Hedge funds, private equity firms see few inflows as Chinese snap up cars and condos
By David Ramli
A senior executive at one of Singapore’s largest hedge funds described it as one “big zero.” Another money manager — among the more than 10 interviewed — said none of the handful of inquiries has resulted in fresh funds to manage. They declined to be identified discussing private matters. Pitsilis said the newcomers have global allocations in place and the region represents a new, unfamiliar market full of potential pitfalls. Asian clients in general take longer to trust money managers compared with counterparts in the US, where a whole ecosystem of advisers and data providers make the decision easier, he said.
The nation’s real estate market has defied a global slump as newcomers snap up luxury condos, driving prices higher for 12 straight quarters. High-end residential rents in the fourth quarter of 2022 were up 28% compared with a year earlier, helping the city push New York off the top spot for gains. Retail sales surged almost 13% in February, while license fees for cars are hitting fresh records of almost $90,000.
Yet this flood of Chinese money hasn’t done as much for the financial services sector — and some lawmakers are wondering why not. Over the past seven months, politicians from the opposition parties and even the ruling People’s Action Party have asked the government for more details on whether the surge in wealth will effect the income gap, what rich immigrants have been investing in locally, and what impact Chinese non-residents have had on property prices and rents.
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