* Vinhomes JSC, the luxury residential unit of Vietnamese developer Vingroup JSC, is reportedly looking to raise up to US$2 billion from its planned IPO. If pursued, the planned listing of the spinoff backed by Singaporean wealth fund GIC Pvt. Ltd. could surpass the record set in 2017 by its affiliate, shopping mall operator Vincom Retail JSC, for the biggest public listing in Vietnam.
* Certain subsidiaries of Hong Kong-listed developer Shui On Land Ltd. terminated a roughly 3.37 billion-yuan deal with Citic Pacific China Holdings Ltd. for the sale of a proposed high-rise office and hotel tower in Wuhan, China. Shui On Land said risks related to possible zoning and regulatory requirements which could alter the construction plan for the site prompted the parties to cancel the transaction.
Hong Kong and China
* AVIC International Holding (HK) Ltd. decided to sell its real estate business in China as part of a strategy that will allow it to focus on the worldwide general aviation aircraft piston engines market. To formalize its real estate exit, the company will soon launch an auction for its Ease Triumph International Ltd. subsidiary, with a reserve price of 680 million yuan.
* The distribution of the 47 floors in The Center property in Hong Kong that CK Asset Holdings Ltd. divested to a consortium in a record HK$40.2 billion agreement will likely happen in May, Mingtiandi reported, citing local media. Among the new owners taking a slice of the world's most expensive office building are Ma Ah-muk, owner of Hong Kong’s largest minibus operator Koon Wing Motors, and Shimao Property Holdings Ltd. Chairman Xu Rongmao.
* Watch retailer Prosper One Holdings Co. Ltd. sold the 11th floor of the World-Wide House building in Hong Kong's Central district to an unnamed buyer for a record HK$44,030 per square foot, totaling HK$735 million, Mingtiandi reported.
* A partnership involving a Morgan Stanley Private Equity Asia-managed fund raised US$100 million for China's long-term rental apartment services company QingKe, marking the fund's maiden foray into the mainland's apartment rental sector.
Australia and New Zealand
* JPMorgan analysts said re-leasing pressure will grow for listed mall owners in 2019 and 2020 unless retail sales improve, The Australian Financial Review reported. The aforementioned pressure is expected to impact the net operating income of retail landlords, including Scentre Group, Vicinity Centres, Stockland, GPT Group and Mirvac Group.
* Propertylink's Propertylink Holdings Ltd. subsidiary agreed to purchase a six-story commercial building in the Sydney suburb of Parramatta from a Raffles Education Corp. Ltd. unit for A$82 million.
* NEXTDC Ltd. CEO Craig Scroggie said the listed technology company is allotting A$2 billion for the development of three sites in Sydney, Perth and Melbourne, that it intends to buy for a combined A$167 million, according to The Australian.
* Data released by CoreLogic showed that average rents in Sydney grew 0.5% in the quarter ended March 31 and 1.7% on an annual basis to A$582 per week, the AFR reported.
* The International Monetary Fund said New Zealand's proposed ban on the sale of homes to foreign buyers will not be beneficial to the affordability of houses in the country and could even worsen the supply in the sector, Bloomberg reported, citing a study by the Washington-based international organization.
Southeast Asia
* A Banyan Tree Holdings Ltd. partnership's offer to take over Laguna Resorts & Hotels PCL under a roughly 2.28 billion-baht agreement closed with the offeror holding a total of 143,817,503 shares or an 86.28% stake in the target.
* Singapore-listed Keppel-KBS US REIT's net property income in the reporting period ended March 31 amounted to US$22.3 million, 5.2% higher compared to its US$21.2 million IPO forecast. The company also surpassed its distribution-per-unit forecast after it logged 2.32 U.S. cents for the reporting period that commenced Nov. 9, 2017.
* Malaysian developer UEM Sunrise Bhd. is teaming up with Mega Legacy (M) Sdn. Bhd. for the development of the 10 residential- and commercial-zoned leasehold sites in Kuala Lumpur that it bought from Datuk Bandar Kuala Lumpur for 416.4 million ringgit.
* Powerlong Real Estate Holdings Ltd.'s issuance of US$350.0 million in 6.95% senior notes due April 17, 2021, is expected to be listed on the Singapore stock exchange April 18 at 9 a.m. local time.
* A consortium led by Sustained Land Pte. Ltd. won the tender for the Asia Gardens estate in Singapore's District 2 after it bid S$343 million, The (Singapore) Business Times reported. The winning bid is higher than the S$338 million asking price for the 23-story development.
Japan
* Mitsui Fudosan Co. Ltd. said Mitsui Fudosan Residential Co. Ltd., Marubeni Corp., Panasonic Eco Solutions Housing Equipment Co. Ltd. and Fulltime System Co. Ltd. entered into a cooperation agreement to introduce a logistics system within a condominium. The new system will be integrated into The Tower Yokohama Kitanaka in Yokohama City, which is slated to complete in February 2020, Logistics Today reported.
South Korea
* In a span of nine months, the Korean logistics holdings of Deutsche Asset Management's new DWS global brand increased to more than €170 million on the back of its separate acquisitions of the four-level Logiport Icheon property, the DPL Anpyungri Logistics warehouse and the MQ Logistics Centre, among other assets, IPE Real Assets reported.
Other real estate news
* New World Development Co. Ltd. Chairman Henry Cheng Kar-shun is planning to offer 86 units at an £8.4 billion redevelopment project in London to Hong Kong buyers. The project is being developed by Cheng's Knight Dragon company and contains units priced between £550,000 and £2.1 million each, the South China Morning Post reported.
The Daily Dose Asia-Pacific, Real Estate edition is updated by 6:30 a.m. Hong Kong time. S&P Global Market Intelligence provides links to external sites where these offer further, relevant information to our readers. While we ensure that such links are functional at the time of publication, we are not responsible in instances where those links are unavailable later.
Rollen Catorce and John Chan contributed to this report.
As of April 17, US$1 was equivalent to 6.28 yuan, 3.89 ringgit, S$1.31 and 31.21 baht.
