* AccorHotels struck a deal with an Abu Dhabi Investment Authority subsidiary to restructure its A$1 billion portfolio of 31 hotels in Australia. Under the restructuring, the company will convert the triple-net leases of 15 hotels into 50-year management agreements and extend the management term of one hotel to 50 years.
* GDI Property Group agreed to sell its 307 Queen Street office property in Brisbane, Australia, for about A$142.2 million in a deal set to close by Jan. 31, 2017, subject to FIRB approval.
* The latest statistics from STR showed that Asia-Pacific hotels recorded mixed performance across three key metrics for November, with RevPAR increasing 2.1% year over year to US$73.49 and occupancy rising 3.1% to 72.3%. Average daily rate, however, fell 1.0% to US$101.65.
China and Hong Kong
* Chinese President Xi Jinping called for wide-ranging actions, including financial, fiscal, tax, land and regulatory measures, to regulate the country's red-hot property market, Reuters reported. "The country should accurately understand the residential feature of housing and form a housing mechanism that serves both purchase and rental purposes and meets housing demands of a new urban population," the report quoted Xi as saying.
* MTR Corp. Ltd. said Gold Brilliant Investment Ltd., a consortium led by Goldin Financial Holdings Ltd., won the development rights for a residential project at the Ho Man Tin MTR station in Hong Kong.
* A China Vanke Co. Ltd. salesperson said the shoebox apartments in the Chinese property giant's Cloud City project in Guangzhou's Tianhe district that are being offered at discounted prices are luring investors and young buyers alike, the South China Morning Post reported. The project consists of 5,584 apartment units that are between 204 square feet and 388 square feet in size.
* Lendlease Corp. Ltd. confirmed that Chinese insurer Ping An and Japan's Mitsubishi Estate Asia will fund the development of its planned A$1.5 billion Circular Quay project in Sydney, The Australian Financial Review reported, citing Kylie Rampa, Lendlease's CEO for property. According to the report, Lendlease will retain a 20% interest in the project, while Ping An Real Estate and Mitsubishi will own 50% and 30%, respectively.
* Iris Capital sold the Clovelly Hotel in Sydney's eastern suburbs to Solotel for an undisclosed sum, the AFR reported, noting that the hotel could have been sold for more than A$30 million.
* Global Logistic Properties Ltd. said a co-investor made its initial contribution of roughly US$32.0 million to Harvest Logistics Holdings LP, a fund established to hold a newly acquired US$1.1 billion logistics portfolio in the U.S. from Hillwood. The amount corresponds to 9.7% of the total capital contributions made to the fund.
* Boustead Plantations Bhd entered into an agreement for the proposed sale of its 677.78-hectare freehold land in Pulau Pinang, Malaysia, to SP Setia Bhd. unit Setia Recreation Sdn Bhd for roughly 620.1 million Malaysian ringgit in cash.
* Overall land prices in Bangkok are expected to increase by 10% to 30% in 2017, despite the deferral of the land and buildings tax for one year, the Bangkok Post reported, citing Nalinrat Chareonsuphong, managing director of property consultant Nexus Property Marketing Co.
* Elegant Jubilee, a Chinese group led by Jiangsu Sha Steel Group, paid HK$23.03 billion in cash to acquire joint control in international data center developer Global Switch Holdings, which is developing a HK$4 billion new facility in Hong Kong, the South China Morning Post reported. According to the report, the Chinese consortium purchased the 49% interest in the company from Aldersgate Investments.
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. Articles and links are correct as of publication time.