Korea’s National Pension Service is adding climate change to its list of focus areas for responsible investment
In today’s roundup of regional news headlines, two of South Korea’s biggest institutional investors reveal plans to do business more responsibly, and Jiayuan Services becomes the latest Chinese property firm to cut ties with its auditor.
South Korea’s NPS to Consider Climate Change in Management Work
South Korea’s national pension fund will consider climate change as part of its stewardship activities going forward, the welfare ministry said Tuesday.
A panel that oversees the National Pension Service’s fund management policies decided to add climate change, along with industrial accidents, to its list of focus areas for responsible investment activities, the ministry said in a statement. Read more>>
KIC to Strengthen Responsible Investments, Raise Shareholder Voice
Korea Investment Corporation plans to actively voice its opinions on portfolio companies’ management over the next two years to tighten its responsible investment.
The South Korean sovereign wealth fund will select 10 overseas companies this year to raise its shareholder voice, rather than simply exercising voting rights, industry sources said. Read more>>
PwC Resigns as Auditor of Jiayuan Services
Jiayuan Services Holdings on Tuesday announced the resignation of PricewaterhouseCoopers as the company’s auditor with effect from 6 March.
Having considered cost concerns and the imminent need for completing the audit work for the year ended 31 December 2022, the board recommended PwC resign, according to a filing with the Hong Kong stock exchange. Read more>>
New China Fund Management Plans 30% Job Cuts After $4.2B Outflows
New China Fund Management plans to cut as many as 30 percent of employees as its new shareholder seeks to revive growth after an asset slump, according to people familiar with the matter.
The company, managing RMB 57.6 billion ($8.3 billion) as of 31 December, is planning the reductions after state-owned Financial Street Group became the controlling shareholder in January, the people said, asking not to be named discussing private matters. New China Fund has about 200 employees, according to the Asset Management Association of China. Read more>>
Singapore’s Kingsley Mansion, Roselane Court Up for En Bloc Sale
Two freehold Singapore sites, Kingsley Mansion and Roselane Court, are up for sale by public tender.
Both are zoned for residential use under the Urban Redevelopment Authority Master Plan 2019 and are expected by their respective marketing agents to draw interest from developers. Read more>>
Wealthy City of Changzhou is Latest to Lift Home Resale Restrictions
Changzhou, an affluent city in China’s eastern Jiangsu province, has eased restrictions on the resale of residential property, joining several Tier 2 cities in easing curbs to boost demand and breathe life into the struggling market.
The change means owners can now put their house on the market once they have obtained their Real Property Ownership Certificate, rather than having to wait two years after purchase, according to a statement by the city’s housing bureau on Tuesday. Read more>>
Hong Kong Top Asian City for Ultra-Wealthy as Beijing Edges Singapore
Hong Kong has topped other Asian cities where ultra-wealthy individuals maintain primary or secondary residences, with an estimated 15,175 such residents, according to the latest report by Altrata.
Ranking third overall, Hong Kong trailed New York, which counted 21,714 individuals with a net worth of at least $30 million as residents, and London with 15,907 such residents, the study said. Read more>>
Hong Kong Loses Lustre as Retail Units Go Vacant, Big Brands Look to China
Hong Kong, one of the world’s top luxury shopping destinations, is losing its lustre as high-end retail properties go vacant and famous foreign brands reduce exposure to the city in favour of opening new outlets in mainland China.
Glitzy Hong Kong shopping streets once packed with luxury stores that attracted 56 million visitors in pre-pandemic 2019 now have about half their shop units sitting vacant, according to property management companies. Read more>>
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