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Philippines issues REIT guidelines; Ping An eyes portion of Sun Hung Kai project

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IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

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Philippines issues REIT guidelines; Ping An eyes portion of Sun Hung Kai project

* The Philippine's Securities and Exchange Commission issued the new implementing rules and regulations for the country's Real Estate Investment Act, The Philippine Star reported. The SEC, together with the country's Department of Finance, Bureau of Internal Revenue and the Philippine Stock Exchange signed the amended guidelines Jan. 20, lowering the minimum public ownership of REITS and giving the property trusts access to tax incentives.

* Ping An Real Estate Co. Ltd. plans to acquire one of the three office buildings intended for the 59,746-square-meter development site atop the West Kowloon rail station in Hong Kong that Sun Hung Kai Properties Ltd. secured with a roughly HK$42.23 billion bid in November 2019, Mingtiandi reported, citing sources close to both companies. The entire project is expected to have a total of 261,600 square meters of office space, accounting for about 89% of the property complex' gross floor area.

Greater China

* Powerlong Commercial Management Holdings Ltd. said the overallotment option for its IPO on the Hong Kong stock exchange was fully exercised, delivering additional net proceeds of HK$213.7 million to the Powerlong Real Estate Holdings Ltd. spinoff. The trading of the 22.5 million shares comprising the overallotment will commence Jan. 22, according to a filing.

* As planned, Longfor Group Holdings Ltd.'s Chongqing Longhu Development Co. Ltd. subsidiary issued the first tranche of its 2020 Domestic Corporate Bonds. The offering had a principal amount of 2.8 billion yuan and comprised 2.3 billion yuan of seven-year bonds with a 4.2% coupon rate and 500 million yuan of five-year bonds with a 3.55% coupon rate.

* Minmetals Land Ltd. said its subsidiary ONFEM Finance Ltd. obtained a HK$6.00 billion loan facility with a four-year term from certain unnamed banks.

* China's Public Security Bureau required Peng Xinkuang, CEO, chairman and an executive director of SRE Group Ltd. to undergo an investigation due to personal matters, the property company said in a filing, citing relatives of the executive. In light of the move, SRE Group named Zhu Qiang, an executive director of the company, as acting CEO.

* Hong Kong retained its title as the world's least affordable housing market, according to the 16th Annual Demographia International Housing Affordability Survey. With a median multiple of 20.8, the city's homes outpriced residential properties in the U.S., Singapore, the U.K., Australia and New Zealand.

Singapore

* Yanlord Land Group Ltd. closed the acceptance period for its S$2.70-per-share takeover offer for United Engineers Ltd. with acceptances from approximately 43.70% of the target's total ordinary shares and about 1.44% of its total preference shares. Following the development, Yanlord Land reiterated that it plans to take measures to delist United Engineers from the Singapore stock exchange.

* Elite Commercial REIT set the price of its IPO on the Singapore bourse at 68 pence per share, The Business Times reported, citing the term sheet for the offering. The IPO will raise between £119.5 million and £131.2 million, based on a total offering size of 175.7 million to 192.9 million units.

Australia

* LendLease Group has sold a 25% stake in a tower it is developing atop the future Victoria Cross metro station in North Sydney, which is expected to have an end value of approximately A$1.2 billion, The Australian Financial Review reported. The property company will transfer the interest to one of its wholesale unlisted property trusts under a A$300 million agreement.

* Australian Unity Ltd. raised A$291 million for its unlisted Healthcare Property Trust within a week of the fundraising's opening, the AFR reported, citing healthcare property chief Chris Smith. The trust has a A$675 million development pipeline that includes the A$390 million surgical, treatment and rehabilitation service in the Herston inner suburb of Brisbane.

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.