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Revaluations hit GLP; Marriott/Alibaba JV; most active RE market in Asia named

* Global Logistic Properties Ltd.'s profit after tax and minority interests was down 29% in the first quarter of fiscal 2018 to US$144 million from US$202.9 million a year ago, attributed to lower revaluations in the quarter. The Singapore-listed company's revenue, meanwhile, was up 27% on the year to US$262 million from US$207 million.

* Marriott International Inc. and Alibaba Group Holding Ltd. have established a travel joint venture, aimed at the overall "travel experience" for Chinese consumers.

* Among Asia-Pacific cities, completed sales of income-generating assets were highest in Hong Kong during the first half of 2017 at US$8.3 billion, The Edge Property reported, citing Real Capital Analytics' "Q2 2017 Asia-Pacific Capital Trends Report." Tokyo took second place for the most active markets for real estate in the region, with Shanghai, Singapore and Seoul rounding out the top five in the list.

Southeast Asia

* For the first half of 2017, Philippines-based SM Prime Holdings Inc.'s net income grew year over year by 14% to 14.39 billion Philippine pesos from 12.59 billion pesos. SM Prime President Jeffrey Lim said the interim figures for 2017 reflect "more balanced" revenue and income flow from the conglomerate's various business ventures.

* Fellow Filipino developer Ayala Land Inc., meanwhile, attributes an 18% year-over-year increase in its net income for the six months ended June 30, which came in at 11.5 billion pesos to notable contributions from its property development and leasing businesses.

* DoubleDragon Properties Corp.'s plan to offer 150 million common shares worth roughly 7.5 billion pesos was given the green light by its board. The Filipino company is hoping the issuance, which is expected to improve DoubleDragon's trading liquidity and balance sheet, will also boost its chance to attain blue-chip status on the Philippine Stock Exchange Composite Index.

* Hong Kong-listed Agile Group Holdings Ltd. has applied to issue US$200 million in 5.125% senior notes due Aug. 14, 2022, on the Singapore bourse. The company disclosed in a filing that proceeds from the issuance, estimated at US$196 million, will be used to refinance a portion of its US$500 million in 8.375% senior notes due 2019.

* Sabana Real Estate Investment Management Pte. Ltd., the manager of Sabana Shari'ah Compliant Industrial REIT, confirmed that it is holding discussions with ESR-REIT's manager over the future of the real estate investment trust. It also noted that no legally binding agreement has been signed yet between the discussing parties.

* AEP Investment Management Pte Ltd. is reportedly exploring options to reduce HNA Group Co. Ltd.'s participation in the proposed Singapore listing of a new REIT, to ultimately shed HNA Commercial REIT's reliance on the Chinese conglomerate.

* Country Garden Holdings Co. Ltd. is looking to inject an additional 5 billion Malaysian ringgit in its Forest City development in Johor, Malaysia. The investment is earmarked to market the project to potential customers from Thailand, Vietnam, Indonesia, Thailand, Taiwan, Dubai and the Philippines.

The Hong Kong-listed developer planned the investment as Chinese authorities vow to enforce stricter measures to curb capital outflow. Previously, Country Garden said the Forest City project was unaffected by said measures.


* Brookfield Property Partners LP divested for nearly A$1 billion a 50% stake in its Wynyard Place development in Sydney, equally distributing the half-stake to fund managers AMP Capital and EG Funds Management.

* Amid scrutiny at home, Chinese conglomerate Dalian Wanda Group Co. Ltd. is mulling the sale of its two mega projects in Australia. The Australian Financial Review, citing two unnamed sources, reported that the company is holding negotiations in Hong Kong for the sale of the A$1 billion Circular Quay development in Sydney and the A$900 million Jewel resort on the Gold Coast in Queensland.

* MTAA Super bought for A$168 million Goodman Group's 8.4-hectare Ferntree Business Park in Melbourne's Notting Hill, the AFR reported.

* A joint venture comprising developer Hamton, superannuation fund Hostplus and investment manager ISPT was chosen for the estimated A$2 billion Moonee Valley racetrack mixed-use development in Melbourne, the AFR reported.

* Melbourne-based developer Bensons Property Group is looking to develop a A$230 million apartment tower on Chevron Island in Queensland's Surfers Paradise. The AFR reported that the project will comprise 210 apartments and stand 40 stories tall on a site that already carries a development approval.

Hong Kong and China

* Shareholders of Cheung Kong Property Holdings Ltd. will meet Aug. 24 for an extraordinary general meeting where they will vote on, among other proposals, a motion to change the company's name.

* According to Moody's, Cheung Kong's earnings for the first half of 2017 support its A2 issuer rating and stable outlook for the company. The rating agency highlighted the better-than-expected improvement in Cheung Kong's consolidated net debt, saying it is a reflection of the company's stronger cash position during the reporting period.

* China Jinmao Holdings Group Ltd.'s contracted property sales for July were approximately 3.32 billion yuan, representing 126,083 square meters of sales area. Year-to-July, the developer sold 28.77 billion yuan in properties.

* WeWork Cos.' Chinese competitor UrWork said it wrapped up another round of fundraising with US$178 million. Some of its investors are Beijing Capital Land Ltd. and Star Group.

Other real estate news

* Chinese company Zhonghong Zhuoye Group Co. Ltd.'s proposed buyout of Brookdale Senior Living Inc. is facing a roadblock as it encounters difficulty in securing a bank loan to support the transaction, which values the target at nearly US$4 billion.

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Data Dispatch: 94 North American real estate companies raise dividends YTD through Aug. 1: In the period from July 18 to Aug. 1, 10 publicly traded North American real estate companies increased their quarterly distributions, with Mexico's FibraHotel increasing its dividend by the greatest relative amount.

Data Dispatch: Prologis posts largest earnings beat in Q2 among 25 largest US REITs: Chart Watch: Of the 25 largest U.S. real estate investment trusts by market capitalization, 18 topped their second-quarter consensus earnings estimates, while seven fell short.

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 contributed to this report.