Blackstone Credit has raised some cash for its ESG platform from South Korea’s biggest pension fund
In today’s roundup of regional news headlines, South Korea’s National Pension Service invests in Blackstone’s ESG credit platform, Link REIT and other Hong Kong-listed trusts launch a business association, and Singapore’s Wing Tai reports soaring profits.
Korea’s NPS Commits to Blackstone ESG Credit Platform
The National Pension Service of South Korea, has committed capital to Blackstone Credit’s Sustainable Resources Platform to enhance the pension fund’s ESG strategies, the world’s third-largest pension fund said Thursday.
The platform was launched in January, focusing on investing in and lending to renewable energy companies and those supporting energy transition and climate change solutions. Read more>>
Link, Yuexiu and SF Set Up Hong Kong REIT Club
Link REIT, Yuexiu REIT and SF REIT have joined hands to co-found the Hong Kong REITs Association and build a collaborative platform for the city’s HK$210 billion ($26.7 billion) REIT sector.
The association will encourage more listings by REITs in the city and push for financial institutions to cover the sector more deeply for better analysis, George Hongchoy, Link REIT’s CEO and HKREITA’s chairman, said at a Thursday briefing to mark the launch. Read more>>
Wing Tai Full-Year Net Profit Soars 222%
Singapore-listed property and retail company Wing Tai Holdings on Thursday reported a full-year net profit of S$140.2 million (now $100.9 million) for its fiscal 2022, up 222 percent from the previous year.
Revenue for the full year ended 30 June came in at S$514.6 million, up 12 percent, Wing Tai announced in a bourse filing. Read more>>
EHT’s Largest Creditor Regrets REIT Failures
The winding-up process of Eagle Hospitality Trust has shed light on certain details of the lead-up to the group’s bankruptcy, particularly the role of Urban Commons as master lessee in the downfall of the trust. And at least one creditor is disappointed with how the affair has been handled from start to finish.
EHT is a stapled trust comprising Eagle Hospitality Real Estate Investment Trust and the dormant Eagle Hospitality Business Trust. It was listed on the Singapore Exchange in May 2019, tanked upon its debut and was suspended in March 2020. Read more>>
Singapore Housing Deemed ‘Relatively Affordable’ in Asia-Pacific: Report
Singapore is the only gateway city in Asia Pacific where housing is deemed relatively affordable and attainable, a new report has found.
This is when compared to the most populous cities in the region, the Urban Land Institute said in its first home attainability index report. The non-profit education and research institute gathered data on housing and household income for 28 cities in Singapore, China, Japan, Australia and South Korea. Read more>>
Chinese Developers Lean on Government Bond Guarantees
Chinese regulators are attempting to revive a sagging property market with new bond guarantees for a select group of developers. Investors think it will take a lot more to pull the real estate sector out of its deepest slump in years.
Many of the country’s real estate companies are struggling. More than 30 have defaulted on their dollar-denominated bonds, and even the strongest private-sector developers have faced challenges selling new debt as their bond prices have tumbled and yields have soared. In recent days, a flurry of large and small Chinese developers have put out profit warnings. Read more>>
Hong Kong COVID-19 Curbs Weigh on Developer Earnings
COVID-19 restrictions dragged on the profits of Hong Kong developers in the January-June period, with declines ranging from 40.5 to 58 percent, according to filings with the Hong Kong stock exchange on Thursday.
Sino Land, which is part of the Sino Group owned by billionaire Robert Ng and keeps to a July-June financial year, said its profit for the full year ending June amounted to HK$5.7 billion ($726 million), down 40.5 percent from a year earlier. Read more>>
PropertyGuru Net Income in the Black for the First Time Since Listing
PropertyGuru is the first among Singapore-based startups to turn profitable after listing in the US.
For the first time since its listing in March, the property portal reported on Thursday that its net income for the second quarter of fiscal 2022 ended 30 June had turned positive, coming in at S$3.8 million (now $2.7 million). Read more>>
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