HONG KONG-A unit of locally based Shanghai Industrial Investment Corp. and Colony Capital Pacific Pte Ltd. affect the initial closing for a fund that will target non-performing loans, distressed assets, and distressed companies and financial institutions based in the People's Republic of China and, to a lesser extent, Hong Kong and Macau.

SYDNEY-The Australian Listed Property Trust sponsored by locally based Macquarie Bank Limited and Cleveland-based Developers Diversified Realty is acquiring an 85.5% interest in 12 community shopping centers comprising 23 retail properties.

SANTO DOMINGO, DOMINICAN REPUBLIC-The 254-room Hilton, which is still under construction, will be the only flagged beachfront hotel here, and its 30,000-sf casino will be the largest in the Dominican Republic.

SAN FRANCISCO-On behalf of publicly traded G Reit Inc., Triple Net Properties of Santa Ana, CA acquires Hawthorne Plaza, a two-building 420,000-sf office development here that is 97% leased, mostly to government tenants on long-term leases.

GRESHAM, OR-Harbor Freight Tools will open its second Portland-area store at College Square, a 112,000-sf retail center acquired late last year by longtime Portland real estate investor Barry Menashe.

ST LOUIS, MO-Colliers Turley Martin Tucker, a commercial real estate firm with offices throughout the Central US, is recruiting 200 employees for its St. Louis headquarters and another 200 for positions its offices in Ohio, Indiana, Kansas, Tennessee and Illinois.

HENDERSON, NV-First National Bank of Nevada funds a five-year loan for Bella Office Plaza, a seven-building, 347,000-sf office and warehouse development here that is better than 98% leased. The borrower previously has three separate loans with varying maturity dates.

SAN FRANCISCO-A Board of Supervisors committee next week will vote on legislation that would ban large retailers like Wal-Mart by prohibiting stores larger than 120,000 sf. If approved, it will go to the full board for a final vote.