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Daiwa mulls new REIT; Sunac China, Beijing Capital Land set up 10B-yuan fund

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Daiwa mulls new REIT; Sunac China, Beijing Capital Land set up 10B-yuan fund

* Daiwa Securities Group Inc.'s unit plans to launch a new real estate investment trust through private placement amid persistently low interest rates, Bloomberg News reported. Toshio Fukushima, President of Daiwa Real Estate Asset Management Co., added that existing trusts are considering issuing new units to raise fund for expansion. He expected the combined assets of the company's REITs to surpass ¥1 trillion in 2020, from roughly ¥900 billion as of September.

* Sunac China Holdings Ltd., Beijing Capital Land Ltd. and its financing unit Prime Golden Capital agreed to set up an up to 10-billion-yuan fund to invest in real estates and financial technology. The fund is already in talks to invest in various projects in the Chinese cities of Hangzhou, Wuhan, Zhengzhou, Shanghai and Kunming.

Greater China

* Fosun International Ltd. placed the winning bid of 3.48 billion yuan for a mixed residential-commercial site in Zhuhai city in southern China, local media Guandian reported. The site, auctioned Dec. 26, has an area of 255,000 square meters and a plot ratio of 1.66.

* Greentown China Holdings Ltd. agreed to acquire a 40% stake in local developer Zhejiang Yinrun Bluetown Real Estate Development Co. Ltd. for up to 420.2 million yuan. Zhejiang Yinrun Bluetown has the rights to develop a 645,493-square-meter residential and commercial project in Huzhou city in eastern Zhejiang province.

* Mapletree Logistics Trust agreed to sell its 100% equity interest in a logistic facility in Shanghai to a unit of GDS Holdings Ltd. for 330 million yuan. The facility, located within the Waigaoqiao Free Trade Zone in Pudong New District comprises a part three-story and part six-story warehouse site with a gross floor area of 37,698 square meters.

* Sun Hung Kai Properties Ltd. plans to sell the first batch of 142 units at its Wetland Seasons Park project in Hong Kong's Tin Shui Wai town at an average of HK$11,388 per square foot, about 9% higher than used homes sold in nearby Kingswood Villa, the South China Morning Post reported. The developer said the pricing reflects revived buyer confidence following recent progress in the U.S.-China trade talks.

Japan

* Nippon REIT Investment Corp. plans to issue up to ¥100 billion worth of investment corporation bonds between Jan. 9, 2020 and Jan. 8, 2022. The funds will be used for the purchase of assets, repayment of borrowings, redemption of investment corporation bonds, refunds leasehold and security deposits, payment for repairs and working capital.

* Greystar Real Estate Partners LLC's newly appointed managing director for Japan, Akira Kosugi, said the U.S.-based rental apartment developer is eyeing a number of residential portfolios in the cities of Osaka, Tokyo and Nagoya, Mingtiandi reported. Kosugi added that they are aiming to close a roughly US$200 million acquisition in the first quarter of 2020.

* ORIX JREIT Inc. increased its forecast distributions per unit for the six months ending Feb. 29, 2020 by 5.9%, to ¥3,930 from ¥3,710, in part due to capital gains from an asset sale. The trust also boosted its forecast net income for the period to ¥11.83 billion from ¥10.42 billion, and operating revenues to ¥26.31 billion from ¥24.82 billion.

Australia

* Mirvac Group is buying the former Melbourne Convention Center site at 7-23 Spencer St. at the Flinders West precinct in Melbourne for A$200 million. The development comprises an approximately 40,000-square-meter office tower and an apartment building with about 430 units.

Aries Poon contributed to this article.

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.