* After gaining to acquire all , or IOF, units withoutthe risk of a review or default from the fund's debt holders, IOF's responsibleentity saidunit holders will each receive an additional special distribution of 7 Australiancents per IOF unit in cash if DEXUSProperty Group's takeover proposal becomes effective.
The special distribution is on top of the offer's implied value of A$4.1447 per IOF unit.
IOF added that the April 8 meeting of unit holders to vote onthe merger has been suspended to allow unit holders to review the supplementaryexplanatory memorandum that will be sent to them.
* Meanwhile, ISS and CGI GlassLewis echoed the recommendationof IOF's board, saying unit holders should approve the A$10 billion business combinationwith DEXUS, The Australian Financial Reviewreported.Both global proxy advisory firms serve as the advisers for IOF proxy subscribers.
* The Chinese government's pilotprogram for value-added tax is expected to benefit local property developers suchas China Vanke Co. Ltd.and China Resources Land Ltd.,the South China Morning Post reported,citing analysts from HuataiSecurities, UBS and Citic.
Underthe tax reforms, real estate firms will be required to pay VAT instead of the usualbusiness tax, effective May 1. The current business tax on sales is at 5% and thenew policy's 3.3% actual tax rate will mean significant savings on costs for developers,according to the publication.
* According to Macquarie Securities,Australia-listed Westfield Corp. Ltd.is mainly focusing on two malls in London for its plan to develop in the U.K., the AFR reported.The projects are valued at a combined 44 U.S. cents per security.
The companycould unlock over A$1 billion of potential value in apartment projects at its WestfieldLondon and Westfield Stratford properties once it comes up with the best strategy,according to the publication.
* STR's independentanalysis showed that despite Airbnb's growing presence in Sydney, it does not haveany significant effect on the performance of the city's hotel sector so far.
* Frasers Centrepoint Ltd.'s Frasers Property Australia Pty.Ltd. sold out all the 60 townhouses at its Park Gallery project in Brisbane, accordingto a newsrelease.
* Crown Resorts addressed a recommendedreduction of the podium at its A$1.2 billion Barangaroo casino-resort in Sydney, saying a reducedsize for the 271-meter tall tower's component could have a negative impact on theentire plan, The Sydney Morning Heraldreported.
Despitethe minor blip, the company found an ally in the New South Wales Department of Planning,as the latter endorsed Crown's plan to the state's Planning Assessment Commissionfor approval.
The Australian also reportedon the news.
* Cbus Property seeks to reachmiddle ground with Victoria's planning authorities for the development of a A$1.25billion twin-tower project in Melbourne, the AFR reported.Planning Minister RichardWynne sent back the company's proposal after the project was found to have a potentiallyprofound shadow effect over the Yarra River.
HONG KONG AND CHINA
* Evergrande Real Estate Group Ltd. said its net profit droppedby 3.8% to 17.3 billion Chinese yuan in full year 2015 from 18.0 billion yuan in2014. The company's contracted sales reached 201.3 billion yuan, up 53.1% year overyear. Its proposed dividend for 2015 amounted to 38 fen per share.
Evergrandeadded that it plans to implement mergers and acquisitions and cooperation in propertydevelopment for project expansion in 2016.
* Longfor Properties Co. Ltd.'s profit attributable to shareholdersamounted to 8.99 billion yuan in the year ended Dec. 31, 2015. The company's contractedsales in the year rose 11.2% to 54.54 billion yuan compared with 2014.
* Moody's said 'ssolicitation of consents for its 2016, 2019 and 2020 notes is credit negative, butit will not immediately affect the company's Ba3 corporate family rating and stableoutlook.
* The Shenyang citygovernment unveiled new regulations intended to support demand for real estate,according toCaixin. Measures include lower hurdlesto qualify for public welfare fund loans and incentives targeted at young graduateslooking to purchase houses.
* Price growth infirst-tier cities is likely to slow during the 2016 second quarter, according toa report by the Chinese Academy of Social Sciences that was quoted by Hexun.
* Nomura Real Estate Master Fund Inc. said it plans to acquireone logistics asset and two residential properties for a combined price of around¥5.63 billion. Godo Kaisha Osaka Hirakata Project is selling the Hirakata KuzuhaLogistics Center, while undisclosed sellers are divesting the PRIME URBAN MeguroMita and PRIME URBAN Chikusa residential properties.
Nomuraalso plans to sell eight properties comprising three offices and five residentialproperties for an aggregate amount of ¥5.35 billion.
* Mitsui Fudosan Co. Ltd. unveiled the Amanemu hotel resortin Shima, Mie Prefecture, which is the second Japanese franchise hotel operatedby Singapore's Aman Resorts, Tokyo's The Nikkeireported.Mitsui Fudosan plans to develop another resort location in Okinawa Prefecture.
* A building boomis changing the face of Tokyo's Ginza district, The Asahi Shimbun reported.Tokyu Plaza Ginza, a duty-free shopping complex targeting foreign shoppers thatwill open March 31, is the latest addition.
* Seibu PropertiesInc. plans to open in May the commercial section of the Tokyo Garden Terrace Kioichoin Chiyoda-ku, Tokyo, Jutaku-Shimpo-Shareported. The scheme,featuring a 36-story commercial complex and a 21-story residential building, isset for completion in July.
* JTC Corp. launched a sale-by-tenderprocess for a 1.35-hectare site at Woodlands Sector 2, which closes May 24, The (Singapore) Business Times reported.The property is part of the industrial government land sales program for the firsthalf of 2016.
* Inquirer.net reportedthat three pre-qualified groups decided to not submit offers for the government'sbidding process for the Laguna Lakeshore Expressway Dike in Laguna. The public-privatepartnership project is not expected to push through as the current administration'sPresident Benigno Aquino III is set to end his term in June.
Developers SM PrimeHoldings Inc., Ayala LandInc. and Megaworld Corp.were part of one of the consortiums that were thought to have been interested inthe 123 billion-Philippine-peso project.
SM Prime confirmed the report in a news release.
* DoubleDragon Properties Corp. hopes to complete the DoubleDragonPlaza at DD Meridian Park in the Bay Area and Jollibee Tower at the Ortigas centralbusiness district by 2018 after it successfully offers 10 billion pesos of preferredshares, The Manila Times reported.
: S&P Global Market Intelligence presentsa weekly rundown of recent significant management and board changes and personnelmoves in the European and Asia-Pacific real estate industries.
: SNL-covered Asia-Pacificreal estate companies traded at a 3.25% median premium to NAV as of March 23, upfrom a 2.73% premium as of year-end 2015.
The Daily Dose Asia-Pacific, RealEstate edition is updated by 6:30 a.m. Hong Kong time. Some external links may requirea subscription. Articles and links are correct as of publication time.