Jinushi president and representative director Nishira Hirofumi (Image: Jinushi)
Expansion of a Japanese private REIT specialising in leased land leads Mingtiandi’s review of real estate news from around the region today, as Tokyo-listed Jinushi prepares to sell 22 properties to the vehicle. Also making the list are the sale of an unfinished commercial project in suburban Shanghai and a potential criminal case involving Vietnamese bond sales.
Japan’s Jinushi Selling $185M in Properties to Private REIT
Tokyo-listed Jinushi Co Ltd said Tuesday that it has agreed to sell 22 properties from its portfolio worth a combined JPY 28 billion ($184.5 million) to a private REIT under its management.
The sale, which is expected to take place across two tranches in December this year and January 2026, will bring Jinushi REIT’s total assets to JPY 291 billion, according to the statement. Read more>>
Wanda and R&F’s Stalled Shanghai Mall Up for Auction at $170M
An unfinished commercial joint venture between Dalian Wanda Group and Guangzhou R&F Properties in Shanghai’s Fengxian district has been put up for auction on a court asset platform operated by Alibaba, according to a notice on the website.
The auction reserve price for Shanghai Fengxian R&F Wanda Plaza is listed as RMB 1.22 billion ($170 million), with the 22-storey mall and office tower project standing unfinished after failing to meet its original 2021 completion date. Read more>>
Novaland Vietnam Bond Case Referred to Police for Investigation
Vietnam’s government inspectorate has asked police to probe real estate giant Novaland Investment Group for possible misuse of bond proceeds, after a sweeping investigation into alleged corporate bond violations sparked a market sell-off.
The Government Inspectorate of Vietnam released a report Friday in which it requested the Ministry of Public Security investigate Novaland, one of the nation’s largest developers, alleging that the company misused proceeds from bond sales between 2015 and 2023. Read more>>
New World Brushes Off Report of Liability Management Exercise
Distressed Hong Kong builder New World Development said it isn’t undertaking a liability management exercise in relation to its perpetual bonds or other debt securities, according to an exchange filing.
New World made the clarification in response to media reports that said the company is in the process of preparing for such a move. The builder, which is controlled by the billionaire Cheng family, also said it hasn’t received an equity financing proposal. Read more>>
Japan’s Mirai REIT to Buy Tokyo Office Block for $39M
The manager of Japan’s Mirai REIT informed the Tokyo stock exchange late last week that it intends to acquire a Tokyo office block for just over JPY 6 billion ($39 million).
The trust managed by Mitsui Bussan and IDERA Partners will purchase the MI Fuchu Technical Center in Fuchu City in a transaction expected to take place on 23 October, according to the statement. The property has 8,540 square metres (91,924 square feet) of lettable space and the transaction is taking place at an NOI yield of 4.3 percent. Read more>>
Wheelock Application to Buy Out Happy Valley Building Rejected in Hong Kong
Hong Kong’s Lands Tribunal this week rejected an application by Wheelock Properties to force a compulsory sale of the remaining space in a residential block on Wong Nai Chung Road in Happy Valley.
The developer has acquired more than 80 percent of the space in the buildings at 59-61 Wong Nai Chung Road and 36-38 Ventris Road, beyond the 70 percent threshold required to apply for a compulsory sale of the remaining space, but the court found that the building was not sufficiently dilapidated to require redevelopment. Read more>>
BlackRock Bought More Than $3B in Bonds to Fund Blue Owl, Meta US Data Centre
BlackRock was among the biggest investors in the $27 billion private debt deal backing construction of Meta Platforms’ data centre in Louisiana, highlighting the scale of the artificial intelligence buildout and its insatiable demand for capital.
BlackRock bought more than $3 billion in bonds issued last week to finance the data centre, which is called Hyperion, according to people familiar with the matter. The project is 80 percent owned by private credit manager Blue Owl Capital, while Facebook parent Meta owns the remaining 20 percent stake, according to S&P Global Ratings. The bond sale was arranged by Morgan Stanley. Read more>>
Hong Kong Condo Project Sells Out as Residential Market Stabilises
Hong Kong’s first-hand housing market saw brisk transactions Monday, with buyers snapping up all available units at a project in Yuen Long, New Territories.
The 680-unit Grand Mayfair III on 29 Kam Tin Road — jointly developed by Sino Land, K Wah International, China Overseas Land and Investment and MTR Corp — sold all 138 units that were put up for sale, according to the developers. The development is part of the 2,220-unit Grand Mayfair project. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on X, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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