Key facts
- A Japanese consortium including Hulic purchased part of the Pacific Century Place Marunouchi building in Tokyo.
- The deal is valued at approximately 230 billion yen ($1.49 billion).
- This transaction is among Japan's largest single-building property deals.
- Hulic also recently acquired an office building in Ginza from Keppel REIT for $72.4 million.
- Evergrande's mainland unit, Hengda Real Estate Group, had a bankruptcy liquidation case accepted by a Guangzhou court.
- Sino-Ocean Group expects to report a loss of up to $1.2 billion for the first half of the year.
A Japanese consortium, including property developer Hulic, has acquired a portion of the Pacific Century Place Marunouchi building near Tokyo Station for approximately 230 billion yen ($1.49 billion). This transaction is among Japan's largest single-building property deals and highlights the growing presence of domestic players in the prime real estate market. The deal was reported by Nikkei.
In a separate transaction, Hulic was identified as the buyer of an office building in Ginza from Singapore-listed Keppel REIT for JPY 11.5 billion ($72.4 million). Hulic has designated Ginza as a priority area for its portfolio expansion.
Meanwhile, other Asian property markets are facing significant challenges. In China, the Guangzhou Intermediate People’s Court has accepted a bankruptcy liquidation case against Hengda Real Estate Group, the mainland unit of China Evergrande, following an application by Guangzhou Rural Commercial Bank. Evergrande's founder was recently sentenced to life in prison.
Hong Kong-listed Sino-Ocean Group expects to swing to a loss of RMB 6 billion to RMB 8 billion ($892.7 million to $1.2 billion) for the six months ending June, citing pressure from China's prolonged property downturn. The projected loss contrasts with a profit of RMB 10.2 billion a year earlier.
In Singapore, Aw & Sons Capital has opened its Mber Co-Living & Serviced Apartments project, a 125-unit development assembled from 15 shophouses for S$53.6 million ($42.2 million). The project has seen an average of 80 percent occupancy since its May opening.
In Australia, Mirvac is targeting a build-to-rent portfolio of over 5,000 apartments, up from its current 2,200 units, as it scales its LIV platform. This expansion follows a recapitalization where Australian Retirement Trust acquired a 48.5 percent stake in the LIV Mirvac Fund.
Wheelock Properties sold 56 out of 100 units for HK$417 million ($53.2 million) in its first residential launch in Hong Kong’s Northern Metropolis.