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China Jinmao stake sale ends with 6B yuan bid; Hong Kong set for 2 property IPOs

Editor's Note: The next edition of The Daily Dose Asia Pacific, Real Estate will be published Jan. 2, 2018, in observance of New Year's Day.

* China Jinmao Holdings Group Ltd. subsidiary Loyal Power Properties Ltd. is selling its 50% stake in Shanghai Xingwaitan Development & Construction Ltd. to its joint venture partner, Shanghai International Port (Group) Co. Ltd., for nearly 6.00 billion yuan.

Shanghai International emerged as the winning bidder for the half-stake that China Jinmao listed for sale in November. The buyer and seller were in a 50/50 joint venture for the project company developing a commercial complex in Shanghai.

* China-based Zhenro Properties Group Ltd. is seeking to raise about HK$3.74 billion in its IPO, which will involve a global offering of 1.00 billion shares at an indicative price range between HK$3.40 apiece and HK$4.08 apiece.

The target proceeds, derived on the basis of the midpoint HK$3.74 per-share offer price, will be used to finance the company's existing property projects, to repay debt and for general working capital.

* Hong Kong-based property investment company Thing On Enterprise Ltd. is expecting up to HK$223.2 million from a planned IPO on the Hong Kong bourse, the Nikkei Asian Review reported. Up to 180 million shares will be on offer at an indicative price range of HK$1.00 to HK$1.24 apiece, with the company expected to debut on the Hong Kong stock exchange Jan. 16, 2018.

Hong Kong and China

* Shui On Land Ltd. wrapped up a nearly 3.87 billion-yuan deal to sell a 49.5% stake in a Shanghai property portfolio to a China Life Capital Investment Co. Ltd.-managed limited partnership.

* Meanwhile, parties involved in Shui On Land's 3.16 billion-yuan deal to divest its 61.54% stake in Richcoast Group Ltd. to Yida China Holdings Ltd. subsidiary Many Gain International Ltd. are amending certain terms of the agreement.

The decision to create a supplemental agreement to the deal was prompted by a number of reasons, including Richcoast Group's failure to repay debt worth about 92.0 million yuan to a "certain financial institute." Shui On said extending the timeline of the divestment will allow the company to avoid lenders and debtors from requesting early repayment of related loans.

* A subsidiary of ZH International Holdings Ltd. secured the rights over land parcels in China's Henan province under deals worth 441.1 million yuan and 347.5 million yuan, Reuters reported.

* Jiayuan International Group Ltd. raised, as expected, about HK$1.40 billion at the completion of its placement of 232,000,000 existing shares each priced at HK$6.11.

* Sunshine 100 China Holdings Ltd. completed its plan to issue 235,055,000 new shares priced at HK$3.10 apiece under its subscription agreement with Beyond Steady Ltd. The company said in a filing that it expects to net roughly HK$716.7 million from the deal.

* The Lands Department awarded the tender to an approximately 200.7-square-meter nonindustrial site in the Sheung Shui area in New Territories, Hong Kong, to Tai Hung Fai Group Holdings Ltd. subsidiary Force Castle Ltd., which placed the winning HK$131.3 million bid.

Force Castle outbid 18 other developers including subsidiaries of K&K Property Holdings Ltd., Sino Land Co. Ltd., Emperor International Holdings Ltd. and Wang On Properties Ltd.

* Following multiple complaints from buyers, the Estate Agents Authority of Hong Kong issued a practice circular to serve as a guideline for the sale of uncompleted offshore properties by local agents. The new guidelines will take effect in April 2018, the South China Morning Post reported.

Singapore

* A UOL Group Ltd. subsidiary completed its nearly S$201.1 million acquisition of the 36-unit Nanak Mansions freehold site along Meyer Road.

* SB (Pioneer) Investment Pte. Ltd. is buying two adjacent detached purpose-built factories with a combined gross floor area of 208,057 square feet from Soilbuild Business Space REIT for S$55.0 million.

* Sabana Shari'ah Compliant Industrial REIT's trustee established S$100.0 million worth of commodity murabahah facilities with the Singapore branch of CIMB Bank Bhd.

* The Urban Redevelopment Authority launched the public tender for the 37,284.8-square-meter Sengkang Central mixed-use site and the 14,296.1-square-meter Hillview Rise residential site. Sengkang Central may deliver up to 700 housing units, while Hillview Rise is estimated to yield up to 535 units.

Australia

* Asia Pacific Data Centre gave NEXTDC Ltd. 20 business days to make a decision on whether the latter will buy the former's A$300 million data center portfolio. NEXTDC, the sole tenant of the data centers, said it will consider its position once it officially receives the first right of refusal notice.

Japan

* Invincible Investment Corp. settled the roughly ¥3.58 billion sale of three residential assets in Tokyo, which form part of a six-asset portfolio that the company agreed to divest earlier in December for ¥6.97 billion.

* Mitsui Fudosan Co. Ltd. is planning an overhaul of its Lazona Kawasaki Plaza retail asset near the JR Kawasaki Station in Kanagawa. The company expects to reopen the facility in spring 2018, Tokyo's The Nikkei reported.

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 and John Chan contributed to this report.

As of Dec. 28, US$1 was equivalent to 6.53 yuan, ¥112.86 and S$1.34.