GIC’s China investments include industrial assets held in a joint venture with ESR
In today’s roundup of regional news headlines, Singapore’s GIC says it’s still looking to invest in China after a report said it was pausing activity in the country, while South Korea’s sovereign wealth fund reports a record yearly loss.
GIC Says It Continues to Explore China Investment Opportunities
Singapore sovereign wealth fund GIC said it continues to scout for long-term investment opportunities in China, looking at a wide range of industries, adding that it maintains significant exposure to large markets such as China.
The statement comes after a Financial Times report this week said GIC had put the brakes on private investments in the world’s second-biggest economy. Read more>>
Korean Sovereign Wealth Fund KIC Logs Record Loss in 2022
Sovereign wealth fund Korea Investment Corporation saw the largest annual loss last year since its inception in 2005, according to its 2022 earnings report.
The fund saw a record shortfall of $29.7 billion last year amid the poor performance of equities and bonds. The annualised return was negative 14.4 percent, the worst percentage since 2008. Read more>>
Detention of CFLD Co-President Linked to Wider Chinese Football Probe
The detention of a top executive of China Fortune Land Development is linked to a wider investigation involving the nation’s football officials for “suspected serious violations of discipline and law”, according to Chinese media reports.
A CFLD executive confirmed that the detention of co-president Meng Jing was connected to a broader probe involving Li Tie, a former coach of Hebei China Fortune Football Club, owned by the embattled developer, news site Lengjing reported Wednesday. Read more>>
Family of Dick Lee Puts Three Bungalows on Market for S$60M
Three adjoining freehold bungalows at Chancery Hill and Dyson roads in Singapore will go on the market at an indicative price of S$60 million ($45 million), with all proceeds going to charities.
The price translates to S$1,866 per square foot based on a combined land area of 32,148 square feet (2,987 square metres), marketing agent Cushman & Wakefield said Monday. The properties have been put up for sale by Peter Lee and John Lee, the executors of the estate of their aunt, the late Agnes Tan. Peter and John Lee are brothers of singer-songwriter Dick Lee. Read more>>
Investor Group Urges Boustead Singapore to Sweeten Boustead Projects Offer
The Securities Investors Association (Singapore) on Thursday called on Boustead Singapore to increase its offer price for Boustead Projects, its real estate subsidiary.
In a letter to Boustead Singapore, SIAS agreed that the discount to asset value in this case was “simply too large to ignore”, though it recognised that expecting the group to offer the maximum perceived value to acquire and privatise its subsidiary was unrealistic. Read more>>
Singapore’s Latest Tax Hikes Followed Wealth Influx
Singapore will raise taxes for buyers of higher-value properties and luxury cars as it tackles a growing wealth gap brought on by the arrival of rich families.
The city-state’s infrastructure and stability has attracted a growing number of ultra-wealthy individuals, contributing to a spike in costs for everything from luxury cars to golf club memberships and condominiums. Read more>>
China Home Prices Hold Steady After Declining for 16 Months
China’s home prices steadied in January, ending a 16-month decline after the government expanded stimulus policies for the sector.
New home prices in 70 cities, excluding state-subsidised housing, remained unchanged, compared with a 0.25 percent decline in December, National Bureau of Statistics figures showed Thursday. In the secondary market, existing home prices dropped 0.28 percent, smaller than the 0.41 percent decline in the previous month. Read more>>
Some Chinese Banks Are Letting People Be on Mortgages Until Age 80
China’s trying to revive its battered real estate market — and it’s now looking at more “creative” solutions.
To attract more mortgage-seekers, some banks are starting to extend the upper age limit for homeowners servicing mortgages to 80 years old, according to various local media outlets. The upper age limit is typically 65 to 70 now, according to news outlet Sixth Tone. Read more>>
Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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