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US bizs are not leaving Chinese mkt
despite "an unprecedented downturn" in US-China relations, per US-China Biz Council. (Xinhua)
Shenzhen becomes the city w/ the largest proportion of non-locals buying houses:
80% houses were bought by people from other provinces than Guangdong, per Beike. (The Paper)
China Evergrande enters into a HK$23.5b invsmt agreement.
The strategic invsmt will introduce a # of renowned strategic investors to Co’s prop mngt biz.
The 14 investors incl Alibaba & Tencent.
(Co)
Soho China says that all prev discussions w/ potential investors
have been terminated. (Co)
China Sth City upgraded to ‘B’
from ‘B-’ by S&P on sustainable fast-churn prop sales; outlook Stable. (S&P)
HK
still Asia’s most expensive commercial RE mkt as office rents top Tokyo by 56%. (Mingtiandi)
Swire Prop raises 1H div to HK$0.30/sh
from 0.29. 1H underlying profit HK$3.75b, operating profit HK$1.47b, revenue HK$6.55b. (Co)
L’Oreal, Foodpanda, & Riot
Games will work from JustCo’s new co-working centres at OCBC Centre East & The Centrepoint once they open in Aug & Oct. (Edge Prop)
Ascott offers 'Work In Residence' & 'Space-As-A-Service',
optimising the use of space in its props to extend service offerings
& strengthen Ascott’s dominant lodging position in the new normal.
(Co)
City Devts 1H NI S$3.1m,
revenue S$1.07b. Office models will chng slightly to incl more
satellite offices but the concept as a whole is still v important b/c it
fosters interaction among workers. CDL has seen 10-30% tenants
returning to props, & new inquiries are coming in. There’s
a “huge future” for centralized office spaces even as people are still
largely working from home, CEO Sherman Kwek said. (Co)
UOL
1H net loss S$82m vs profit S$267.7m YoY. 1H revenue S$908.2m,
↓28%YoY; gross
profit S$343.2m, ↓39%YoY.
UOL believes domestic travel particularly in Australia & China
& staycation may help certain hotel segments in near term. (Co)
MFS ceases to be a substantial sh/ldr of Ascendas India Trust,
deemed interest ↓to 4.99% from 5%. (Co)
Goodman FY20 operating profit A$1.06b,
↑12.5%YoY, operating EPS 57.5cts,
↑11.4%YoY. Statutory profit A$1.5b. Co’s f/c FY21 operating profit $1,165m,
↑9.9%YoY, operating EPS 62.7cts / sec,
↑9%YoY. (Co)
Australia employment
↑ 114.7k vs est.
+30k & revised prior +228.4k. Unemployment rate at 7.5% vs est. 7.8% & prev 7.4%. (FX Empire)
Demand
of pre-fitted office in Syd ↑
30%
since the start of COVID-19 pandemic: JLL. (Commercial RE)
Syd hotel industry reports 57.9%YoY↓
in occupancy rate in Jul. (Hotel News Resource)
Waypoint Raises FY Distributable EPS Growth Tgt, Prices USPP (BBG)
Waypoint
REIT upgraded its FY20 guidance for distributable earnings growth to
4-4.25% from 3-3.75%, post capital mgt initiatives & a review of
operating expenses for the rest
of the financial yr, provided there are no material chngs in mkt
conditions as a result of Covid-19 or other events, it says in a
regulatory filing. Inaugural US Private Placement priced w/ $178m of
notes to be issued, split across 7-, 10- & 12yr tranches
w/ a weighted ave maturity of 9.2 yrs
Mitsubishi Estate Logistics REIT to issue 40,500 new units
& 2,000 units via 2ndary offering. Price & proceeds to be determined.
Mitsubishi Estate Logistics REIT to acq 5 props
in Osaka (2), Aichi, Saitama & Miyagi in the form of trust
beneficiary interests. Total anticipated acqn price Y28.4b, appraisal
NOI yld 4.3%-5.2%.
Mitsubishi Estate Logistics REIT revised
f/c for Sep-Feb:
operating revenue Y4.2b (↑25%
vs prev f/c), operating income Y2.2b (↑29%),
NI Y2b (↑26%),
DPU Y552 (↑9.2%)
(Co)
Mitsui Fudosan (8801 JP) looks to expand shared offices to other cities in Japan (press)
Working style has chnged since pandemic & sees increased demand for satellite offices. Tokyo office vacancy rate
↑ to 2.1% at June-end, while its
rental office FLEX sees 35% increase in membership numbers in the last 3 mths.
CRE's stake in CRE Logistics REIT
↓to 4.85%
from 7.02%. (Kabutan)
Kenedix 2Q NI Y2.27b,
↓18%YoY;
net sales Y9.48b, ↓64%YoY.
Still sees FY operating income Y16b, NI Y11.5b, div Y17. (Co)
Amazon
leases 2.8mft2 office space in Bengaluru, Chennai (in Brigade WTC) & Mumbai (Godrej 2) to expand in India. (India Times)
Japan’s Amperex Technology
acqrs 180-acre industrial land in Haryana, India at INR 5.5b. (India Times)
Blackstone
APAC Chairman Heady says India a key mkt for Blackstone, Grp invested over $15b since inception in India. (India Times)
SP Setia 2Q net loss RM141.5m
vs profit RM138.7m YoY. 2Q revenue RM331.3m,↓75%YoY. 2Q loss /sh 3.5000 sen. (Edge Mkt)
Jobless population
↑ 4%YoY to 1.1m in Jul,
highest # since July 1999, per Statistics Korea. (Korea Joongang Daily)
* My pa holdings: BAC US, 1 HK, 6 HK, ST SP, TEAM US, GOOGL US, AMZN US
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