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Wharf REIC logs profit after IPO; Chinese Premier talks affordable housing

* In its first earnings release since its November 2017 IPO and demerger from Wharf (Holdings) Ltd., Wharf Real Estate Investment Co. Ltd. said full-year 2017 profit attributable to shareholders of the company rose 73.5% on an annual basis to about HK$17.22 billion from roughly HK$9.92 billion. Revenue in the 2017 financial year grew 24.0% to HK$20.90 billion from HK$16.85 billion year over year.

* The Chinese government is taking a tougher stance to combat speculation in the housing market. Reuters reported, quoting Chinese Premier Li Keqiang's government work report, that the government's goal is to pursue "stable and healthy development" of the property market in 2018 by intensifying efforts to provide affordable housing and boost the rental sector.

Li also listed real estate tax legislation as among the government's priorities, adding that discussions and consultations are now ongoing for the tax reform plan, with implementation scheduled by 2020.

Hong Kong and China

* Jiayuan International Group Ltd.'s board is expecting year-on-year growth of between 80% and 100% in its revenue for the year ended Dec. 31, 2017, and profit attributable to equity holders to increase within the 50% to 70% range.

* Guangzhou R&F Properties Co. Ltd. was granted permission by the Hong Kong stock exchange for its request to delay the distribution of a circular for its landmark 18.96 billion-yuan hotel deal with Dalian Wanda Group Co. Ltd. and Sunac China Holdings Ltd. to no later than March 29. Guangzhou R&F noted that more time is needed to prepare the document.

* The respective contracted sales of Hong Kong-listed developers China Evergrande Group, Sunac China, Sino-Ocean Group Holding Ltd., Guangzhou R&F and Logan Property Holdings Co. Ltd. all increased year over year in February.

For China Evergrande, contracted sales increased to roughly 48.14 billion yuan from the 31.21 billion yuan logged in the prior year; Sunac China's contracted sales grew 88% to approximately 19.11 billion yuan; and Sino-Ocean, Guangzhou R&F and Logan Property respectively jumped 19%, 42% and 100.8% year on year to an estimated 4.50 billion yuan, 5.84 billion yuan and 4.05 billion yuan during the reporting month.

Meanwhile, Future Land Development Holdings Ltd. saw an 88.02% year-over-year improvement in its accumulated contracted sales for the first two months of 2018 to about 19.03 billion yuan.

* The Chinese government unveiled a three-year plan to revamp shanty towns to increase property supply, with a target to start renovating 5.8 million units within 2018, the (Shanghai) National Business Daily reported. The Development Research Center of the State Council said it is setting a target lower than the 6.09 million units for last year due to practicality, but it remains a major way for the government to boost housing supply.

Australia

* Westpac Banking Corp. tapped McVay Real Estate to assist with the marketing of its property at 314-318 George St. in Sydney. The Australian Financial Review's Street Talk reported that if pursued, the planned divestment will also include ATG Properties' asset at 312 George St., which together with Westpac's building could fetch between A$70 million and A$100 million.

* The Royal Institute of Deaf and Blind Children took to market a 13-hectare estate in the Sydney suburb of North Rocks, with expectations of reaping approximately A$200 million, the AFR reported.

Singapore

* A CapitaLand Commercial Trust subsidiary issued S$300.0 million of 3.17% notes due March 5, 2024, from its S$2.00 billion multicurrency medium-term note program. Proceeds from the issuance will be used to refinance debt and for general working capital expenditures.

* Owners of the 47-unit Nicon Gardens residential development at Choa Chu Kang Road are selling the property en bloc with a S$110 million price tag, The (Singapore) Business Times reported.

India

* French hospitality company AccorHotels intends to debut its Raffles brand in India by opening branded luxury hotels in the cities of Mumbai and Jaipur and the state of Goa, Jean-Michel Casse, COO for India and South Asia, told The Hindu. Casse reiterated the plan, which forms part of the company's Indian expansion initiatives, at the launch of a 100-room Mercure Hotel in Sriperumbudur, to mark Accor's sixth property in Chennai.

* Embattled developer Unitech Ltd. was asked by The Supreme Court of India to submit an affidavit detailing all its unencumbered properties both domestic and offshore. The court's request comes ahead of the March 12 hearing of a class action against Unitech in relation to the delivery of its housing projects, India's Mint reported.

Other real estate news

* Shanghai-based hotel operator GreenTree Hospitality Group Ltd. is seeking up to US$200.0 million from its IPO on the NYSE. Net proceeds from the proposed offering will be used for the expansion of its hotel chain, among other purposes.

* An affiliate of HNA Tourism Group Co. Ltd. is offering 32,950,000 shares of Park Hotels & Resorts Inc. The seller — which owns an estimated US$1.4 billion stake in Park Hotels, according to Bloomberg Markets — earlier expressed its intention for a full or partial sale of its 53 million-share stake in Park Hotels.

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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. Articles and links are correct as of publication time.

Cam Nones and Emily Lai contributed to this report.

As of March 5, US$1 was equivalent to 6.35 yuan and S$1.32.