* Sun Hung Kai Properties Ltd.'s underlying net profit for the fiscal year ended June 30 rose 6.58% to HK$32.40 billion from HK$30.40 billion in the prior-year period. The Hong Kong-listed developer's reported net profit, which includes the effects of fair value changes on investment properties, dropped 10.1% year over year to HK$44.91 billion from HK$49.95 billion.
* Mirae Asset Global Investments Co. Ltd. intends to raise US$2 billion to help fund its acquisition of Anbang Insurance Group Co. Ltd.'s hotel portfolio in the U.S., IPE Real Assets reported, citing unnamed sources. The South Korean investor is setting up six private vehicles as part of the planned fundraising, the sources noted.
Singapore
* City Developments Ltd. said its offer to privatize Millennium & Copthorne Hotels PLC has become unconditional in all respects, according to a filing. Delisting of the London-based company is expected Oct. 11, pursuant to the deal, which values the target hotel group at £2.23 billion.
* Singapore's Urban Redevelopment Authority awarded a residential-focused land plot at Tan Quee Lan Street in District 7 to a joint venture involving GuocoLand Ltd., after the consortium offered to pay S$800.2 million in an auction. GuocoLand's GLL D Pte. Ltd. subsidiary, Intrepid Investments Pte. Ltd. and Hong Realty (Private) Ltd. outbid two other tenderers to win the 11,530.8-square-meter site with a 99-year lease term.
Greater China
* Zensun Enterprises Ltd. placed the winning 1.51 billion-yuan bid for a 55,608.04-square-meter residential land parcel in Beijing. The property company, formerly known as ZH International Holdings Ltd., is buying the site with an up to 2.5 permissible plot ratio through its Beijing Shangrui Real Estate Co. Ltd. subsidiary, according to a filing.
* Poly Property Group Co. Ltd. intends to exit Win Loyal Development Ltd., a project company holding an approximately 56,592-square-meter development site in Macau. The company noted that all of its HK$3.75 billion investment in the Macau project had been repaid as of Sept. 12.
* Beijing Capital Land Ltd. agreed to form a partnership fund in China with an initial registered capital of 500.0 million yuan with two subsidiaries of its controlling shareholder, Beijing Capital Group Co. Ltd. The fund, Beijing Capital Culture Industrial Investment Fund (LP), will target investment opportunities in the cultural and creative industries.
* Yuexiu Property Co. Ltd. obtained an up to HK$1.45 billion loan facility with a 36-month term from an unnamed bank, according to a filing.
* Shenzhen Investment Ltd.'s subsidiary, Shenzhen Nongke Group Co. Ltd., plans to issue 1.9 billion yuan of asset-backed securities in China over the next two years. It said the proceeds will be used primarily to repay bank loans and replenish the working capital of the subsidiary.
* Hong Kong's government plans to table a vacancy tax bill before the Legislative Council in an attempt to keep a lid on the city's home prices, the Hong Kong Economic Times reported. The law will be implemented within three months after the lawmakers' approval.
India
* Oyo Hotels & Homes will open its first upmarket business hotel in India under a partnership with Mountainia Developers. The hotel in Ahmedabad will be operated under the Oyo brand and will feature 64 suites, according to a news release.
Japan
* The average office vacancy rate in Tokyo's five central wards was 1.71% in August, The Nikkei reported, citing Miki Shoji Co. Ltd. data. During the reporting month, three new office buildings were completed in the area including Sumitomo Realty & Development Co. Ltd.'s Shinjuku Central Park Tower and Mitsubishi Estate Co. Ltd.'s Link Square Shinjuku development.
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Aries Poon, Emily Lai and Jaekwon Lim contributed to this report.
