* Brokerage firm UBS expects Australia-listedWestfield Corp. Ltd. toconsider listing overseas over the next two years, The Australian reported.The investment bank believes the U.S. is the most possible location for anoffshore listing, but "timing is debatable," according to analysts ledby Grant McCasker, as quoted by the publication.
Westfield co-CEO Steven Lowy confirmed that the company is consideringa listing in the U.S., as it has allotted US$5 billion of investments in the countryover the next five years, as previously reported.
* plans to spinoff its Australian logistics and industrial assets into an S-REIT, which is believed to be worth between S$800 millionand S$900 million. The spun-off entity would be named Frasers Logistics and IndustrialTrust.
* clarified itsfiling of a Chapter 15 petitionin a U.S. court related to its proposed offshore debt restructuring plan, sayingthat the petition seeks the court to acknowledge the company's negotiations withcreditors under the Hong Kong and Cayman Islands schemes.
* A unit plans toissue corporate bondsin China worth not more than 8 billion Chinese yuan. Guangzhou City Construction& Development Co. Ltd. will offer the bonds to qualified Chinese investors.
* 's first investmentin the U.S. is progressing, with the Hong Kong-listed developer unveiling the masterplanfor the US$300 million mixed-use project in Pearland, Texas. It will be carriedout by subsidiary American Modern Green LLC, the Houston Business Journal reported.The Ivy District development will consist of residential and office components,among other features, on a 48.5-acre site.
HONG KONG AND CHINA
* The contracted salesof Dalian Wanda Commercial PropertiesCo. Ltd. and its subsidiaries was recorded at around 23.59 billion yuan between January andApril, representing approximately 2,693,000 square meters of contracted sales area.
* S&P Global Ratings affirmedits A- long-term corporate credit rating on SwirePacific Ltd. and its guaranteed senior unsecured notes. The outlookis stable.
* Sunac China Holdings Ltd. plans to redeem an aggregate principalamount of US$200.0 million of bonds on June 8, as partial redemption for the outstandingamount of the 9.375% senior notesdue 2018. The senior notes have a principal amount worth US$500.0 million as ofMay 9. Sunac will use internal resources to fund the transaction.
* Longfor Properties Co. Ltd. and its subsidiaries posted 6.50billion yuan of contracted sales in April, up 85% year over year. The sales figureaccounted for 481,000 square meters of contracted gross floor area.
* Sino-Ocean Land Holdings Ltd., its subsidiaries, joint venturesand associates recorded approximately 2.87 billion yuan of contracted sales in April,up 66% compared with the same month in 2015. Contracted gross floor area sold inApril spanned around 188,000 square meters.
* Moody's provided Apex Top GroupLtd.'s issuance of US$400 million senior perpetual capital securities with a definitiveBa3 senior unsecured debt rating. GreentownChina Holdings Ltd. serves as a guarantor for the issuance.
* Agricultural Bankof China said its branch in north China's Henan province has unveiled new rulesto help rural residents to buy homes in cities, Xinhua News Agency reported.
* Citi analysts lowered its recommendationson DEXUS Property Group,Mirvac Group, , and Vicinity Centres,The Australian Financial Review reported.The investment bank downgraded its recommendations on DEXUS and Mirvac due to certainissues concerning offshore buyers, while sluggish growth in retail sales led todowngraded recommendations on Charter Hall Retail, Shopping Centres Australasia and Vicinity.
* Mirvac inches closer to completingaround A$550 million of asset divestments, TheAustralian reported.The company is reportedly selling a pair of Sydney buildings for roughly A$250 million;the Como Centre in Melbournefor around A$230 million; and the Aviation House property in Canberra for nearlyA$70 million.
* Aspen Group decided not to proceed with Mill Hill Capital'sunsolicited proposal,as both parties have not reached an agreement, according to a release.
Accordingly, Aspen will proceed with a plan to buy back up to10% of its securities on issue.
* Australia Post plans to sellA$300 million worth of heritage buildings, as it seeks to solve the group's financialtroubles, the AFR reported,citing official documents.
* Ichigo Office REIT Investment Corp. plans to purchase trustbeneficiary interests in eight office properties for a combined price of ¥20.90billion. The company plans to use new share issuance, borrowing and cash on handto fund the deals.
The propertiesare the Ichigo Ikenohata Building, Ichigo Ikebukuro East Building, Ichigo MotoazabuBuilding, Ichigo Otsuka Building, Ichigo Nagoya Building, Ichigo Fushimi Building,Ichigo Nishiki Building and Ichigo Minami Morimachi Building.
* Nomura Real Estate Master Fund intends to buy the LandportKashiwa Shonan II logistics property and a land parcel at Ryotokuji University Shin-UrayasuCampus at a combined price of ¥15.70 billion.
The REITalso agreed to sell nine properties, comprising six offices and three residentialassets, for a combined transfer price of ¥28.78 billion. Nomura Real Estate Developmentwill buy three of the office assets, while the purchasers of the remaining assetsto be sold are undisclosed.
* Nomura Real Estate Developmentcommenced the sales process for the first phase of a new condominium developmentin Ota Ward, Tokyo. The scheme will span 23,000 square meters and offer a totalof 632 units, Jutaku-Shimpo-sha reported.
* A groupof companies controlled by Stanley Quek agreed to sell seven shophouses for S$81.4million to 8M Real Estate, The (Singapore)Business Times reported.Five of the properties to be acquired by the boutique real estate investment companyare adjoining shophouses located on Tanjong Pagar Road, while the remaining twoare located at Gemmill Lane and Neil Road.
On afully leased basis, the deal has a gross yield of 4.0%, according to the report.
* Average prices of residentialproperties in Mumbai are expected to increase almost 6% in 2016, amid muted demandin the housing sector, the Press Trust of India reported,citing a Jones Lang LaSalle report.
The Daily Dose Asia-Pacific, RealEstate edition is updated by 6:30 a.m. Hong Kong time. Some external links may requirea subscription. Articles and links are correct as of publication time.
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