* Mirae Asset Financial Group emerged as the frontrunner to purchase 15 luxury hotels across the U.S. from Anbang Insurance Group Co. Ltd., Bloomberg News reported, citing people with knowledge of the matter. The South Korean asset manager could value the properties, which have attracted suitors including Brookfield Asset Management Inc., at more than US$5.5 billion.
* Wheelock & Co. Ltd.'s underlying net profit for the first half rose 35% to HK$6.98 billion from HK$5.16 billion a year earlier. Revenue was up 24% year over year at HK$21.71 billion and operating profit rose 31% to HK$12.68 billion, although net profit fell to HK$8.33 billion from the HK$8.60 billion in the prior-year period.
Hong Kong and China
* New World Development Co. Ltd.'s aggregate attributable contracted sales in Hong Kong for the fiscal year ended June 30 reached approximately HK$10.5 billion, surpassing its target of HK$10 billion. Sales in mainland China totaled about 19.8 billion yuan for the fiscal year, exceeding its target of 16 billion yuan.
* Hong Kong's Lands Department awarded a 50-year land grant for a roughly 11,276-square-meter nonindustrial development site in the Kai Tak area of the city to Far East Consortium International Ltd. after it offered to pay HK$2.45 billion. The property company, through its Sanon Ltd. subsidiary, outbid nine other tenderers including Sun Hung Kai Properties Ltd., CK Asset Holdings Ltd., China Overseas Land & Investment Ltd. and Sino Land Co. Ltd.
* Poly Developments and Holdings Group Co. Ltd. bought a mixed-use land parcel in Changsha, China, at the reserve price of 1.70 billion yuan, Tencent News reported. The sales contract stipulated that at least 60% of the new residential units built on the site must be smaller than 144 square meters each.
* China Resources Land Ltd. placed the winning bid of 2.23 billion yuan for a 55,200-square-meter land plot in China's Jiangsu province, Guandian reported. The site has a gross floor area of 126,400 square meters.
* MTR Corp. Ltd. will invite expressions of interest in September for a 600,000-square-foot development in Hong Kong's Wong Chuk Hang station, Ming Pao reported. The project will provide 800 of 2,650 flats earmarked for tender over the next six months, with the remaining 1,850 residential units to be supplied in Lohas Park.
* The China Banking and Insurance Regulatory Commission will inspect the practices of property-related businesses of banks in 32 cities, including Beijing, Shenzhen and Shanghai, Xinhua News Agency reported Aug. 10.
* Developer Guy Nelson is expecting at least A$170 million from its divestment of a retail hub still under construction in Melbourne's Alphington inner suburb, The Australian Financial Review reported. The Village Alphington development, which will be part of a 17-hectare urban renewal project, is expected to be completed by 2021-end.
Other real estate news
* Mastern Investment Management, through mandates from South Korean investors Meritz Securities Co. Ltd., Hana Financial Investment Co. Ltd. and NH Investment & Securities Co. Ltd., is forming a joint venture with Wealthcore Investment Management for the €370 million acquisition of a Hilton Parkview hotel in Vienna, IPE Real Assets reported.
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Aries Poon and Emily Lai contributed to this report.