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China Investment eyes Blackstone assets; Filipino developer's IPO oversubscribed

* The Australian Financial Review reported China Investment Corp. is looking to buy Blackstone Group LP's 10-asset retail portfolio in Australia worth A$3.5 billion. The paper reported that if the Chinese sovereign wealth fund were to win the retail assets, there is a possibility that Mirvac Group would be tasked with managing the portfolio under an agreement similar to the deal struck between the two companies in 2015 when China Investment bought Investa Property Group's A$2.45 billion office real estate portfolio.

* Separately, the Chinese sovereign wealth fund is also believed to be in the lead to buy Blackstone's Logicor business, a 630-asset platform in Europe, the Estates Gazette reported.

* According to The Manila Times, Cebu Landmasters Inc.'s 2.9 billion-Philippe-peso IPO was oversubscribed, and lead underwriter BDO Capital & Investments Corp. sold the 75 million overallotment shares for the developer's June 2 listing.


* Suntec Real Estate Investment Trust cancelled S$166.5 million from a S$300.0 million issuance of 1.750% convertible bonds due 2021 after bond holders exercised their conversion rights.

* CapitaLand Commercial Trust said that as of May 29, only S$158.0 million of bonds under a S$175.0 million issuance of 2.5% convertible bonds due Sept. 12 remain outstanding after S$7.5 million were cancelled due to conversion. Earlier in May, the company cancelled S$9.5 million under the same debt program.

* Frasers Centrepoint Trust's trustee, HSBC Institutional Trust Services (Singapore) Ltd., priced S$30.0 million of 2.645% notes due 2022, to be issued under its S$1.00 billion multicurrency medium-term note program.

* According to a study conducted by Cushman & Wakefield and CoreNet Global, which was cited by The (Singapore) Business Times, co-working spaces are expected to become a separate real estate class in Singapore in the near term. Strong demand that is factored in the forecast is in line with the increase in flexible working environments in the Asia-Pacific region.

* The National University of Singapore's Singapore Residential Price Index in April showed a 0.6% decline in the prices of completed apartments and condominiums, The Business Times reported.

Elsewhere in Southeast Asia

* Ayala Land Inc., in a 50/50 joint venture with LT Group Inc.'s Eton Properties, will be launching a mixed-use 35-hectare development spreading across two cities in the Philippines, The Philippine Star reported. The report added that the planned waterfront development will feature "lots of green spaces" and is scheduled for a third-quarter launch.

* YTL Hospitality Real Estate Investment Trust bought the five-star Majestic Hotel Kuala Lumpur for 380 million Malaysian ringgit, The (Malaysia) Star reported. Upon completion, the property will be subleased to the buyer's parent, YTL Corp. Bhd., for a 15-year term with a renewal option.


* Members of the Property Council of Australia — which include executives from Mirvac Group, Lendlease Corp. Ltd., Stockland, Scentre Group, Charter Hall Group and JLL Australia — will be meeting in Canberra to discuss the perceived attack on foreign property investors, The Australian reported.

The paper said the council is expected to dispute the government's budget reforms, which include a 50% cap on foreign ownership of new developments.

* Perth-based Pindan Capital is looking to buy a St Leonards site in Sydney for A$160 million from Australasian Property Investments and Wingate Group, The Australian reported.

Hong Kong and China

* Under a deal with a Chinese asset management company, Bain Capital Credit LP is slated to buy a US$200 million portfolio of nonperforming loans secured against commercial retail assets, hotels and industrial assets.

* Shimao Property Holdings Ltd. is transferring ownership of Perfect Run Group Ltd., which owns three properties in China's Fujian Province, between subsidiaries at a cash consideration of 138.7 million Chinese yuan, subject to conditions.

* China Evergrande Group's shares rose by 26.8% to a record high of HK$15.52, London's Financial Times reported.

* Meanwhile, share price hikes in their respective companies raked in millions of dollars for China Evergrande's Hui Ka Yan, Country Garden Holdings Co. Ltd.'s Yang Huiyan and Longfor Properties Co. Ltd.'s Wu Yajun, according to the Bloomberg Billionaires Index.


* Nippon Accommodations Fund Inc. will borrow ¥9.0 billion to pay back expiring loans. The loans, priced at 0.06000%, will be provided by 77 Bank Ltd., Mizuho Bank Ltd. and Resona Bank Ltd.

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.