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Vanke, CapitaLand test China's shared-offices market; A$3B scheme to begin 2017


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Vanke, CapitaLand test China's shared-offices market; A$3B scheme to begin 2017

* China Vanke Co. Ltd. and CapitaLand Ltd. are engaging in the shared office space business in China as demand for such leases is on an upswing, amid a dearth of activity for traditional office leasing, Reuters reported. The property developers are taking advantage of the growing trend by renting out their properties particularly to startups and self-employed individuals.

* Far East Consortium International Ltd., Chow Tai Fook Enterprises Ltd. and The Star Entertainment Group Ltd. will take official control of their A$3 billion Queen's Wharf project at a 9.4-hectare site in Brisbane, Australia, by Jan. 1, 2017, The Australian reported, citing planning documents. The trio will break ground on the same day, and the first phase of work will involve a staged demolition of government buildings within the following six months.


* A 44-floor office tower may soon rise at the Darling Park complex in New South Wales, which is co-owned by GPT Group's GPT Wholesale Office Fund, The Sydney Morning Herald reported, citing a development application. Darling Park is undergoing an approximately A$1 billion revamp.

* Charter Hall Group's Charter Hall Office Trust divested two noncore properties — the Avaya House building in Macquarie Park, Sydney, and the St Kilda office block in Melbourne — in separate transactions for a combined price of over A$234 million, The Australian Financial Review reported.

* Lendlease Corp. Ltd. gained approval from the City of Melbourne for the main building at its A$2 billion Melbourne Quarter project, The Australian reported. Final approval for the 28-story Melbourne Quarter Tower will now be in the hands of Victoria Planning Minister Richard Wynne.

* DEXUS Property Group has partnered with U.S. company RocketSpace to launch flexible working spaces in three locations in 2017, The Australian reported. The facilities will cater to startup companies in the technology sector.

Hong Kong, China and Macau

* Fitch Ratings affirmed China Overseas Land & Investment Ltd.'s A- long-term issuer default and foreign-currency senior unsecured ratings with a stable outlook.

* Far East Consortium only intends to sell residential flats at its 261-unit Marin Point project in Sha Tau Kok, Hong Kong, to buyers with residence permits, The (Hong Kong) Standard reported, citing Far East Consortium senior sales and marketing director Allen Fong Chun. Existing residents and tenants may apply for the permits through police stations.

* In the first 11 months of 2016, commercial office building sales in Shanghai reached 36.2 billion Chinese yuan, up 50.9% year over year, according to China Securities News.

* Over in Macau, Macau Property Opportunities Fund Ltd. said it received the Land, Public Works and Transport Bureau of Macau's approval for the company's design concept for a retail redevelopment in Senado Square. The approval will allow the company to proceed with demolition and construction after it submits a detail plan in the first quarter of 2017.

The company also secured a HK$118 million facility from Hang Seng Bank Ltd. for the project.


* Japan Prime Realty Investment Corp. plans to acquire the GINZA GATES property in Ginza and FUNDES Suidobashi in Chiyoda-ku, Tokyo, from Tokyo Tatemono Co. Ltd. for ¥10.10 billion and ¥3.25 billion, respectively.

Japan Prime will also sell its Fukuoka Bldg. in Tokyo and JPR Hakata-chuo Bldg. in Fukuoka to Tokyo Tatemono for a combined price of ¥5.00 billion.

* Daiwa House REIT Investment Corp. plans to issue five-year and 10-year investment corporation bonds worth ¥4 billion each. The five-year notes will have a 0.240% annual interest rate, while the 10-year bonds will bear 0.570% interest per year.

* Sumitomo Realty & Development Co. Ltd. started construction for twin towers in Nishi-Shinjuku, Tokyo, Tokyo's The Nikkei reported. The ¥79.3 billion project will have two mixed-use buildings with heights of 160 meters and 147 meters.

* According to Real Estate Economic Institute Co. Ltd., new apartment sales in Tokyo, Saitama, Chiba and Kanagawa fell 22.7% year over year to 2,701 units in November, the lowest level for any November since 1975, The Sankei Shimbun 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. Articles and links are correct as of publication time.

Cam Nones, Jaekwon Lim and Spencer Sheehan contributed to this report.