Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>Tokio Marine has acquired a majority stake in Acore Capital, enhancing its investment portfolio.</li><li>CapitaLand Ascendas REIT has completed the sale of its Brisbane sheds for $69 million to Cadence.</li><li>Singapore's ABI Plaza is emerging as a key player in the competitive office market landscape.</li></ul>

Tokio Marine has acquired a majority stake in Acore Capital, enhancing its investment portfolio.CapitaLand Ascendas REIT has completed the sale of its Brisbane sheds for $69 million to Cadence.Singapore's ABI Plaza is emerging as a key player in the competitive office market landscape.

Asia Real Estate Tracker (13-Nov-2025): Tokio Marine acquires majority stake in Acore Capital.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Kobayashi Pharmaceutical Co / Event-Driven

<ul>
<li>I tally 36 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Three new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/global-lithium-resources-ltd" target="_blank" data-smartkarma-citation="entities:34827:1" rel="noopener">Global Lithium Resources Ltd (GL1 AU)</a>, <a href="https://www.smartkarma.com/entities/idp-education-ltd" target="_blank" data-smartkarma-citation="entities:1098:1" rel="noopener">IDP Education (IEL AU)</a>, and <a href="https://www.smartkarma.com/entities/kobayashi-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:14930:1" rel="noopener">Kobayashi Pharmaceutical Co (4967 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX Group (OFX AU)</a>,<a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>, <a href="https://www.smartkarma.com/entities/ajinomoto-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12499:1" rel="noopener">Ajinomoto Malaysia (AJI MK)</a>, <a href="https://www.smartkarma.com/entities/carnaby-resources-ltd" target="_blank" data-smartkarma-citation="entities:4197:1" rel="noopener">Carnaby Resources (CNB AU)</a>, and <a href="https://www.smartkarma.com/entities/reliance-worldwide-corp-ltd" target="_blank" data-smartkarma-citation="entities:22690:1" rel="noopener">Reliance Worldwide Corp (RWC AU)</a>.</li>
</ul>


I tally 36 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deals were discussed on Smartkarma this week: Global Lithium Resources Ltd (GL1 AU), IDP Education (IEL AU), and Kobayashi Pharmaceutical Co (4967 JP).
Key updates/news also took place on: OFX Group (OFX AU),Changhong Jiahua (3991 HK), Ajinomoto Malaysia (AJI MK), Carnaby Resources (CNB AU), and Reliance Worldwide Corp (RWC AU).


Asia-Pac Weekly Wrap: Kobayashi Pharma, Global Lithium, IDP, OFX, Ajinomoto, Reliance Worldwide

<ul>
<li>
<a href="https://www.smartkarma.com/entities/resonac-holdings-corp" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Resonac Holdings (4004 JP)</a> is worth more than ¥200/share over the medium-term. But expect this <a href="https://www.smartkarma.com/entities/crasus-chemical" target="_blank" data-smartkarma-citation="entities:58630:1" rel="noopener">Crasus Chemical (646A JP)</a> spinoff to create trading and accumulation opportunities in the near future.</li>
<li>
<a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591:1" rel="noopener">Tokio Marine (8766 JP)</a> reportedly identified <a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218:1" rel="noopener">Suncorp (SUN AU)</a>. It's a clean play after selling Suncorp Bank to ANZ. <a href="https://www.smartkarma.com/entities/insurance-australia-group-ltd" target="_blank" data-smartkarma-citation="entities:712:1" rel="noopener">IAG (IAG AU)</a> is now cleaner after settling the Greensill litigation.</li>
<li>
<a href="https://www.smartkarma.com/entities/legend-holdings-corporation-class-h" target="_blank" data-smartkarma-citation="entities:517:1" rel="noopener">Legend Holdings (3396 HK)</a> remains deeply valued. It is now seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn. </li>
</ul>



Resonac Holdings (4004 JP) is worth more than ¥200/share over the medium-term. But expect this Crasus Chemical (646A JP) spinoff to create trading and accumulation opportunities in the near future.

Tokio Marine (8766 JP) reportedly identified Suncorp (SUN AU). It's a clean play after selling Suncorp Bank to ANZ. IAG (IAG AU) is now cleaner after settling the Greensill litigation.

Legend Holdings (3396 HK) remains deeply valued. It is now seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn. 


Last Week In Event SPACE: Resonac, Tokio Marine/Suncorp/IAG, Legend, Chery Automobile

<ul>
<li>Back in July, cashed-up <a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591:1" rel="noopener">Tokio Marine Holdings (8766 JP)</a> was reportedly running a ruler over <a href="https://www.smartkarma.com/entities/insurance-australia-group-ltd" target="_blank" data-smartkarma-citation="entities:712:1" rel="noopener">Insurance Australia (IAG AU)</a> or <a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218:1" rel="noopener">Suncorp (SUN AU)</a>.</li>
<li>Berkshire's recent investment in Tokio Marine appears to have jumpstarted its M&amp;A ambitions. Late August, Tokio Marine (also reportedly) identified Suncorp as its preferred takeover target </li>
<li>Suncorp was viewed as (potentially) a cleaner play after selling Suncorp Bank to <a href="https://www.smartkarma.com/entities/anz-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40898:1" rel="noopener">ANZ Group Holdings (ANZ AU)</a> in 2024. IAG is now cleaner after settling the Greensill litigation. </li>
</ul>


Back in July, cashed-up Tokio Marine Holdings (8766 JP) was reportedly running a ruler over Insurance Australia (IAG AU) or Suncorp (SUN AU).
Berkshire's recent investment in Tokio Marine appears to have jumpstarted its M&amp;A ambitions. Late August, Tokio Marine (also reportedly) identified Suncorp as its preferred takeover target 
Suncorp was viewed as (potentially) a cleaner play after selling Suncorp Bank to ANZ Group Holdings (ANZ AU) in 2024. IAG is now cleaner after settling the Greensill litigation. 


IAG AU: Greensill Settlement Removes Overhang. Tokio Marine Will Take Note

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>There is very high delta in 30-year JGB yields in the recent month, and preceding periods</li>
<li>This is very much unlike what we see with the 1-year JGBs, different implications.</li>
<li>Insurance companies are the major holders of long-dated JGBs where banks have low duration on their bond holdings.</li>
</ul>


There is very high delta in 30-year JGB yields in the recent month, and preceding periods
This is very much unlike what we see with the 1-year JGBs, different implications.
Insurance companies are the major holders of long-dated JGBs where banks have low duration on their bond holdings.


Japan - Sharply Higher Long-Dated JGBs Should Mean Sizable Valuation Losses at Insurers, Not Banks

Japan

Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and life insurance, and asset management services.

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Tokio Marine Holdings (8766 JP)

Asia Real Estate Tracker (13-Nov-2025): Tokio Marine acquires majority stake in Acore Capital.

Tokio Marine acquires a majority stake in Acore Capital, while CapitaLand Ascendas REIT sells Brisbane sheds for $69M, reflecting active real...

Asia Real Estate Tracker

Asia-Pac Weekly Wrap: Kobayashi Pharma, Global Lithium, IDP, OFX, Ajinomoto, Reliance Worldwide

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: Resonac, Tokio Marine/Suncorp/IAG, Legend, Chery Automobile

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

IAG AU: Greensill Settlement Removes Overhang. Tokio Marine Will Take Note

Suncorp was viewed as (potentially) a cleaner play fopr Tokio Marine after it sold Suncorp Bank to ANZ Group Holdings (ANZ AU) in 2024. IAG is now...

David Blennerhassett

Japan - Sharply Higher Long-Dated JGBs Should Mean Sizable Valuation Losses at Insurers, Not Banks

Japan's insurance companies are more exposed and highly exposed to rising long-dated JGB yields, unlike for banks. The former will have more...

Daniel Tabbush

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