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China Vanke Q3 profit rises 31.64% YOY; HNA to transfer stake in US$3.6B project

* China Vanke Co. Ltd. posted a 31.64% increase in third-quarter profit attributable to equity shareholders to 6.40 billion yuan from 4.86 billion yuan in the prior-year period. The Chinese developer's revenue for the period rose 21.74% to about 84.59 billion yuan from 69.49 billion yuan, while its gross profit rose year over year to 28.95 billion yuan from 24.13 billion yuan.

* HNA Group Co. Ltd. entered into a 1.4 billion-yuan deal with HNA Investment Group Co. Ltd. for the transfer of its shareholding in Tishman Speyer Properties LP's US$3.6 billion Spiral development in Manhattan, N.Y., Mingtiandi reported, citing a Shenzhen stock exchange filing. As part of the transaction, the debt-laden Chinese conglomerate will shed its 92.86% stake in the Hengxing Juyuan investment vehicle, which holds the interest in the 306-meter-tall tower.


* Blackstone Group Inc. is negotiating with Hiranandani Group to invest US$60 million for the acquisition of a 50% stake in the realty developer's logistics venture, The Economic Times reported, citing people with knowledge of the development. The private equity giant is in separate discussions with Allcargo Logistics Ltd. for a US$90 million purchase of a 70% stake in the latter's warehousing portfolio.

Greater China

* Century Bridge Capital exited its middle-income housing joint development project with Guizhou Chuangmeng Real Estate in Renhuai, China. In a news release, the company noted that it contributed US$178 million to the project comprising the three final residential phases of an established existing development in the city.

* Joy City Property Ltd.'s Bapton Co. Ltd. subsidiary obtained a US$800.0 million dual-tranche loan facility. The first tranche of the credit line will mature after 36 months, while the second will mature after 60 months, according to a filing.

* Yuzhou Properties Co. Ltd. expects to raise about US$493 million via an issuance of US$500 million of 8.375% senior notes due Oct. 30, 2024. The net proceeds from the offering will be used to refinance existing medium- and long-term debts of the company.

* Developers from Hong Kong and China accounted for 41% of the net issuance in Asian dollar-denominated bonds included in the ICE Bank of America Merrill Lynch Asian Dollar index in 2019, The Wall Street Journal reported. China Evergrande Group and Sunac China Holdings Ltd. were identified as the two largest issuers after they contributed about US$15 billion and US$6 billion, respectively.

Australia and New Zealand

* Clean Energy Finance Corp. invested A$50 million in Pro-invest's Australian Hospitality Opportunity Fund II, IPE Real Assets reported. The latest capital injection will be added to the A$300 million collected previously by the fund for future investments in hotels across Australia and New Zealand.

* Australian industry superannuation fund HESTA mandated ISPT Pty. Ltd. to establish a A$200 million healthcare fund that will target private hospitals, as well as general medical and residential aged care facilities, IPE Real Assets reported.

* Singapore-based co-living specialist Hmlet Pte. Ltd. will open an 82-room facility in Sydney on Nov. 15, Mingtiandi reported. The co-living space will be Hmlet's largest facility in the city to date.


* Oyo Hotels & Homes formally launched services in Japan in more than 100 hotels across 50 cities including Tokyo, Osaka and Kyoto, Mint reported, citing a statement from the Indian hospitality unicorn. The company's hotel business in Japan, OYO Hotels Japan, commenced operations in April through a joint venture with local conglomerate SoftBank Group Corp.

Other real estate news

* Chinese online real estate trading platform Fangdd Network Group Ltd. expects to raise net proceeds of about US$86.5 million from its IPO in the U.S. of 7 million American depositary shares. The proceeds will be used to enhance the company's research and development capabilities, for technology investments, as well as for working capital and other general corporate purposes.

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