Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

<ul><li>S-REITs with retail assets in China show mixed 2024 performance with stable occupancies but negative rental reversions amid cautious consumer sentiment.</li><li>CapitaLand China Trust's retail NPI increased 1.9% y-o-y in FY2024, with stable occupancy at 98.2% and negative rental reversion.</li><li>Sasseur REIT's portfolio occupancy reached 98.9% by end 2024, with double-digit sales growth during Lunar New Year 2025.</li></ul>

S-REITs with retail assets in China show mixed 2024 performance with stable occupancies but negative rental reversions amid cautious consumer sentiment.CapitaLand China Trust's retail NPI increased 1.9% y-o-y in FY2024, with stable occupancy at 98.2% and negative rental reversion.Sasseur REIT's portfolio occupancy reached 98.9% by end 2024, with double-digit sales growth during Lunar New Year 2025.

Mapletree Pan Asia Commercial Trust (MCT SP)

REIT Watch - S-REITs with China retail assets log mixed 2024 performance; may benefit from consumption push