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Hong Kong giants bid for HK$5B site; JLL sees good 2017 for Asian office market

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Hong Kong giants bid for HK$5B site; JLL sees good 2017 for Asian office market

* Cheung Kong Property Holdings Ltd., China Overseas Land & Investment Ltd., China Resources Land Ltd. and Sun Hung Kai Properties Ltd. are among 18 property developers that submitted bids for the Kai Tak Area 1L Site 1 land parcel in Kai Tak, Hong Kong, the South China Morning Post reported, citing the Lands Department. The site is valued between HK$4.6 billion and HK$5 billion.

* A JLL survey shows a positive outlook for the office markets in most cities of the Asia-Pacific region in 2017. Technology, professional services, pharmaceutical and real estate are the industries that are expected to drive demand in the region. Office space demand in Bangkok, Melbourne, Sydney and Bangalore will be strong in 2017, while rental growth in Ho Chi Minh City, Manila and Hong Kong will remain steady.

Hong Kong and China

* A China Jinmao Holdings Group Ltd. unit applied to the Hong Kong bourse for the listing of US$500.0 million in 5.75% subordinated guaranteed perpetual capital securities. Permission for the listing and dealing in the securities is expected to be effective Jan. 23.

* China Overseas Land and Investment's launch of 122 flats at its One Kai Tak Phase Two project in Hong Kong on Jan. 21 was more than 10x oversubscribed, with all units sold the same day, the SCMP reported.

* New World Development Co. Ltd. and Vanke Property recorded strong demand for their joint venture development in Hong Kong, The Pavilia Bay, as 2,500 subscriptions were logged for 199 flats for sale under the project's second batch, The (Hong Kong) Standard reported.

* Moody's said that Beijing Capital Land Ltd.'s Ba3 corporate family rating will not be affected by a planned drawdown from its US$1 billion medium-term note and perpetual securities program. The outlook on the rating remains negative.

* New-home prices in Beijing eased by 0.1% in December 2016 year over year, the first decline since March 2015, according to data from the local statistics bureau, as reported on by China Securities Journal.

Australia

* GPT Group might seek to take complete ownership of the A$1.2 billion MLC Centre in Sydney, as it and co-owner QIC expect to complete the A$500 million redevelopment of the property "within weeks," The Australian reported.

* Mantra Group Ltd. partnered with Queensland club Southport Sharks to launch a new hotel on the Gold Coast. The A$25 million Mantra at Sharks hotel will have 120 rooms when it opens in early 2018, The Australian Financial Review reported.

Japan

* MORI TRUST Sogo Reit Inc. filed a ¥100 billion shelf registration statement for the issue of investment corporation bonds between Jan. 28, 2017, and Jan. 27, 2019.

* Daiwa House REIT Investment Corp. intends to acquire TSI HOLDINGS CO LTD.'s trust beneficiary interests in the Hiratsuka Retail Property in Hiratsuka City, Kanagawa, for ¥5.62 billion.

* Mitsui Fudosan Co. Ltd. said that it signed up four new tenants for certain of its properties in the Niigata Prefecture.

* According to the survey conducted by the Real Estate Economic Institute Co., Ltd., the number of newly built condominiums in December 2016 has increased to 7,007 units, a 13.2% increase from the previous year, Jutaku-Shimpo-sha reported.

Southeast Asia

* A Lian Beng Group-led consortium has agreed to sell 17 strata office units at the Prudential Tower in Singapore for approximately S$206.6 million, The (Singapore) Business Times reported. The units, which cover 79,459 square feet, were believed to have been sold to an account managed by One Tree Partners.

* CapitaLand Ltd. acquired a 90% stake in its Vietnamese unit, CapitaLand Thanh Nien Co. Ltd., for 162 billion Vietnamese dong. CapitaLand Thanh Nien owns an approximately 0.8-hectare land parcel in Thao Dien Ward, Ho Chi Minh City.

Other Real Estate News

* Goodman Group chose Europa Capital as the preferred bidder for its remaining assets in the Arlington Business Parks Partnership for nearly £500 million, The Australian reported. The sale would allow Goodman to exit one of its major funds in the U.K.

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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. Articles and links are correct as of publication time.

Cam Nones and John Chan contributed to this report.