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Chinese RE services provider MDJM closes IPO; WeWork sees rapid growth in Tokyo

* Chinese real estate services company MDJM Ltd. closed its IPO of 1,241,459 ordinary shares at US$5.00 apiece, raising approximately US$6.2 million in gross proceeds. The company expects its shares to begin trading on the Nasdaq Capital Market under the ticker symbol MDJH.

* WeWork Cos. Inc. is on track to operate eight locations in five Tokyo wards by the end of December, managing 40,000 square meters of office space, the Nikkei Asian Review reported, citing JLL. The New York-headquartered coworking giant has opened 11 locations in Japan since its debut in the market, with plans to increase the number to about 30 by the end of 2019, the report noted.

Hong Kong and China

* Yinyi Co. Ltd. defaulted on a 300 million-yuan bond after investors exercised their option to sell their bonds back to the company.

* JLL said three floors at Convention Plaza in Wan Chai, Hong Kong, for which embattled China Energy Finance Corp. paid a record HK$1.38 billion in 2016, will be closed for tender Jan. 30, 2019, the South China Morning Post reported. The office property was withdrawn from a sale in November because none of the bids met the receivers' undisclosed target price, according to the report.

* In outlining its policy for the real estate market in 2019, China's Ministry of Housing and Urban-Rural Development said it would stick to policies that help in averting property market risks, but hinted at easing tough restriction on the overall sector, Caixin reported.

Japan

* Japan's private lodging law resulted in more than 10,000 registrations, but the occupancy rate remains far lower than commercial facilities such as hotels, the Nikkei Asian Review reported. The publication said the lack of demand is partially due to the industry being heavily regulated by local administrations just as the law came into effect in June.

* Activia Properties Inc. is borrowing ¥41.6 billion to redeem debt and partly fund the price of three Japanese properties, which are being acquired from vendors affiliated with Tokyu Land Corp. for a total consideration of ¥70.50 billion.

India

* The non-banking financial crisis is expected to dent project execution and deliveries, with prices to remain stagnant, further pressurizing India's property market, which is already battling the effects of demonetization and implementation of the Real Estate (Regulation and Development) Act 2016 and the goods and services tax regulation, Mint reported. Despite local players hoping for a better 2018, the sector did not experience any substantial demand or sales improvement as the year went by, with the lending crisis exasperating concerns.

Malaysia

* Kuala Lumpur home prices fell 0.6% in the third quarter over the year-ago quarter, falling for the first time in a year, The Edge reported, citing a report published by Knight Frank. The Malaysian capital was joined by London, Melbourne and Shanghai as other first-tier cities experiencing drops in prices, the publication noted.

Other real estate news

* Eversendai Corp. Bhd. won 321 million ringgit of new contracts in Singapore, Qatar and India. The construction company will build a 26-story commercial building project in Singapore and a 49-story tower along with a 41-story commercial tower and a railway bridge project in India.

* A Wynn Resorts Ltd. unit filed a complaint against Malaysia's Genting Bhd. unit Resorts World Las Vegas, alleging Genting's upcoming Resorts World Las Vegas hotel and casino resorts feature a similar architectural design to a Wynn hotel, The (Malaysia) Star reported. Resorts World will respond to the complaint on or before Jan. 14, 2019.

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.

Abdul Rehman Maqbool contributed to this report.