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2 Indian hoteliers file for IPO; US$300M Warburg Pincus JV buys in Cambodia

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2 Indian hoteliers file for IPO; US$300M Warburg Pincus JV buys in Cambodia

* Chalet Hotels Ltd. and Bharat Hotels Ltd. separately filed draft prospectuses with the Securities and Exchange Board of India to launch respective IPOs in the country, VCCircle reported. People familiar with the development told the Indian information services group that the K Raheja Corp.-promoted Chalet Hotels will issue 9.50 billion rupees of shares for its IPO, while Bharat Hotels' offering will comprise 12.00 billion rupees of shares.

* Lodgis Hospitality Holdings Pte. Ltd., Warburg Pincus & Co.'s US$300 million joint venture with VinaCapital Group Ltd., formally acquired the 175-key Raffles Hotel Le Royal Phnom Penh and the 119-key Raffles Grand Hotel d'Angkor Siem Reap properties in Cambodia for an undisclosed amount. Lodgis Hospitality disclosed in a release that both hotel assets will undergo select refurbishments.

Hong Kong and China

* Zhuguang Holdings Group Co. Ltd. entered into a nearly HK$2.02 billion agreement to buy an estimated 28.44% stake in Silver Grant International Industries Ltd. The target is principally engaged in investment holding, property leasing and production. It also trades petrochemical products and provides sub-contracting services.

* Anbang Insurance Group Co. Ltd. is reorganizing its asset structure by transferring stocks in various companies, including China Vanke Co. Ltd., to Anbang Life Insurance Co. Ltd., Caixin Global reported, citing a person close to Anbang and a number of exchange filings.

The transfer of the equities was documented via notices from the China Banking and Insurance Regulatory Commission, according to several sources close to the matter.

* Greentown China Holdings Ltd. asked its staff to quicken cash inflows and accelerate sales amid moves to further restrict financing in the property sector, Bloomberg News reported, citing company memos. In an emailed comment to the news agency, the luxury homes developer said the management of the operational cash flow is a "normal move" that it conducts every six months.

* Mall developments in 17 Chinese cities tracked by CBRE Group Inc. are expected to decrease by 16% year over year in 2018 to 7.9 million square meters from nearly 10 million square meters, London's Financial Times reported. The property consultancy forecasts the decline as tenancy and rental rates will climb modestly in the year, providing benefits to shopping center developers such as China Vanke and Dalian Wanda Commercial Properties Co. Ltd.

* Shanghai's housing bureau is implementing new restrictions to curb property prices in the city, Reuters reported. Starting July 3, legitimate enterprise buyers need to meet various requirements, including at least 1 million yuan of tax payment, to be allowed to buy residential properties.

Australia

* Chris Hoong, managing director of Far East Consortium International Ltd., was cited by The (Hong Kong) Standard as saying that the developer is expecting a possible "few hundred million EBITA" from the Queen's Wharf project in Brisbane once it opens in 2022. The Hong Kong-based company also anticipates its gaming business to deliver between 20% and 30% of revenue when the project opens.

* Gaw Capital Partners' A$157 million deal with Elanor Investors Group for the acquisition of the Bell City Hotel mixed-use property in Melbourne is slated to be settled in late July, according to The Australian. The JLL Hotels-brokered transaction still requires the Foreign Investment Review Board's approval to complete.

* HNA Group Co. Ltd. terminated a A$400 million acquisition deal that would have seen it buy Automotive Holdings Group Ltd.'s refrigerated logistics business. The debt-laden Chinese conglomerate is facing liquidity problems and the deal was canceled when the transacting parties faced delays in securing approval from the Foreign Investment Review Board.

* Canberra developer Doma Group obtained development approval for its planned A$120 million hotel in Sydney's central business district, The Australian Financial Review reported. The proposed 12-story accommodation will offer 230 luxury rooms, a guest gym and a library, among other amenities.

Japan

* As planned, Kenedix Office Investment Corp. wrapped up an approximately ¥20.70 billion agreement for its purchase of the fully leased Cross Place Hamamatsucho office building in Tokyo.

* Similarly, AEON REIT Investment Corp. completed its ¥13.33 billion acquisition of the Aeon Mall Kyoto Gojo property in Kyoto City from Godo Kaisha Double O3.

Southeast Asia

* Keppel Land Ltd. agreed to sell its entire shareholding in Vietnamese property developer Orbista Pte. Ltd. for US$30 million to Fortune Paradise Holdings Ltd. At the conclusion of the agreed-upon transaction, Keppel will also lose its indirect 15% stake in a property being developed in Ho Chi Minh City.

* Fresh data released by Singapore's Urban Redevelopment Authority for the second quarter of 2018 showed a 4.9-point quarter-over-quarter hike in the price index for private residential property in the city-state to 149.0 points from 144.1 points.

Prices of non-landed private residential properties also grew during the comparable period both inside and outside of the city's core central region.

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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. Links are current as of publication time, and we are not responsible if those links are unavailable later.

Rollen Catorce contributed to this report.

As of July 2, US$1 was equivalent to 6.66 yuan, 68.72 rupees and ¥110.78.