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Ho Bee buys A$30M Melbourne site; Modern Land inks 70M yuan deal for China plot

This feature rounds up recent property news from S&P Global Market Intelligence's covered companies and highlights larger deal coverage already published.

Australia

* A 49/51 joint venture of Ho Bee Land Ltd. subsidiary HB Oracle Pty. Ltd. purchased for A$30 million a 16-hectare site in the Wollert suburb of Melbourne for the proposed joint development of 285 land plots. The Singapore-listed company said in a news release that the joint venture partners' capital contribution for the site's development will depend on their respective shareholding in the project company, Wollert JV Pty. Ltd.

* Ingenia Communities Group is expecting A$17 million from the sale of its three non-core assets that include the Settlers Meadow Springs in Mandurah, Western Australia, and the Chain Valley Bay and Lake Macquarie lifestyle communities in New South Wales.

Completion of the transaction, which is part of the company's growth and portfolio refining strategy, is expected by the end of January 2018.

China

* Modern Land (China) Co. Ltd. subsidiary Beijing Modern Real Estate Development Co. Ltd. is divesting all of its 51% stake in Shaanxi Zhuoli Industrial Co. Ltd., which owns an approximately 72,362-square-meter mixed-use development site in Xi'an. Shaanxi Hongsheng Industrial Group Co. Ltd. will acquire the stake under a roughly 70.2 million yuan deal.

Malaysia

* UEM Sunrise Bhd. agreed to buy a 19.24-acre land in Selangor from Kemaris Residences Sdn. Bhd. for roughly 109.5 million Malaysian ringgit. The company earmarked the site for its planned 700 million-ringgit development of a 796-unit residential project.

Additional coverage

Charter Hall fund secures Telstra building in Sydney via A$340M deal

Roxy-Pacific closes 1st property deal in New Zealand with NZ$174M buy

Asia Pacific Data Centre taps agents to commence sale of entire A$300M portfolio

Hotel Properties in double stake acquisition in Malaysia

Shui On Land buys 2 Shanghai office buildings in 1.1B yuan deal

As of Dec. 20, US$1 was equivalent to 6.58 yuan and 4.07 Malaysian ringgit.