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SoftBank's rescue plan for WeWork hits snag; JD.com, ESR mull IPOs of units

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SoftBank's rescue plan for WeWork hits snag; JD.com, ESR mull IPOs of units

* SoftBank Group Corp.'s negotiations with Mizuho Financial Group Inc., Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. for a US$3 billion loan for WeWork Cos. Inc. hit a roadblock after the lenders reached internal lending limits to the Japanese conglomerate. The lenders are also concerned about risks involved in rescuing the embattled coworking giant. The loan was supposed to be part of SoftBank's US$9.5 billion rescue package that will give it an 80% stake in The We Co. subsidiary.

* Chinese e-commerce company JD.com Inc. is in discussions with banks regarding a potential overseas IPO of its logistics arm that could raise between US$8 billion and US$10 billion. JD Logistics, which may list in Hong Kong or New York, intends to use funds from the IPO for warehouse expansion and potential acquisitions.

* ESR Cayman Ltd. is reportedly considering the potential listing of a South Korean real estate investment trust that will have ownership of at least six properties. The Warburg Pincus LLC-backed logistics real estate developer could raise at least US$500 million from the offering that could take place in 2020.

Greater China

* MTR Corp. Ltd.'s public tender for the 12th phase of the Lohas Park residential estate development in the Tseung Kwan O area of the New Territories, Hong Kong, piqued the interest of 33 potential bidders, including Sun Hung Kai Properties Ltd., China Overseas Land & Investment Ltd., New World Development Co. Ltd. and Wheelock & Co. Ltd., The (Hong Kong) Standard reported. The over 320,000-square-meter site at Lot No. 70 Tseung Kwan O Town has a maximum residential gross floor area of 89,290 square meters.

* Hang Lung Properties Ltd. obtained a HK$1 billion green loan facility from the Hong Kong branch of Oversea-Chinese Banking Corp. Ltd. Proceeds from the developer's maiden green loan will be used to finance commercial property projects in mainland China, according to a news release.

* In 2020, China will continue the implementation of a long-term management mechanism for the property sector as it strives to maintain stability in housing prices, Xinhua News Agency reported, citing the country's housing ministry.

India

* Puravankara Ltd. is investing 8.50 billion rupees over the next four years to develop high-end residential projects in Bengaluru, Chennai and Mumbai, Mint (New Delhi) reported. The developments will provide 1,460 housing units across sites having an aggregate area of 2.2 million square feet and will be operated under the WorldHome Collection brand upon completion.

Philippines

* Ayala Land Inc. refuted rumors of acquisitions and development plans for the conserved town of Sagada in the Philippines' Mountain Province after an outcry from local residents, The Philippine Star reported. Earlier reports claimed the Filipino developer intends to transform a 20-hectare property in the town into a rest and recreation project.

Other real estate news

* Singapore Press Holdings Ltd. bought a 2,383-bed portfolio of student accommodation properties in the U.K. under a £448 million agreement. The properties, which lifted the Singaporean company's assets under management to S$1.5 billion, was marketed in August by Student Castle Ltd.

* The U.K. arm of Ara Asset Management Ltd. agreed to establish a joint venture with Venn Partners LLP that will target opportunities in the real estate credit markets across Europe. Subject to regulatory approvals, the deal is expected to be completed by the first quarter of 2020, according to a news release.

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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.