Times said Google is in advanced negotiations to take up 400,000 square feet at the property.

* A six-story commercial building at 291 Serangoon Road is on the market again at a revised price of between S$46 million and S$49 million, a decrease over its previous guide price of S$52 million in September 2018, The Business Times reported. Encompassing a land area of 5,455 square feet, the property is zoned commercial with a gross plot ratio of 3.0.

Japan

* Berjaya Land Bhd. expects to spend 1.64 billion ringgit to develop its Four Seasons Resort and Private Residences Okinawa in Japan, which is estimated to have a gross development value of 4.10 billion ringgit, The (Malaysia) Star reported. The Malaysian company's unit Berjaya Okinawa Development Co. Ltd. is partnering with Four Seasons Hotels and Resorts on the project, which will occupy approximately 100 acres of beachfront land.

Thailand

* Listed property developer Raimon Land PCL plans to invest 5.3 billion baht to diversify further into hotels and in vitro fertilization ventures, The Bangkok Post 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 contributed to this report.