* Shimao Property Holdings Ltd.'s first-half net profit grew 19.5% to 5.11 billion yuan from 4.27 billion yuan in the prior-year period. Revenue in the period rose 32.9% to 56.56 billion yuan from 42.57 billion yuan, while gross profit increased 28.9% to 17.02 billion yuan from 13.21 billion yuan.
* Sinar Mas Group secured approval from the Shanghai stock exchange to issue China's largest-ever commercial mortgage-backed security based on a single property, Mingtiandi reported, citing the bourse. The Jakarta-based conglomerate expects to raise 13.8 billion yuan through the security backed by its Sinar Mas Centre development in Shanghai, the news platform noted.
Hong Kong and China
* Zhuguang Holdings Group Co. Ltd. expects to swing to a net profit in the first half from a net loss of HK$53.0 million a year ago. The Hong Kong-listed developer attributed the forecast primarily to an at least 40% year-over-year growth in revenue, despite at least a 50% increase in income tax expenses.
* On Aug. 30, Wheelock & Co. Ltd. will commence the sale of 500 apartments at its Marini development in Lohas Park in Tseung Kwan O, Hong Kong, Oriental Daily reported. Ahead of the planned sale, the properties were already oversubscribed more than nine times.
Australia
* Logos Property Pty. Ltd. is developing a A$230 million warehouse-and-office facility in its Marsden Park Logistics Estate in western Sydney with a BlueScope Steel Ltd. subsidiary, The Australian Financial Review reported. BlueScope's Orrcon Steel will join global produce distributor Valleyfresh and logistics provider eStore in the estate as a tenant of the 16,000-square-meter facility.
Singapore
* Midtown Development Pte. Ltd. awarded a roughly S$130 million contract to Tiong Seng Holdings Ltd.'s Tiong Seng Contractors (Private) Ltd. unit for the construction of a 20-story hotel on Club Street in the city-state.
* Yanlord Land Group Ltd.'s Yanlord Land (HK) Co. Ltd. subsidiary issued US$400.0 million of 6.80% senior notes due Feb. 27, 2024. In a news release, the Singapore-incorporated property company said it plans to use the proceeds of approximately US$395 million to finance project development and acquisition, as well as for general corporate expenditures.
* Singapore collected the lion's share of outbound real estate investment from Hong Kong in the first half, with US$1.4 billion injected into the city-state's property market, The (Singapore) Business Times reported, citing a Cushman & Wakefield research. Trailing the city-state are the U.S., the U.K. and Japan, which respectively secured almost US$1.2 billion, US$900 million and US$850 million from Hong Kong investors.
Japan
* Mitsubishi Estate Co. Ltd. is developing a 13-level building with a total floor area of 15,000 square meters in Tokyo's Minato ward, Kensetsutsushin Shimbun reported. The property is expected to be completed by September 2020.
* Ichigo Hotel REIT Investment Corp. agreed to sell the Hotel Vista Premio Kyoto property to a third-party Japanese special-purpose company for ¥4.50 billion. The real estate investment trust said it will use the proceeds from the divestment for future acquisitions and as capital expenditure.
* Mitsubishi Estate Logistics REIT Investment Corp. plans to acquire the MJ Logipark Tsuchiura 1 property for ¥3.13 billion on Sept. 2, using a combination of cash on hand and debt.
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