* Oyo Hotels & Homes is raising US$1.5 billion through its latest funding round, with the proceeds to be used primarily to finance its expansion in the U.S. and Europe. RA Hospitality Holdings will contribute US$700 million to the fundraising, with the remaining US$800 million to be sourced from existing investors of the Indian hospitality unicorn.
* China Vanke Co. Ltd. is teaming up with electric car maker BYD Co. Ltd. and an IDG Capital-backed wealth management company to establish a private equity fund of up to 1.1 billion-yuan, The Standard reported, citing company announcements. The investment fund will target technology, media, telecommunication, health care, consumption, entertainment and advanced manufacturing, clean energy industries and related funds.
Australia
* PropertyGuru Pte. Ltd. filed a prospectus with the Australian Securities and Investments Commission for its planned IPO on the Australian stock exchange. The Singapore-based digital property classifieds marketplaces is aiming to raise up to A$380.2 million from the offering.
* LendLease Group pocketed more than A$100 million from its divestment of two properties in Sydney to two Asian-backed investment groups, The Australian reported. The listed developer sold The Exchange at Darling Square and a hospitality complex in the city's Barangaroo suburb, with both properties attracting offers from eight parties each.
Greater China
* Wheelock Properties Ltd. sold 20 of the 101 units it offered on Oct. 7 at its Grand Marini development at Lohas Park in Tseung Kwan O, Hong Kong, the South China Morning Post reported.
* Nan Fung Group Holdings Ltd. secured approval from Hong Kong's Buildings Department to redevelop the luxury residential building at 11 Coombe Rd. in The Peak, the Hong Kong Economic Times reported. The project will involve the construction of a five-story residential building with a gross floor area of 17,000 square feet.
* Jones Lang LaSalle lowered its forecast for retail property rental rate in Hong Kong to between 5% and 10% for shopping malls and between 10% and 15% for street-level shops, Radio Television Hong Kong reported. The property consultancy firm attributed the forecast revision to ongoing social unrest in the city, the decrease in capital injection from Chinese investors and the depreciation of the yuan.
Singapore
* Owners of the Bugis Cube mixed-use development launched a public tender for the property with the reserve price of S$230 million, with the assistance of marketing agent Cushman & Wakefield. The six-story building, which features a basement floor carpark and 119 strata-titled retail shops, occupies a leasehold site spanning 1,079.1 square meters and will remain on offer until Nov. 14.
Japan
* In August, the average price of new detached houses in the Tokyo capital region fell 8% month over month to ¥36.8 million, while the average price of existing detached houses for the period dropped 4.1% period to ¥32.7 million, The Nikkei reported, citing figures from Tokyo Kantei Co. Ltd.
Other real estate news
* Summit Hotel Properties Inc.'s joint venture with Singapore's sovereign wealth fund GIC Pte. Ltd. agreed to buy four hotels across the West Coast of the U.S. for an aggregate consideration of US$249 million. The targeted properties include the 258-room Residence Inn by Marriott Portland Downtown/RiverPlace in downtown Portland, Ore.; the 169-room Hilton Garden Inn San Francisco Airport North in South San Francisco; the 161-room Hilton Garden Inn San Jose/Milpitas in the San Francisco Bay area and the 122-room Residence Inn by Marriott Portland Hillsboro along the Sunset Highway in Oregon.
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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.
Ian Cruz, Emily Lai and Jaekwon Lim contributed to this report.
