Kim Tae-hyun, chairman and CEO of South Korea’s National Pension Service
Korean pension giant NPS chooses a trio of asset managers to oversee a key domestic property fund, with that story leading today’s headline roundup. Also making the list, a Goodman exec sues an Aussie compatriot for defamation and Beijing heaps pressure on Li Ka-shing over CK Hutchison’s ports deal with BlackRock.
Korea’s NPS Picks KB, Samsung SRA, Capstone as Core Property Fund Managers
South Korea’s National Pension Service has selected three asset managers to oversee its domestic core real estate platform fund — the state pension fund’s first such allocation since 2018.
According to investment banking sources on Sunday, the state-run pension fund, the country’s largest institutional investor, has appointed KB Asset Management, Samsung SRA Asset Management and Capstone Asset Management as the core platform fund managers. Read more>>
Goodman Asia Boss Suing for Defamation Over Mega-Mansion Malfeasance Claims
A jet-setting executive of developer Goodman has admitted going to the house of a man he is suing days before the trial began and was shocked to learn in court that he drove there in an unregistered car. Paul and Meredith McGarry have taken civil action in the Supreme Court of Western Australia against former City of Nedlands councillor Andrew Mangano, saying they don’t seek money but an apology and to set the record straight.
They allege he defamed the Hong Kong-based couple in a relentless “hate campaign” via three motions at council meetings in 2022, and in communications with their Jutland Parade neighbours and a suburban newspaper journalist. Read more>>
Beijing Targets Li Ka-shing After BlackRock Port Deal
Chinese authorities increased pressure on CK Hutchison Holdings over its plan to sell its Panama ports stake by sharing a second newspaper commentary attacking the deal.
The Hong Kong and Macau Affairs Office on Saturday reposted a commentary originally published in Ta Kung Pao, saying the planned sale of the ports by the Hong Kong company had triggered deep concerns among Chinese people and questioned whether the deal was harming China and aiding evil. Read more>>
ICBC Declares No Sight of Risk Among Major Hong Kong Developers
ICBC Asia sees no undue risk in lending to Hong Kong’s large developers and will also continue to write home mortgages to support the sector’s recovery, according to a senior executive.
While acknowledging the headwinds in the city’s property sector, such as the emergence of non-performing loans and lukewarm sales, Wang Zhiyong, head of the corporate banking department, said the sector was looking to stabilise amid government support and developers’ initiatives to strengthen business. Read more>>
Canada’s Couche-Tard Stresses Friendly Interest in Japan’s 7-Eleven
Canada’s Alimentation Couche-Tard reaffirmed Thursday that it is determined to acquire Seven & I Holdings, though the operator of Japan’s top convenience store chain has rejected its offer.
“We are continuing to pursue a friendly, mutually agreeable transaction,” the chairman and founder of Alimentation Couche-Tard, Alain Bouchard, told reporters in Tokyo. He reiterated his promise to retain local management, saying the merger would be good for 7-Eleven’s business. Read more>>
China Retail Sales Rebound, Unemployment Rises
China’s retail sales growth quickened in January-February in a welcome sign for policymakers’ efforts to boost domestic consumption even as joblessness rose and factory output eased, underscoring the strains on an economy facing fresh US tariff pressure.
Policymakers have put expanding domestic demand as the top priority this year as they try to cushion the impact of the Trump administration’s tariffs on its crucial export engine. China’s top leaders have maintained an economic growth target of “around 5 percent” for 2025, but analysts say that may be a tall order given pressure on exports, tepid household demand and a protracted property crisis. Read more>>
Buyers Crowd into China Vanke Hong Kong Project Despite Lender Concerns
China Vanke sold nearly all of the more than 200 units on offer at its Le Mont project on the first day of sales, despite earlier reports indicating that some Hong Kong banks were refusing to extend mortgages to prospective buyers.
By Saturday evening, 223 of the 228 available flats at the new Tai Po residential project developed by Vanke Hong Kong, wholly owned by China Vanke, had been sold, said Sammy Po, CEO of Midland Realty’s residential division. Read more>>
Singapore’s Keppel Turns Focus to Brownfield Projects
Asset manager and operator Keppel will pivot its focus to other brownfield redevelopment projects following the completion of Keppel South Central, according to Samuel Ng, president of Keppel’s real estate division in Singapore: “The redevelopment of Keppel South Central is our showpiece.”
Ng referred to the former Keppel Towers, a 27-storey office tower completed in 1991, and Keppel Towers 2 (formerly known as GE Tower), a 13-storey building completed in 1993. Read more>>
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