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China Resources logs September sales; Frasers' rights issue 141% oversubscribed

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China Resources logs September sales; Frasers' rights issue 141% oversubscribed

* China Resources Land Ltd. and its subsidiaries recorded approximately 8.35 billion Chinese yuan of contracted sales in September, representing about 709,000 square meters of contracted gross floor area. The group also acquired four land parcels in China for an attributable land premium of approximately 8.49 billion yuan.

* Frasers Hospitality Trust said that it raised about S$266.3 million from a rights issuance that was oversubscribed at 141.3%. As of Oct. 7, the company received valid acceptances and excess applications for a total of 624,044,816 rights stapled securities. Frasers plans to use a majority of the proceeds to fund its A$237.0 million purchase of the Novotel Melbourne on Collins hotel in Melbourne.

HONG KONG AND CHINA

* Shimao Property Holdings Ltd. amended a 2.45 billion-yuan equity transfer agreement signed by its unit Shanghai Shimao Co. Ltd., as part of a plan to raise up to 6.67 billion yuan via an issuance of new shares.

The amendment — which will involve equity transfer transactions between subsidiaries of the company — was made because the March 14 proposal is yet to receive approval from the China Securities Regulatory Commission as of Oct. 11.

* China Resources Land gained approval from shareholders for its proposed 6.24-billion-yuan acquisition of Shining Jade Enterprises Ltd., which owns a development project in Shenzhen, China, as well as several car parks on the mainland.

* KWG Property Holding Ltd. plans to redeem US$400.0 million of 13.25% senior notes due 2017 on Nov. 10. The company intends to use internal resources to pay for the redemption.

* Shui On Land Ltd. plans to sell units at its Lakeville Luxe residential project in Xintiandi, Shanghai, with one of the units to be priced at 300,000 yuan per square meter, which could set a record high in the city amid new curbing measures being imposed to control rising prices, the South China Morning Post reported, citing Allen Taylor of Shui On Development, a Shui On Land subsidiary.

* Former Sun Hung Kai Properties Ltd. Chairman Walter Kwok said that China's loosened regulatory approvals for capital outflows have helped his flagship holding company, Empire Group Holdings, in expanding its real estate investments in Hong Kong, the SCMP reported.

* Unmarried home buyers in Jinan, China, must prove their marital status in order to buy a house, Reuters reported, citing Xinhua News Agency.

* Morgan Stanley reported that residential unit sales in 25 major Chinese cities were down 43% in the week ending Oct. 9 from the previous week, following new purchase restrictions, according to Hong Kong Economic Times.

AUSTRALIA

* In Melbourne, CBRE figures showed that strata office values in the city over the last 12 months increased by 10% to 15%, translating to per-square-meter prices of A$7,000 to A$11,000, The Australian Financial Review reported. The increase is partly attributed to the sector's comparable returns with residential apartment developments.

CBRE senior office sales negotiator Tim Last reportedly said that the company is marketing "a number" of boutique office schemes from developers that were previously involved in residential projects.

JAPAN

* Deutsche Bank AG analyst Yoji Otani predicts that apartment prices in Tokyo may drop at least 20% by 2018, due to rising mortgage rates caused by the Bank of Japan's shift to controlling bond yields, Bloomberg News reported.

* According to the monthly tally of home sales in the Tokyo region by Real Estate Information Network for East Japan, 3,150 existing apartments found buyers in September, up 13.6% year over year, Jutaku-Shimpo-Sha reported. A total of 1,054 existing detached houses were sold in September in the region, up 10% from a year ago.

SOUTHEAST ASIA

* Fitch Ratings affirmed Alam Sutera Realty Tbk's long-term issuer default and senior unsecured debt ratings at B+ with a negative outlook. The affirmed ratings reflected the rating agency's belief that the Indonesian company's weak contracted sales over the 18 months to Aug. 31 is mostly cyclical. It added that PT Alam's business risk profile is "largely intact."

* Fitch revised its outlook on Malaysian conglomerate Sime Darby Bhd. to stable from negative and affirmed its long-term foreign- and local-currency issuer default ratings at BBB+. The ratings action takes place after the company announced a successful share placement and a signed implementation deal for its reverse takeover of Saizen Real Estate Investment Trust.

Sime Darby's BBB+ senior unsecured rating and sukuk issue rating were also affirmed.

INDIA

* Fitch Ratings affirmed its B+ long-term foreign-currency issuer default rating on Indiabulls Real Estate Ltd., with a stable outlook. The affirmed ratings reflected the company's increasing contracted sales and cash collections.

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Data Dispatch: REIT capital-raising activity up 11.3% YOY through September-end: During the two-week period between Sept. 16 and Sept. 30, REITs raised approximately $3.51 billion.

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, Jaekwon Lim and Spencer Sheehan contributed to this report.