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In This List

Wheelock's H1'17 profit jumps 6% YOY; Frasers' Australian unit in A$2B project

Commercial Real Estate: 2020 Review

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd


Wheelock's H1'17 profit jumps 6% YOY; Frasers' Australian unit in A$2B project

* Wheelock and Co. Ltd., parent company of Wharf (Holdings) Ltd. and Wheelock Properties (Singapore) Ltd., said "resilient rental revenue" helped it achieve a 6% increase in core profit for the first half of 2017 to HK$5.41 billion from roughly HK$5.13 billion in the year-ago period. In the six months ended June 30, the conglomerate's revenue, as well as its net debt, increased to HK$33.01 billion and HK$46.97 billion, respectively.

* An Australian consortium that includes the local arm of Frasers Centrepoint Ltd. was chosen by the New South Wales government to transform an 8.2-hectare estate in Sydney's Macquarie Park into a roughly A$2.2 billion mixed-tenure community consisting of 3,000 new dwellings, a high school, residential aged care facility, child care centers and a supermarket, among other features.

Australia

* GPT Group is joining Dexus, Charter Hall Group, Scentre Group and Walker Corp. in Parramatta City Council's A$6 billion scheme to revitalize the Sydney suburb. According to The Sydney Morning Herald, GPT, with the council's approval, has picked architects Fender Katsalidis to design a A$230 million office tower that it plans to develop on the site it acquired from the Salvation Army for A$31.2 million.

* According to S&P Global Ratings, major retail landlords in Australia such as Scentre, Westfield, Vicinity Centres, Mirvac Group, Stockland and GPT should expect a tough fight for customers once Amazon.com Inc. and other online retailers start their operation in the country.

In its analysis of Australia's retail sector, as reported by The Australian Financial Review, the rating agency said landlords with fortress-style malls are expected to fare better than those with lower-quality shopping centers in less desirable locations.

* NEXTDC Ltd. completed the distribution of its bidder statement to security holders of Asia Pacific Data Centre, which it aims to take private through a A$1.87-per-security bid.

* Australia-listed AVJennings disclosed in a release that it acquired a 10-floor apartment project in the Sydney suburb of Kogarah and a greenfields development site in Rochedale in Queensland using funds from its A$250 million "club" banking facility.

Hong Kong and China

* Modern Land (China) Co. Ltd.'s contracted sales for the six months ended June 30 increased year over year by 21.3% to 9.04 billion yuan. The company also recorded growth in both revenue and profit during the reporting period, noting respective figures of 4.29 billion yuan and 534.7 million yuan.

* Shenzhen Investment Ltd.'s contracted sales for July dipped by 4.7% year over year to about 510 million yuan. In the reporting month, the company posted roughly 36,878 square meters of sales area, down 8.2% from a year earlier. Year-to-July, the company's contracted sales and sales area slid by 34.8% and 31.4% to 9.5 billion yuan and 432,626 square meters, respectively.

* July home sales figures released by the National Bureau of Statistics of China showed 4.3% growth during the reporting month, marking the slowest year-over-year increase in the country since March 2015. Meanwhile, real estate investments in China were up by 4.8% in July compared to a year earlier.

* Reuters, citing China's People's Daily, reported that companies from the South Asian country might "face further pressure to deleverage" as Chinese authorities continue their crackdown on debt-fueled investments. The news agency noted that the spotlight is on embattled companies LeEco and Dalian Wanda Group, which made headlines in recent months due to cash problems and involvement in landmark deals.

Japan

* Japan Prime Realty Investment Corp. is expecting weaker results for the second half of 2017, forecasting its net income, operating income and operating revenue to drop by 3%, 2.2% and 0.3%, respectively, compared to the six months ended June 30.

Singapore

* Keppel Land Ltd. and Wing Tai Holdings Ltd. announced the incorporation of their joint venture, Gardens Development Pte. Ltd., subject to approval of Singapore's Urban Redevelopment Authority. Garden Development was tasked with the development of a residential plot in Singapore's Serangoon North Avenue 1 area that it won earlier in August for S$446.3 million.

Other real estate news

* WeWork Cos. is taking UrWork to a U.K. court. Bloomberg News reported that the American startup filed legal action against its Chinese competitor in the U.K.'s High Court of Justice's Chancery Division, accusing the latter of trademark infringements.

Both co-working space operators are on the verge of expanding their global footprints, with each looking to penetrate the competitor's home turf.

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.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

Rollen Catorce contributed to this report.