EC World REIT manager’s CIO under investigation and other APAC REIT news

In Singapore, EC World REIT (BWCU) told the market that its manager’s chief investment officer Li Jinbo had been interviewed and taken a leave of absence, as part of an investigation by the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS).

The REIT said it had received a letter from the CAD and MAS requesting information, documents and electronic devices in relation to an investigation into an offence under the Securities and Futures Act (Chapter 289).

Authorities indicated that EC World REIT and the manager were not under investigation, according to an announcement published after the market had closed. 

Suntec REIT (T82U) invested S$40m into Harmony Investors Group (HIG), which indirectly holds Suntec International Convention and Exhibition Centre, growing its interest in the business to 66.3%. 

In a statement, the company said the move was to “support Suntec Singapore in the face of challenges to the  Meetings, Incentives, Conventions and Exhibitions (MICE) industry in Singapore due to the COVID-19 pandemic”.

Suntec REIT shares finished trading 1.40% higher at S$1.45. 

The FTSE ST Real Estate Investment Trusts index jumped 1.68% to 837.66, and the Straits Times Index gained 1.02% to 2,636.69.

Australia

A-REITs extended their gains, with the S&P/ASX 200 A-REIT index surging 3.02% to 1,277.40, and the S&P/ASX 200 index rising 1.66% to 6,032.70.

SCA Property Group (SCP) announced that it would pay a distribution of 5 cents per unit for the six months to end June 2020, according to a statement. 

SCA Property shares jumped 6.82% to A$2.35 in what was the biggest gain of the day, while Rural Funds Group (RFF) dipped 1.24% to A$1.995. 

Japan

The Tokyo Stock Exchange REIT index increased 1.75% to 1,698.80, while the Nikkei 225 Index closed 0.11% higher at 22,145.96.

The biggest J-REIT moves were Nippon Building Fund Inc. (8951) stocks, which soared 4.84% to JPY 650,000, and Hoshino Resorts REIT Inc. (3287), which fell 3.37% to JPY 444,500. 

Hong Kong 

The Hang Seng REIT index jumped 2.19% to 5,710.73, while the Hang Seng index grew 2.85% to 25,124.19.

Shares in Sunlight REIT (435) grew 5.19% to HK$4.05, followed by Champion REIT (2778), which rose 4.22% to HK$4.20.

Learn more about Asia Pacific REITs:

REITS in AustraliaREITs in Thailand
REITs in JapanREITs in Taiwan
REITs in SingaporeREITs in Korea
REITs in Hong KongREITs in New Zealand
REITs in MalaysiaREITs in India
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Benn is a freelance journalist and the publisher of APAC Real Estate. He has reported for the Herald Sun, REFI Europe, S&P Global Market Intelligence, Leader Newspapers, and more.