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TH Real Estate JV forms US$1B Tokyo vehicle; Harbour launches 10B-yuan fund

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TH Real Estate JV forms US$1B Tokyo vehicle; Harbour launches 10B-yuan fund

* TH Real Estate, in partnership with Dutch company Bouwinvest and Kenedix Inc., established an up to US$1 billion multifamily vehicle in Tokyo that raised US$200 million at its initial closing. The vehicle paid US$180 million for the purchase of six assets in central Tokyo that will be seeded under a Kenedix-managed portfolio.

Money raised during the first closing are sourced from investors including TH Real Estate's parent, TIAA. A second closing for the fund, planned for later in 2018, will target an additional US$275 million.

* Chinese co-living space operator Harbour tied up with a financial leasing company for the launch of a 10 billion-yuan buyout fund that will target land for rental flat development, the South China Morning Post reported.

Harbour also formed a separate US$1 billion fund with its backer, Hong Kong-based private equity firm Gaw Capital Partners, for the purchase of existing properties that it intends to convert into residential projects.

Hong Kong, China and Macau

* Jiayuan (Hong Kong) Holdings Ltd., an indirect subsidiary of Jiayuan International Group Ltd., agreed to pay HK$2.62 billion for the acquisition of properties held by three companies that will be restructured into a single group. The transaction is part of the Jiayuan subsidiary's plan to buy a 70.1% stake in Hong Kong property company Jiayuan StanGroup Development Co. Ltd.

* Sun Hung Kai Properties Ltd. earned HK$2 billion from the sale of 20 houses at its 355-apartment Victoria Harbour project in North Point, Hong Kong, The (Hong Kong) Standard reported.

Meanwhile, the joint proposal of Logan Property Holdings Co. Ltd. and KWG Property Holding Ltd. for a residential development in Hong Kong's Ap Lei Chau island was one of the 17 plans approved by the Buildings Department in March, The Standard noted in the same report.

* Jinke Property Group Co. Ltd. will participate in the bidding of Chongqing Yuneng Industrial Group, which will be divested from China Datang Corp., to increase its land bank and marketshare in Chongqing, China. The bidding will start at 2.15 billion yuan, equivalent to 10.89% of the Group's assets.

* Australia-listed Goodman Group is planning to transform a Hong Kong site into a logistics facility that will feature automation and robotics capabilities. The planned warehouse is intended for the roughly 31,667-square-meter site in the New Territories that Goodman HK Investments secured with a winning HK$2.75 billion bid.

* Jones Lang LaSalle Inc. is looking to relocate its Hong Kong office to the Quarry Bay area from the city's central business district. The global property consultancy company's decision to vacate a Swire Properties Ltd. asset in Central and transfer to a building owned by the same developer follows a 2.4% quarterly hike in the area's grade A office monthly rental rates.

* The Tribunal de Ultima Instancia of Macau rejected an appeal lodged by Kowloon Development Co. Ltd.'s Polytec Asset Holdings Ltd. subsidiary in relation to the termination of a property development project in the special administrative region. The interest of Kowloon Development and its subsidiaries in the development was estimated at roughly HK$7.84 billion as of Dec. 31, 2017.

* Shenzhen plans to provide 1,150 acres of land to build 160,000 housing units in 2018, People's Daily Online reported. Around 70% of the supply will be government-subsidized or housing for professional personnel, while 4.5 million square meters of land will be allocated to 50,000 units for private housing.

Singapore

* A joint venture between Perennial Real Estate Holdings Ltd. and an unnamed Chinese party is believed to have appointed Cushman & Wakefield and PropNex to help market the House of Tan Yeok Nee freehold property at the junction of Penang Road and Clemenceau Avenue, The (Singapore) Business Times reported. A price tag above S$90 million is expected to be attached to the property.

* Mapletree Logistics Trust is expecting gross proceeds of up to S$220.0 million from its recently-launched private placement of between 167,084,000 and 171,673,000 new units, each of which will be priced within the S$1.165 to S$1.197 range, according to a news release.

The proceeds from the offering will be used by the company for its plan to acquire a 50% stake in each of 11 logistics properties across China that were developed by its sponsor, Mapletree Investments Pte. Ltd., as part of a 985.3 million-yuan agreement.

India

* Embassy Group is diversifying into the mid-income housing sector by developing the 12-acre Embassy Edge project in Bangalore, Mint (New Delhi) reported. The planned project will be constructed within the 12.00 billion-rupee Embassy Springs integrated township and will have more than 800 residential units.

Australia

* The deadline for the submission of bids for the roughly A$2 billion privatization of Victoria's land titles registry is scheduled May 28 and interested parties are understood to be finalizing their respective offers, The Australian Financial Review's Street Talk reported.

Expected to join the competition are separate groups led by Australia's Macquarie and First State Super and Hong Kong's CK Infrastructure Holdings Ltd.

* Proposals lodged by Sydney-based construction company Multiplex for the A$300 million The One residential tower in Brisbane secured approval, according to The Australian. The project will rise 84 stories high and will feature 476 apartment units, two pools, cinemas and gymnasiums, among other amenities.

Japan

* Local authorities are increasingly regulating apartment construction in central Tokyo as the influx of population puts strains on school and child care infrastructure, Tokyo's The Nikkei reported.

* According to real estate research firm Tokyo Kantei Co. Ltd., asking prices for existing apartments in Tokyo fell 0.4% year over year on average to ¥36.04 million in April, The Nikkei reported.

Other real estate news

* A retailing unit of diversified property developer Henderson Land Development Co. Ltd. is buying the Hong Kong unit of Japanese general merchandiser Uny Co. Ltd. with a transaction value of nearly ¥6 billion. Under the deal, the buying subsidiary will gain and operate four branded general merchandise stores.

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Rollen Catorce, Emily Lai and Jaekwon Lim contributed to this report.

As of May 24, US$1 was equivalent to 6.38 yuan, 68.34 Indian rupees, S$1.34 and ¥109.21.