South Korea’s boycott of Japan stops at financial products generating high returns.
While many Koreans have ceased buying everything from beer to cars to clothing from Japan and canceled trips there amid a trade spat, they have flocked into the nation’s real estate investment trusts.
Korean investors’ holdings of Japanese REIT funds have quintupled from the start of the year to about 291 billion won ($248 million), according to data from investment information provider KG Zeroin. They’ve bought a net 60 billion won in October, set for the biggest monthly inflow this year.
The hunt for better investment returns is fueling enthusiasm for the Japanese property market. The Tokyo Stock Exchange REIT index has gained 27 per cent this year, at a time when a sharp slowdown in Korean economic growth and trade conflicts have weighed on the country’s shares.
“J-REIT funds have had a steady, solid performance and that’s attracting investors struggling to find an attractive place to park their money amid global volatility,” said Yongsik Park, a fund manager at Samsung Asset Management, the country’s biggest money manager with 256 trillion won of assets.
Japanese REITs have been surging as the Bank of Japan’s ultra-easy policy supports the property market, and on expectations of increased foreign demand for the trusts after FTSE Russell announced that it will add them to its global equity index. Read more about J-REIT’s rally
Korean investors’ net purchases of Japanese REIT funds totaled 232 billion won this year as of October 21, compared with net sales of 13 billion won last year and purchases of 15 billion won in 2017, according to Zeroin data.
Samsung Asset said its J-REIT funds have grown almost 10-fold this year, with 120 billion won of assets under management.
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
UAE currency: the story behind the money in your pockets
HAJJAN
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
