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Seazen seeks HK$2.7B from share placement; City Developments wins Singapore site

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Seazen seeks HK$2.7B from share placement; City Developments wins Singapore site

* Seazen Group Ltd. expects to net HK$2.71 billion from its planned placement of up to 311,000,000 shares priced at HK$8.78 apiece. The company noted in a filing that it intends to use the anticipated proceeds to finance its long-term business development and for general working capital of the group.

* City Developments Ltd. secured the tender for the 12,786.5-square-meter Irwell Bank Road residential site in Singapore after offering to pay S$583.9 million. The property developer's CDL Perseus Pte. Ltd. outbid six other tenderers to win the rights to the land parcel with a 99-year lease term and a maximum permissible gross floor area of 35,803 square meters.

Greater China

* Poly Property Group Co. Ltd. expects to post a rise in full-year 2019 net profit of at least 60% from HK$2.24 billion recorded in the prior-year period. The company attributed the forecast mainly to the recognition of profit from a Hong Kong development project, according to a filing.

* Singapore-listed OUE Ltd. pocketed about HK$578 million in cash from its sale of 635,522,473 ordinary shares with a par value of 10 Hong Kong cents apiece in Gemdale Properties and Investment Corp. Ltd. Following the disposal, OUE's stake in Gemdale Properties was reduced to about 23.8% from 27.8%, according to a news release.

* China Resources Land Ltd.'s contracted sales for December 2019 dropped 24.7% year over year to 15.83 billion yuan, reflecting a contracted gross floor sales area of approximately 896,997 square meters. During the reporting month, the property company also spent 9.81 billion yuan for the acquisition of various levels of interest in 10 land parcels across China.

* Longfor Group Holdings Ltd. plans to issue 2.8 billion yuan of nonguaranteed domestic corporate bonds on Jan. 16 and 17. The offering will comprise five-year bonds with a coupon rate of between 3.4% to 4.4% and seven-year bonds with a coupon rate of between 4.0% to 5.0%.

* Redsun Properties Group Ltd. expects to net US$291.7 million from its planned issuance of US$300.0 million of 9.70% senior notes due April 16, 2023. Proceeds from the offering will be used for debt refinancing and general corporate expenditures.

* China South City Holdings Ltd. plans to issue US$200.0 million of 11.5% senior notes due Feb. 12, 2022. The estimated net proceeds of US$198.4 million will be used primarily to refinance the company's existing debt and for general corporate purposes, according to a filing.

* Meanwhile, Logan Property Holdings Co. Ltd. plans to boost its previous US$100 million offering of senior notes due 2024 with the additional issuance of US$180 million of notes, with a 5.4% issuance yield. Funds raised from the follow-on offering are earmarked for the company's debt refinancing initiative.

Australia

* LendLease Group's Australian Prime Property Fund divested its 50% interest in the office building at 66 Eagle St. in Brisbane's central business district to Deka Immobilien Investment GMBH for A$380 million, The Australian reported. Prior to the transaction, which was brokered by Cushman & Wakefield and JLL, the fund co-owned the 30-story tower with Abu Dhabi Investment Authority, which is also looking to exit the property.

Japan

* Indian hotel chain operator Oyo Hotels & Homes is exiting its property rental businesses in the Japanese cities of Osaka and Nagoya, Nikkei Asian Review reported. The SoftBank Group Corp.-backed company's exit is expected to result in a 20% to 30% decline in available rental properties.

India

* India's Supreme Court gave the Enforcement Directorate permission to seize assets of JPMorgan Chase & Co.'s local unit if needed over the investment bank's alleged involvement in Amrapali Group's diversion of 1.4 billion rupees from property development projects, Bloomberg News reported, citing Senior Advocate M.L. Lahoty, who represents homebuyers in the case.

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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.