After two tenures, AsianInvestor's 2021 Standout CIO Jang Dong-hun looks back on the past six years at Korea's Poba with satisfaction.
Three children in Hong Kong have so far died with flu-like symptoms, and another child has just been admitted to the intensive care unit in a hospital. Citi notes that on March 12 alone, 23 schools have been affected, with an additional 184 persons getting the virus. In less than a month, about 84 schools in Hong Kong already have been affected, the bank adds.
This flu scare, though so far contained among the schools affected, has brought back memories of the deadly Severe Acute Respiratory Syndrome (Sars) that hit Hong Kong in 2003.
The outbreak could potentially affect the home-viewing activities of homebuyers, resulting in a more quiet market, according to Tony Tsang, a property analyst at Citi. Together with continued weakness in the stockmarket, transaction volume in the secondary market could slow further in March. Sars had a crippling effect on Hong KongÆs property market, which took many months to recover.
ôWith these added uncertainties, bullish expectations of property price increases and transaction volume now built into earnings estimates might not be finally realised, leading to downside in earnings,ö Tsang writes in a report.
The outbreak is adding to CitiÆs sell recommendation on Sun Hung Kai Properties and Sino Land. The bankÆs top pick among the Hong Kong developers are Kerry Properties, which is now trading at 44% NAV discount, and Hang Lung Properties, which has a strong track record of timing the property market.
Tsang has been cautious on the property market in Hong Kong because of increased property supply over the past few months. He notes that supply in the secondary market has increased remarkably with an increasing amount of homeowners and investors releasing their holdings into the market. For example, the amount of units put onto the market for sale in the top 10 benchmark housing estates in Hong Kong has now risen by 29% compared with February levels. Meanwhile, transaction volumes have slowed and individual sellers have softened their asking prices, he says.
Brunei Investment Agency names head of real estate; Former Temasek CEO Ho Ching joins EQT Future's mission board; APG managing director for global real assets relocates to Hong Kong; Manulife Hong Kong appoints chief financial officer and chief product officer; Wayne Swan commences as Cbus chair; AXA IM appoints head of client group alts Asia; and more.
Census experts say China's population will start to decline at least five years earlier than expected - investors are being warned to keep a weather eye on inflation and structural shifts.
Family offices in Hong Kong want to do more impact investing, but the paucity of ESG talent and the lack of uniform reporting standards are real issues for them.
An impending series of interest rate increases and the deterioration in relations between Russia and the West over Ukraine have worried investors in recent weeks, hence the volatility in US equities in particular.