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Monetary Authority of Singapore Opens Beijing Office

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singapore_skylineThe Monetary Authority of Singapore (MAS) opened their first Asian representative office in Beijing, China. Singaporean public leaders recognize China’s cultural and economic clout in the Southeast Asia region. Singapore’s sovereign funds maintain large investments in Chinese companies and assets, especially companies that are tied to middle-class mobility. Private consumption in China has driven recent economic growth. In late May 2013, Temasek Holdings increased its position in Industrial & Commercial Bank of China Ltd. According to a statement from the Hong Kong stock exchange, Temasek Holdings purchased 280 million shares of ICBC with an average price of 5.50 HKD per share. Goldman Sachs Group Inc. exited the 7-year old investment, raising US$ 1.1 billion by selling 1.58 billion shares of ICBC.

On a different front, Singapore was the third largest source of foreign direct investment in China after Hong Kong and China. With regard to Singapore’s service sector, China is their fifth largest export destination in that area.

Chinese SAFE Investment Company Sells Off Stake in Ropemaker Place

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Singapore-listed property company Ho Bee Land, acquired a prime office at 25 Ropemaker Place, EC2, located in the City of London, for £650 million. The property went up for sale in December 2017.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norway SWF Adds to Existing Investment in Central London

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On June 15, 2018, Norges Bank Real Estate Management, the manager of Norway Government Pension Fund Global, acquired 25 percent of a long leasehold interest in 30 Warwick Street in central London, in joint venture with The Crown Estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Crown Property Bureau Moves Assets to Thailand King Under 2017 Law

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In December 2016, Crown Prince Maha Vajiralongkorn became King of Thailand, succeeding his father King Bhumibol Adulyadej who passed away in October 2016. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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