UBS wary of S'pore, HK housing markets

The threat of government curbs to tame prices makes Singapore and Hong Kong residential property unattractive, the regional head of UBS Group's real-estate investment arm said.

"We have no exposure in the Singapore residential market and we are very comfortable not having any exposure," Mr Graham Mackie, head of real estate for Asia-Pacific at UBS Asset Management, said yesterday. "Historically it's been very exposed to government policy intervention and that continues."

Instead, he said, UBS is targeting investments in business parks and light industrial developments.UBS also has no residential investments in Hong Kong.

BLOOMBERG

Mapping firm Here looks beyond self-driving cars

FRANKFURT • Here, the digital mapping company controlled by Germany's premium carmakers, aims to expand its business not only to offer navigation for self-driving cars but also drones and advanced robotics, said chief executive Edzard Overbeek.

Germany's carmakers Daimler, Volkswagen and BMW bought Here from mobile telecoms company Nokia for €2.8 billion (S$4.5 billion) in 2015 as part of a push into self-driving cars. Intel holds a 15 per cent stake and an Asian bidding group made up of Tencent, NavInfo and GIC have an undisclosed percentage. Since the German takeover, other carmakers have shown an interest in buying a stake in Here.

REUTERS