Swire Properties, a leading Hong Kong developer expanding into Mainland China, is to join HKR International in building a US$1.29 billion complex in the heart of Shanghai as resettlement costs in the city soar. Swire said it has agreed to pay US$162.2 million for a 50% stake in a 63,000 square metre site on Nanjing Road in Jingan district owned by HKR. The project, which includes a hotel, office and retail space and serviced apartments, will be held for long-term investment.

Regal Hotels International Holdings will raise at least US$1.8 billion from selling its hotel assets to a property trust in a move to slash debt. To fund the purchase, the Regal Real Estate Investment Trust began pre-marketing its initial public offering on 24 November 2006 to raise as much as US$758.7 million. Regal Hotels is selling its assets amid strong tourism growth in Hong Kong, driving demand for hotel accommodation. The Hong Kong Tourism Board forecasted a record 27 million visitors for the year 2006.

North Queensland tourism operator Ocean Capital has bought three properties located in Cape Tribulation from the Genera Property Trust (GPT) Group for US$6.7 million. The three resorts located nearby the Great Barrier Reef, north of Cairns include Coconut Beach Rainforest Lodge, Ferntree Rainforest Lodge and Jungle Lodge. The properties plus staff housing occupy about 20 hectares, with 90 hectares of rainforest land. The deal includes the H20 Odyssey marine business.