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Shui On JV wins 13.6B-yuan site; Takeda eyes ¥60B HQ sale; PAG plans India foray


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Shui On JV wins 13.6B-yuan site; Takeda eyes ¥60B HQ sale; PAG plans India foray

* A joint venture comprising Shui On Land Ltd.'s Shui On Development (Holding) Ltd. subsidiary, China Pacific Life Insurance Co. Ltd. and Shanghai Yongye Enterprise (Group) Co. Ltd. placed the winning 13.61 billion-yuan bid to secure a mixed-use site in Shanghai. The trio plans to build three office towers and a high-end shopping mall on the plot.

* Japan's largest pharmaceutical company is planning to launch an auction for its headquarters in Osaka by October, according to the Nikkei Asian Review of Tokyo. Takeda Pharmaceutical Co. Ltd., amid an ongoing ¥7 trillion merger deal, is expecting about ¥60 billion from the sale of the Takeda Midosuji Building.

* PAG, as part of plans to enter India, is looking to invest in various sectors in the country, including real estate, Mint (New Delhi) reported, citing two people close to the development. The Hong Kong alternative investment management firm with control over US$20 billion in assets is believed to be reaching out to potential candidates for its Indian leadership team.

Hong Kong and China

* Mitsubishi Jisho Residence Co. Ltd. is developing a large-scale residential development in Jiangsu Province, China, together with joint venture partner China Vanke Co. Ltd., reported. The Nantong City Gangzha District Project will comprise about 1,100 residential units on an approximately 9.8-hectare site.

* Powerlong Real Estate Holdings Ltd. signed a facility agreement for an up to US$305.0 million loan facility with a term of 42 months. Funds drawn from the credit line will be directed toward debt refinancing and for general working capital.

* Shui On Land and Powerlong both saw year-over-year jumps in their respective contracted sales for the first half of 2018. For Shui On Land, sales grew 36% to nearly 5.98 billion yuan, while for Powerlong, they increased by about 80.3% to an estimated 16.34 billion yuan.

* Outbound investments from China never really stopped, according to JLL, despite Beijing's implementation of capital control measures. For instance, Chinese investments in real estate in 2017 amounted to US$32 billion, lower but "roughly in line" with the record-high US$33 billion of outbound investments in the sector in 2016.

Southeast Asia

* Joel Ng, an analyst at KGI Securities (Singapore) Pte., said Singapore property stocks may decline July 6 as a result of the government's implementation of tightened property curbs in the city-state, Bloomberg News reported. Developers that could be affected include City Developments Ltd., Oxley Holdings Ltd., SingHaiyi Group Ltd., Keppel Land Ltd. and Wing Tai Holdings Ltd.

* A Philippine court order opened the doors for an Ayala Land Inc. joint venture to move ahead with its plan to develop a so-called Plastic City in Valenzuela, The Philippine Star reported. Wellex Group, the partner of Ayala Land's Avida Land subsidiary in the 17-hectare project, said properties intended for the development have received clearance following the termination of a rehabilitation case.

* Still in the Philippines, Ortigas & Co. is allotting 26 billion pesos for the expansion of its Capitol Commons prime estate in Pasig City, The Philippine Star reported, citing CEO Jaime Ysmael. The expansion will see three new residential towers on the site and an additional 76,000 square meters of gross floor area in the existing Estancia mall, among other new features.

* A unit of Indonesian conglomerate Lippo Group is teaming up with Japan's SoftBank Corp. for an internet-of-things collaboration that will provide technologies and services for real estate, healthcare and mobility systems in Indonesia, the Nikkei reported.


* Mitsubishi Jisho Residence and San Shin Jyuken Ltd. are planning to develop new condominiums and commercial shops in Nishi Oi, Shinagawa Ward, Kentsu Shinbunsha reported. The project is scheduled to start in mid-September and complete by end of February 2020.


* Three properties of Unitech Ltd., with a combined worth of 6.00 billion rupees, will be auctioned off under an order of India's Supreme Court, Mint reported. Proceeds from the sale of the properties in Agra, Varanasi and Sriperumbudur will be used to cover refund claims by 4,688 homebuyers from the embattled developer.


* CLSA, the adviser of Property Exchange Australia Ltd., is calling for indicative bids for the sale of its IPO-hopeful advisee, The Australian Financial Review's Street Talk reported.

Link Administration, a shareholder of the marketed online real estate settlement company, is one of the expected bidders along with an infrastructure manager and various private equity investors.

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 and John Chan contributed to this report.

As of July 5, US$1 was equivalent to 6.64 yuan, 68.87 rupees and 53.42 pesos.