The UBS offices at 9 Penang Road in Singapore
In today’s roundup of regional news headlines, bankers from Credit Suisse and UBS prepare to consolidate their Singapore offices, and global money managers take a flyer on Dalian Wanda’s dollar bonds. Also in the news, Singapore is advising the Philippines on its sovereign fund and high-yield bonds make a rebound.
Credit Suisse’s Singapore Private Bankers Moving to UBS Offices
Credit Suisse private bankers in Singapore will move to UBS Group’s flagship offices near a prime shopping district in the city-state as the merger of the two banks begins in earnest, according to people familiar with the matter.
Some of the employees are set to start the relocation as soon as next month, said one of the people, who asked not to be identified discussing private information. UBS relationship managers were informed about the switch last week, another person said. Read more>>
Deutsche Bank, Fidelity International Scoop Up Wanda Bonds
Some of the world’s biggest money managers increased bets on Dalian Wanda Group’s dollar bonds while worries about the Chinese conglomerate’s finances sent notes into distress.
Institutional investors that publicly file their holdings have increased their positions in Wanda units’ offshore bonds by a combined $263 million since 3 March, roughly when the sell-off began, according to a Bloomberg Intelligence analysis. Read more>>
China’s Big-City Homeowners Cash Out as Wealth Dream Fades
Chinese homeowners are losing conviction in their decades-long belief that property is a reliable store of wealth, undermining even coveted markets like Shanghai and adding pressure on authorities to find new sources of economic growth.
Asking prices in the financial hub have slumped for three straight months, falling to the lowest level since before China emerged from COVID lockdowns at the end of last year, according to data compiled by Centaline Group. Read more>>
China Stimulus Talks Fuel Rebound in $311B High-Yield Dollar Bond Market
China’s dollar junk bond market is catching a break after months of pressure, as authorities mull a broad package of stimulus measures to boost the economy.
The securities have risen in consecutive weeks for the first time since early February, according to a Bloomberg index. The developer-dominated market has returned 3.8 percent so far in June, with average prices rising to about 71 cents — just above a level widely considered as a threshold for distress. Read more>>
GIC and Temasek Explore Philippines’ Budding Maharlika Fund
Philippine President Bongbong Marcos’s economic team, which met with Singapore’s sovereign wealth and state investment fund giants to rally support for the Maharlika Investment Fund, reportedly received “good interest” from Singaporean investors.
National Treasurer Rosalia V De Leon said the government’s economic managers held a productive dialogue with GIC and Temasek Holdings to present the benefits of investing in the country’s first sovereign wealth fund. Read more>>
AirTrunk Starts 70MW Expansion of SYD2 Campus in Sydney
APAC data centre developer AirTrunk has begun work on a 70-megawatt expansion of one of its campuses in Sydney.
The company this week announced it has commenced construction on the final two phases of its SYD2 campus. Completion of the two-phase expansion is expected in 2024. The buildings will take the campus to 120MW. Read more>>
Mumbai Property Prices Buck Trend, Show Decline in Last Decade
The suburbs of India’s financial capital, Mumbai, have found their real estate value just marginally increased over a span of 10 years from 2013 to 2023. This despite the Greater Mumbai area being considered the most expensive real estate market in the country.
While the media often highlights the sale of luxurious apartments or extravagant penthouses in Mumbai at record-breaking prices, data show that individuals who purchased flats during the past decade and later sold their properties barely made any significant gains. Read more>>
Prime Global Residential Rents Hit Record High in Q1
According to Knight Frank, rents in global luxury residential markets are continuing to see strong growth. The Knight Frank Prime Global Rental Index rose by 8.5 percent in the 12 months to March of this year — with rents in a majority of markets hitting new records.
While the rate of annual growth in Q1 2023 slipped back from the 10.2 percent recorded in the previous quarter, globally rents are still rising at a rapid clip — continuing the trend that started in 2021 as city economies recovered from the pandemic. 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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