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China Fortune H1 net profit up 22.4% YOY; LendLease plans September S-REIT IPO

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China Fortune H1 net profit up 22.4% YOY; LendLease plans September S-REIT IPO

* China Fortune Land Development Co. Ltd.'s first-half net profit rose 22.4% year over year to 8.48 billion yuan. The Chinese developer's operating revenue for the period grew 10.7% year over year to 38.73 billion yuan.

* Meanwhile, China Fortune Land is teaming up with Ping An Life Insurance Co. of China Ltd. for the development of a property project in Beijing. As part of the joint venture, the property company will transfer the development to the Chinese insurer for 5.83 billion yuan and its subsidiaries will be appointed to construct and manage the project.

* LendLease Group is aiming to commence in mid-September its planned listing of a commercial real estate investment trust in Singapore with a market capitalization of at least S$1 billion, The Business Times reported, citing unnamed sources. The seed portfolio of the REIT is expected to include a shopping mall along Orchard Road in the city-state, as well as properties in Milan, Italy.

Hong Kong and China

* Sunshine 100 China Holdings Ltd. said it expects its net profit for the first half to rise by at least 50% year over year, citing a gain from its disposal of noncore assets during the period.

* Billion Development and Project Management Ltd. pocketed HK$2.83 billion from the sale of 354 apartments at its The Aurora development in the Tsuen Wan area of Hong Kong, South China Morning Post reported. The divestment of the properties took place as political protests continued in the city.

* JPMorgan Chase & Co. reduced its shareholding in Guangzhou R&F Properties Co. Ltd. to 4.75% from 8.25% through a HK$454 million divestment of 35.48 million shares earlier in August, according to a disclosure on the Hong Kong stock exchange.

* Beijing Capital Land Ltd. plans to raise up to 8 billion yuan via an issuance of debt to qualified investors. In a filing, the property company said that the proceeds from the planned issuance will be used to repay loans from financial institutions and to finance the development and construction of its projects.


* SoftBank Group Corp.'s Fortress Investment Group LLC subsidiary is reportedly negotiating with Unizo Holdings Co. Ltd. to purchase the Japanese business hotel operator for a price higher than the ¥3,100 per share offered by Tokyo-based travel agency H.I.S. Co. Ltd.

* Nippon Steel Kowa Real Estate Co. Ltd. will offer furniture subscription for residents at its apartment developments, Tokyo's The Nikkei reported.


* Venkat K. Narayana, CEO of Prestige Group, said a REIT-listing is a viable option for the company's commercial office portfolio, Mint (New Delhi) reported. The company is considering the IPO, following the successful float in April of the Blackstone Group Inc.-backed Embassy Office Parks REIT.


* CapitaLand Ltd.'s The Ascott Capital Pte. Ltd. subsidiary fully redeemed S$300.0 million of 3.78% fixed-rate notes due 2019 upon the bonds' maturity. The company issued the notes under its S$1.00 billion multicurrency medium-term note program.

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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.

Ian Cruz, Emily Lai and Jaekwon Lim contributed to this report.