DAILY MARKET UPDATES 21st August 2008

CapitaLand going ahead with 2nd Malaysian Reit
CapitaLand will list its 2nd Malaysian real estate investment trust (Reit) this year, barring unfavourable market conditions. The Reit will initially comprise three shopping malls worth RM2 billion (S$849 million). Penang's Gurney Plaza and two malls in the Klang Valley - Mines Shopping Fair and Sungei Wang Plaza - will form the Reit's initial core assets.
- The Business Times, P5
CIMB bags job for CDL sukuk issue
CIMB Group has won the mandate to arrange a $1 billion Islamic bond issue for City Developments Ltd (CDL). It will be Singapore's first sukuk-Ijarah unsecured financing arrangement by a company. CDL said that it plans to make use of the $1 billion Islamic multi-currency medium-term notes programme to tap new markets and investors.
- The Business Times, P6
Dubai’s new law on mortgage
The Dubai government has issued a mortgage law aimed at regulating the city-state's booming property market. The law requires that mortgages be insured, sold by approved banks, registered with local authorities and that they specify the property value and terms of the loan.
- The Business Times, P40
Key Japan real estate sector seen tripling
Japan's market for investment in logistics real estate is seen growing threefold within a few years as more players enter a sector considered stable even in an economic slowdown, according to LaSalle Investment Management. The real estate securitisation investment market was about 320 billion yen (S$4 billion) in 2007, accounting for only 3.8% of Japan's total Reit investment. LaSalle sees such logistics-area investment accounting for more than 10% of total J-Reit investment in the near future.
- The Business Times, P39
Consumer confidence plunges
Consumer confidence around the world dropped to a three-year low over concerns of rising living costs and unemployment according to The Nielsen Global Consumer Confidence Index.Consumer confidence fell in 39 countries and in Singapore, it slid 12 points, from 114 to 102. 56% of global respondents think their country is currently in recession. 80% of Singaporeans do not think Singapore is in one. 47% of Singaporeans believe a global recession will hit in the next 12 months. Singaporeans are most worried about unemployment and inflation. Nearly 75% of Singapore respondents feared for their jobs, while 69% bemoaned rising costs.
- The Straits Times, A4

­ ST Index change 2,751.75 (+23.36)
SIBOR (3 mths): 1.18792 (S$)
SWAP (3 mths): 1.25772 (S$)