Daishin Securities planning to sell its headquarters to NH-Amundi for $492.6 million
South Korea’s booming office market leads Mingtiandi’s headline roundup today with Daishin Securities planning to sell its Seoul headquarters to investment manager NH-Amundi. Hong Kong’s Lai Sun also makes the list, as it warns of a potential $151 million loss and the Bank of Japan ends the world’s longest regime of negative interest rates.
Daishin Securities to Sell Seoul HQ to NH-Amundi for $493M
South Korea’s Daishin Securities is set to sell its headquarters office to NH-Amundi Asset Management for KRW 660 billion ($492.6 million) to spur the brokerage house’s investment banking and corporate finance businesses, sources familiar with the matter said Monday.
If the deal is clinched, Daishin’s capital on an unconsolidated basis will rise to more than KRW 3 trillion from KRW 2.9 trillion as of the end of 2023, meeting a qualification to become a “comprehensive financial investment business entity” under local law. Read more>>
Hong Kong’s Lai Sun Warns of Up to $151M Loss
Hong Kong-listed developer Lai Sun alerted the Hong Kong stock exchange on Monday that it expects to book a loss attributable to owners of the company of approximately HK$1.06 billion to HK$1.18 billion ($151 million) for the six months ending 31 January. The company linked its financial challenges primarily to change in fair value of its investment properties.
Lai Sun’s loss compares to a HK$819 million shortfall during the same period one year ago. The group on 15 March had announced an agreement to sell a set of non-residential properties in Hong Kong’s Kwai Chung area for HK$80,000 Read more>>
BOJ Ends Era of Negative Rates With Few Clues on Further Hikes
The Bank of Japan ended the most aggressive monetary stimulus programme in modern history, scrapping the world’s last negative interest rate and a raft of unconventional tools, while leaving the course of additional hikes unclear.
The central bank set a new policy rate range of between 0 and 0.1 percent, shifting from a -0.1 percent short-term interest rate after saying its inflation target had come into sight, according to a statement at the conclusion of its two-day meeting Tuesday. The BOJ also scrapped its complex yield curve control programme while pledging to continue buying long-term government bonds as needed. It also ended its purchases of exchange-traded funds. Read more>>
Japanese Banks Will Get Earnings Bump From Deposits at BOJ
Japanese banks will start earning billions of yen in interest on their deposits with the Bank of Japan after it scrapped negative rates.
Major banks, including Mitsubishi UFJ Financial Group and other top lenders, have JPY 106.7 trillion ($712 billion) in reserves that are currently paying no interest, according to BOJ data. They have another JPY 79.4 trillion on deposit that is earning 0.1 percent. Read more>>
Dubai Royal Nephew Opens $500M Family Office in Hong Kong
Sheikh Ali Al Maktoum, the nephew of Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum, is opening a family office in Hong Kong, one of the first high-profile international investors to respond to the city’s campaign to lure foreign capital.
The investment firm, which will manage up to $500 million, is looking for opportunities in Asia in sectors including artificial intelligence, construction, electric vehicles, tourism and fintech, Eleanor Mak, the firm’s CEO, told Bloomberg TV. Hong Kong is its first foreign outpost, and the family office has started engaging in talks with potential target companies. Read more>>
CalPERS Raises Bets on Private Equity, Credit in $34B Shift From Stocks
The largest US pension fund is ramping up its exposure to private equity and private credit in a $34 billion bet that the riskier assets will fuel higher returns.
The board of the California Public Employees’ Retirement System voted to boost the target allocation for private equity to 17 percent of its portfolio, up from 13 percent. It also approved increasing private credit to 8 percent from 5 percent. Based on current values, that works out to about $34 billion aimed for private equity and credit, while CalPERS plans to pare its exposure to publicly traded stocks and bonds. Read more>>
Hong Kong’s Kingboard Offers Country Garden Debt Reprieve
Hong Kong-listed Kingboard said it will give more time to Country Garden to repay debts, though its subsidiary filed a winding-up petition against the embattled developer last month.
It comes as both Kingboard and Kingboard Laminates jumped nearly 7 percent on Monday on improving forecasts for this year. Read more>>
Singapore’s Tong Lee Building Up for Collective Sale at $305M Guide Price
Prime freehold industrial property Tong Lee Building will be put up for collective sale through an open tender on Tuesday, said marketing agent Strata AMC.
At a guide price of S$410 million ($305 million), this puts the land rate at S$769 per square foot per plot ratio based on the gross floor area of 49,486 square metres (532,662 square feet). Read more>>
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