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 Using financial and real estate acumen to achieve optimum prices and speedy transactions.

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Buy, sell or hold? It’s not just the decisions you make in real estate, but what you make of them.

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JLL: Macau property market remains stable with mild corrections in 2017/macau/en-gb/news/304/jll-macau-property-market-remains-stable-with-mild-corrections-in-2017JLL: Macau property market remains stable with mild corrections in 2017<p>​​</p><div>The Macau property market fell to its bottom in 1H16 but rebounded a bit in 2H16 with the launch of several new residential projects, according to JLL in its<strong><em> Macau Year-end Property Review </em></strong>2016.</div><div><br></div><div>According to the figures released by DICJ, Macau’s gaming revenue recorded at MOP 223.2 billion in 2016, with a single-digit fall of 3.3% y-o-y.  For the city’s gaming revenue in 2H16, it registered growth when comparing with both 2H15 and 1H16.  For 2016 as a whole, the gaming revenue from the VIP market declined by 7.0% y-o-y, while the mass market remained relatively stable and accounted for about 46.7% of the total gaming revenue.</div><div><br></div><div>In the first three quarters of 2016, Macau’s overall GDP recorded at MOP 246.32 billion, down 5.4% y-o-y.  With the completion of part of the new gaming facilities in Cotai, the fixed capital formation in Macau fell by 18.1% y-o-y to MOP 54.5 billion in the first three quarters of 2016.  During the same period, private consumption expenditure recorded at MOP 66.37 billion, slightly down 1.6% y-o-y.</div><div><br></div><div>For the first 11 months in 2016, Macau’s visitor arrivals totalled 28,136,000, up slightly by 0.2% y-o-y. Visitors from Mainland China remained the dominant, accounting for 66.4% of the total visitor arrivals, while travellers under the Individual Traveller Scheme (ITS) made up 46.8% of the total number of visitors from Mainland China.  At the same time, visitors from Korea saw a growth of 18.5% y-o-y.  The total supply of hotel rooms in Macau reached 36,100 and out of which 21,600 are in the five-star hotel segment.  With the completion of new hotels in Cotai, the cumulative occupancy rate increased to 82.5% while the average length of stay of guests remained stable at 1.4 nights as of end November 2016.</div><div><br></div><div>Macau’s labour market was broadly stable in 2H16.  According to the DSEC statistics, unemployment rate remained low at 1.9% in November.  The overall median monthly income remained stable at MOP 15,000 in end 3Q16.  As of October 2016, total resident deposit grew by 7.9% y-o-y to MOP 502.77 billion.  The number of imported labour in Macau contracted by 2.4% y-o-y to 177,897 as of end November.  The decline is mainly attributable to the reduced demand for imported labour from the construction sector, which fell by 9,111 when comparing with the same period of the previous year.  In fact, the completion and opening of new gaming facilities in 2H16 helped offset part of the negative growth in the number of imported labour. </div><div><br></div><div>“Most of the economic indicators in Macau saw negative growth in 1H16, while some of which saw improvement in 2H16.  The city’s economic fundamentals remained largely stable.  However, the uncertainties in the global political and economic environment, e.g. the existence of a Black Swan or China’s stringent control over capital flows, may still cause impact on Macau’s economy.  Moreover, the government’s arrangement on repossession of land plots upon expiration of the relevant land concessions will directly influence the future setting of Macau’s real estate market.,” remarks <strong>Gregory Ku, Managing Director at JLL Macau</strong>.</div><div><br></div><div><br></div><div style="text-decoration:underline;"><strong>Residential</strong></div><div>The total transaction volume of Macau’s residential market rebounded in 2016, albeit remained at the relatively low level.  According to the DSEC figures, a total of 7,617 residential sales transactions were registered in the first 10 months of 2016, representing a significant growth of 54.2% y-o-y.  Transactions were dominated by residential units worth less than MOP 6 million which made up about 70% of the total residential sales. </div><div><br></div><div>On the supply side, 19 new projects providing a total of about 2,990 units or 290,310 sqm of saleable area were granted with presale consents in 2016.  Out of the 2,990 units, approximately 60.6% were studio or one- to two-bedroom units.  In the meantime, some of the new projects which had obtained the presale consent were launched for presale, such as Oscar Crescent, Sky Oasis by Yoo, Nova Grand and Praia Grande & Praia Peninsula. </div><div><br></div><div>The capital values for high-end and mass-to-medium residential properties rebounded by 14.6% and 12.4% y-o-y respectively in 2H16, and rose by 7.8% and 5.3% y-o-y respectively in 2016 as a whole.  The yields for high-end and mass-to-medium residential properties contracted to 1.5% and 1.6% y-o-y respectively in 2016. </div><div><br></div><div>In the leasing sector, the reduced number of expatriates in Macau coupled with the increased new supply due to the new completions in 2015 continued to exert pressure on the market.  The rental values for high-end and mass-to-medium residential properties registered negative growth of 9.0% and 7.6% y-o-y respectively in 2016 as a whole.</div><div><br></div><div>“Supported by the launch of several new residential projects in 2H16, Macau’s residential property market regained momentum with growth registered in both sales volume and value.  The mass-to-medium residential market is expected to be supported by continued demand, however, the sell-through rate will likely slow down due to the increasing competition caused by the ongoing supply,” says <strong>Jeff Wong, Head of Residential at JLL Macau</strong>.</div><div style="text-decoration:underline;"><br></div><div style="text-decoration:underline;"><br></div><div style="text-decoration:underline;"><strong>Office</strong></div><div>The office market in Macau continued to be subdued in 2016, due to the weak sentiment and cost cut policies adopted by some of the corporates.  During the first 11 months of 2016, the total number of new incorporations registered in Macau was 4,042, down 13.4% y-o-y.  In fact, most of the sectors saw decline in the number of newly registered companies. </div><div><br></div><div>The overall office leasing market saw a negative growth in 2016 due to the fall in office demand from offshore companies and gaming-related operators.  According to JLL Macau Office Index, the rental values for the overall office market and Grade A office market fell by 7.5% and 6.9% y-o-y respectively in 2016.</div><div><br></div><div>For the sales market, a total of 176 office units were transacted as of end November according to the DSEC figures, down 17.8% y-o-y.  The capital values for the overall office market and Grade A office market declined by 14.3% and 15.9% y-o-y respectively in 2016.  </div><div><br></div><div>Some multinational insurance companies considered acquiring their own office premises for business operation, in view of the tight office supply.  As of end 2016, the overall office vacancy rate maintained at about 8%, while the investment yields for the overall office market and Grade A office market rose to 2.9% and 2.7% respectively.</div><div><br></div><div>“Both the government and the general public hope to see the central government offices be built soon.  According to the information released by the DSSOPT, the construction of the Tribunal Judicial de Base tower is scheduled for completion in 2017.  Comprising eight storeys plus four levels of basement, having a total gross area of approximately 14,300 sqm, this building is expected to be able to fulfil the need for office space by the Tribunal Judicial de Base which is currently leasing its office space in The Macau Square.  The relocation of the tribunal is likely to lead to a rise in office vacancy rate,” says <strong>Alison Yip, Associate Director, Office Leasing at JLL Macau</strong>.</div><div><br></div><div><br></div><div style="text-decoration:underline;"><strong>Retail </strong></div><div>According to the statistics released by the DSEC, the total retail sales fell by 9.4% y-o-y in the first three quarters of 2016 to MOP 41.53 billion, with motor vehicles and motorcycles saw the biggest decline of 46.6% and 37.8% respectively.  The retail sales of watches, clocks and jewellery fell by 18.5% y-o-y, while cosmetics and clothing grew by 4.3% and 4.8% y-o-y respectively.</div><div><br></div><div>Retailers selling luxury items were the most badly hit.  Some landlords became softer in asking rentals and were willing to offer tenants with relatively big discounts. In 2016, the overall retail rental fell by 20.6% y-o-y.  In the short to medium term, tenants may seize this opportunity to negotiate with the landlords for best leasing terms and conditions.</div><div><br></div><div>The sales market was quiet, with the total number of retail units transacted in the first three quarters fell to its 10-year record low to 405, down 23.6% y-o-y.  According to JLL Macau Retail Index, the overall retail capital values dropped by 15.2% y-o-y in 2016. </div><div><br></div><div>“Macau’s retail sector remains weak and may face further impact as the recent depreciation of China’s Renminbi may dampen mainland Chinese tourists’ spending in Macau.  In view of the softening retail sales, high retail rental and weakening consumer spending by tourists from China, we expect Macau’s retail sector to remain under pressure and the retail property market to continue to be subdued,” says<strong> Oliver Tong, Associate Director, Retail at JLL Macau</strong>.</div><div><br></div><div><br></div><div style="text-decoration:underline;"><strong>2017 Forecast:</strong></div><div><br></div><div><table cellspacing="0" width="100%" class="ms-rteTable-9"><tbody><tr class="ms-rteTableHeaderRow-9"><th class="ms-rteTableHeaderEvenCol-9" rowspan="1" colspan="1" style="width:33.3333%;">​​</th><th class="ms-rteTableHeaderOddCol-9" rowspan="1" colspan="1" style="width:33.3333%;">​Capital Value</th><th class="ms-rteTableHeaderEvenCol-9" rowspan="1" colspan="1" style="width:33.3333%;">​Rental Value</th></tr><tr class="ms-rteTableOddRow-9"><td class="ms-rteTableEvenCol-9">​High-end residential</td><td class="ms-rteTableOddCol-9">​Remain stable</td><td class="ms-rteTableEvenCol-9">​▼0% to 5%</td></tr><tr class="ms-rteTableEvenRow-9"><td class="ms-rteTableEvenCol-9">​Mass-to-medium residential</td><td class="ms-rteTableOddCol-9">​Remai​n stable</td><td class="ms-rteTableEvenCol-9">​▼0% to 5%</td></tr><tr class="ms-rteTableOddRow-9"><td class="ms-rteTableEvenCol-9">​Office</td><td class="ms-rteTableOddCol-9">​▼5% to 10%</td><td class="ms-rteTableEvenCol-9">​▼10% to 15%</td></tr><tr class="ms-rteTableEvenRow-9"><td class="ms-rteTableEvenCol-9">​Retail</td><td class="ms-rteTableOddCol-9">​▼5% to 10%</td><td class="ms-rteTableEvenCol-9">​▼10% to 15%</td></tr></tbody></table><br></div><div><br></div>0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88
JLL Appoints Head of Corporate Finance in Greater China/macau/en-gb/news/301/jll-appoints-head-of-corporate-finance-in-greater-chinaJLL Appoints Head of Corporate Finance in Greater ChinaEddie Yeh has 18 years’ experience in real estate banking and finance0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88
Four key China-related trends shaping Asia Pacific hotel industry/macau/en-gb/news/297/four-key-china-related-trends-shaping-asia-pacific-hotel-industryFour key China-related trends shaping Asia Pacific hotel industry<p>​</p><p>​​</p><p><strong>Macau</strong>, <strong>9 August 2016</strong> - Mainland Chinese investors exported over $5 billion into the <a href="http://www.joneslanglasalle.com.cn/china/en-gb/services/property-types/hotels-hospitality">hotel real estate sector</a> across the globe in 2015, and the country accounted for nearly half of all cross-border investment out of the Asia region. As Chinese investors brought a new perspective to deal selection, what are the trends that will shape the sector in Asia Pacific going forward?<br><br>Experts including Tony Ryan, Managing Director, Global Mergers & Acquisitions for JLL Hotels & Hospitality and Yuval Tal, a partner in law firm Proskauer, identify four major trends that are likely to influence the industry in the coming years.</p><p><strong>China as a safe-haven hotel investment destination in Asia Pacific</strong></p><p>Asia Pacific has bucked the downward trend in global hotel investment. In the first six months of this year, transaction volumes in the region rose 13.2 percent to US$3.8 billion, according to JLL's "<a href="http://www.jll.com.au/australia/en-au/research/364/jll-apac-hotel-investement-highlights-h1-2016-july-2016">Hotels Investment Highlights</a>" report. By comparison, volumes in the Americas and the Europe, Middle East and Africa region dropped 51 percent and 60 percent respectively. Mainland China transacted US$ 252 million worth of deals in the first six months of the year, the third-largest volume in the region after Japan and Australia. As uncertainties continue post-Brexit, investors are beginning to see China as a safe haven. This is supported by the fact that the mainland has maintained its upward growth momentum while growth in major developed economies has slowed.</p><p><strong>China is a major driver of outbound capital</strong></p><p>Chinese investment in commercial property and land deals totaled US$3.5 billion in the first quarter of this year, down 20.5 percent year on year, according to JLL data. Still, China moved up one spot to become the second-most active cross-border investor after Germany. Chinese capital has been a major force shaping the global real estate market and likewise, its impact in the hospitality sector has been significant.<br><br>An Anbang Insurance-led group's bid for Starwood Hotels, worth almost US$14 billion, earlier this year is an indication of Chinese insurers' appetite for global hotels assets.  Chinese investors have also been active in Australia. Chinese money accounted for a third (by volume) of Australian hotel transactions last year, according to JLL data, with investors picking up some big names such as Hilton Sydney (AU$442 million), and Sydney's Sheraton on the Park (AU$463 million).<br><br>"Chinese companies recognise the significance of the hotel and tourism industries as the global middle class swells, particularly in emerging markets.  Some Chinese players are aggressively acquiring hotel management companies to establish vertically integrated travel& tourism businesses (including travel agencies, transportation and accommodation)," says Ryan at a JLL and Prokauer co-hosted seminar - "China Hotels Mergers and Acquisitions (M&A)"-  in Hong Kong last month. "Other Chinese companies are looking to enhance and extend their domestic hotel businesses by acquiring hotel management platforms with recognised brands and world class expertise. Also in the mix are Chinese insurers, who are not yet investing in real estate to the same extent as their Western peers – this will probably change and they are likely to emerge as a large buyer domestically and globally."<br><br><strong>China's tourists will continue to shape the hospitality industry</strong><br>China's residents are travelling overseas in record numbers. Overseas travellers from the mainland hit 109 million in 2015, according to market research company GfK. More than half of Chinese travelers are likely to book 3 or 4-star hotels when they travel abroad with a further 17 per cent electing for a 5-star property and seven per cent preferring all-inclusive resorts, based on Hotels.com's Chinese International Travel Monitor 2014.<br><br>In Australia, China was the country's second largest inbound market by visitor arrivals last year and the largest market by total expenditure and visitor nights. Visitors from China generated AU$8.3 billion (US$6.2 billion) in total expenditure, a number that is estimated to increase to AU$13 billion by 2020. <br><br>These numbers have prompted a strategic shift in mind-set, with hoteliers such as AccorHotels establishing China-focused initiatives to woo more spenders from the country and customising their service standards to meet Chinese cultural expectations. Hotel groups began to see potential in securing long-term demand, in view of the Chinese preference for quality accommodation.<br><strong></strong><br><strong>China's domestic hotel sector remains one of the hottest markets for M&A</strong><br>Hotel developments in China have benefited from a strong upsurge in domestic tourism. In the last decade, the local tourism market has grown by 10 percent on average each year. The expansions of numerous international hotel brands, the country's modernized transport infrastructure and the upgrading of tourist spots have helped to enhance the appeal of China to visitors globally. This strong travel and tourism demand in China is driving growth in the hotel industry.<br><br>Frank Sorgiovanni, Senior Vice President of Strategic Advisory, Asia for JLL's Hotels & Hospitality, expressed confidence that foreign investors "will no doubt continue to increase their footprints across China." "Given the escalating size of China's real estate investment universe and improving market transparency, investment activity is set to expand further in the years to come," he said.<br><br>Tal from Proskauer said, "Many foreign hotel chains are trying to increase their foothold in the Chinese market, but when it comes to the lower tier market segments they are being outshined by local brands, which have been much more successful in growing their distribution.  As a result, in recent years international hotel companies are trying to gain market share in the midscale hotels sector through strategic alliance and joint ventures with local partners," he added. "If you can't beat them, join them"<br><br><span style="line-height:20.8px;">for more information about retail leasing, please visit our </span><a href="http://www.jll.com.hk/hong-kong/en-gb/services/property-types/retail" style="line-height:20.8px;">website</a> ​</p>0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88

 

 

Asia Pacific Property Digest 1Q 2017/asia-pacific/en-gb/research/884/asia-pacific-property-digest-1q-2017Asia Pacific Property Digest 1Q 2017Asia Pacific: An oasis of calm amidst global political instability0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045
Tech firm office location choice - AP follow up/asia-pacific/en-gb/research/844/tech_firm2Tech firm office location choice - AP follow upIn this follow-up report, discover further insights that delve into: - Silicon Valley in an Asia Pacific context - Forces driving tech demand across Asia Pacific - A closer look at two of Asia's tech juggernauts: India and China 0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045
Tech firm office location choice - how does it work in Asia Pacific?/asia-pacific/en-gb/research/837/tech-firm-office-location-choice_jan2017Tech firm office location choice - how does it work in Asia Pacific?In this paper, we examine the factors involved in the regional and city location choices tech firms make, with the following key findings.0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045