Core Viewpoint - NIRAKU (01245) has announced a trust beneficiary rights transfer agreement for a total price of 9.557 billion yen (approximately 50.6 million HKD) to sell the trust beneficiary rights of "Kiai Asu" [1] Group 1: Transaction Details - The transaction involves the seller, a non-wholly owned subsidiary of the company, NBI Regional Revitalization Investment Co., Ltd., and the buyer, SMFL MIRAI Partners Company, Limited [1] - The expected effective date of the transfer is December 2, 2025 [1] Group 2: Business Strategy - The company initiated preparations for its real estate investment business in August 2024, focusing on investments in hotels and leisure facilities with high resale value potential [1] - This new business officially launched in April 2025 and aims to support the Japanese government's key policy of regional revitalization [1] - The strategy includes transforming local Japanese inns and hotels into financial products for sale to investors, redirecting capital from Tokyo to local economies [1] Group 3: Financial Implications - The board views the sale as a prudent and strategic business decision to capitalize on favorable market conditions and generate substantial financial returns from the real estate investment business [1] - The net proceeds from the sale are intended for general working capital or future investment opportunities [1]

Group 1 - The investment scale and application numbers of Chinese buyers in the Australian residential market are declining, indicating a cooling interest from previously active "Chinese property speculators" [2] - In the 2022-23 fiscal year, the number of approvals for Chinese buyers was 2,601, which dropped to 1,998 in the 2023-24 fiscal year, a year-on-year decrease of 23%. The first two quarters of the 2024-25 fiscal year recorded only 746 approvals, suggesting a potential annual low if the trend continues [2] - The approved investment amount also decreased from AUD 3.4 billion in the 2022-23 fiscal year to AUD 2.6 billion in the 2023-24 fiscal year, with only AUD 0.8 billion recorded in the first half of the 2024-25 fiscal year, reflecting a decline of over 20% [2] Group 2 - Despite the decline in residential purchases, Chinese buyers remain the largest source of foreign buyers in the Australian residential real estate market, although their market share has significantly narrowed compared to peak periods [2] - The shift in Chinese investors' behavior indicates a more rational approach to property investment, moving from buying homes to purchasing land, as highlighted by Kashif Ansari, CEO of Juwai IQI [3] - The increase in foreign land purchases, as reported by the Australian Taxation Office, suggests that Chinese buyers are not exiting the market but are instead making a strategic shift to land acquisition, which offers lower costs and greater flexibility [3][4] Group 3 - High interest rates and rising holding costs have made apartments less attractive, leading buyers to prefer a "land + house" model, as noted by Peter Li, General Manager of Plus Agency [3] - The "land + house" projects typically involve two contracts: one for land purchase and another for construction, allowing buyers to pay only the FIRB application fee and stamp duty for the land portion [3][4] - For example, purchasing a "new house + land" project valued at approximately AUD 1 million would incur about AUD 26,000 in FIRB application fees and 13%-14% in stamp duty, totaling around AUD 160,000. In contrast, using the dual contract method would result in total costs of approximately AUD 35,000, highlighting a significant cost difference [4]

Core Insights - Kathleen McCarthy, the global co-head of real estate at Blackstone, announced her departure after 15 years, marking a significant transition in her career [1] - Under her leadership, Blackstone's real estate assets grew over 300%, reaching more than $330 billion [1] Background and Career Development - Kathleen McCarthy grew up in a non-traditional family and developed an early interest in analysis and mathematics, leading her to a career in finance [3] - She graduated from Yale University with a focus on ethics, political science, and economics, initially uncertain about her career path [3] - McCarthy began her career at Goldman Sachs in the mergers and acquisitions department, which is known as a prestigious training ground for investment bankers [4] Achievements at Blackstone - After joining Blackstone in 2010, McCarthy transitioned from investor relations to global COO, eventually becoming a co-chair of global real estate [5] - She played a pivotal role in establishing a systematic real estate investment strategy and expanded into loans and real estate securities [5] - Notable transactions under her leadership include the $18.7 billion acquisition of Prologis' U.S. industrial logistics assets in 2019, marking the largest private real estate deal at that time [7] - In 2021, Blackstone acquired data center operator QTS for $10 billion, capitalizing on the growing demand for digital infrastructure [7] - The company also privatized the REIT ROIC for $4 billion, demonstrating its ability to identify undervalued assets in a challenging retail market [7] Future Outlook - McCarthy expressed her desire to reflect on global trends affecting real estate and the evolving landscape of consumer behavior [8] - Following her departure, Nadeem Meghji will take over as the sole head of global real estate at Blackstone [8] Financial Performance - In October 2023, Blackstone reported a distributable earnings of $1.9 billion, a nearly 50% year-over-year increase, with inflows of $54 billion over the past quarter [9] - The firm's assets under management reached a record high of $1.24 trillion [9]

Core Insights - Kathleen McCarthy, the global co-head of real estate at Blackstone, announced her departure after 15 years, marking a significant transition in her career [2][3] - Under her leadership, Blackstone's real estate assets grew over 300%, reaching more than $330 billion [3] Background and Career Development - Kathleen McCarthy grew up in a non-traditional family and developed an early interest in analysis and mathematics, leading her to a career in finance [6] - She graduated from Yale University with a major in ethics, political science, and economics, initially uncertain about her career path [6] - McCarthy began her career at Goldman Sachs in the mergers and acquisitions department, which is known as a training ground for investment bankers [6][7] Key Achievements at Blackstone - After joining Blackstone in 2010, McCarthy transitioned from investor relations to become the global COO and later the global co-chair of real estate [10] - She led significant transactions, including the $18.7 billion acquisition of Prologis' U.S. industrial logistics assets in 2019, the largest private real estate deal at the time [11] - In 2021, Blackstone acquired data center operator QTS for $10 billion, capitalizing on the growing demand for digital infrastructure [11] - In 2025, Blackstone completed the privatization of the REIT ROIC for $4 billion, demonstrating its ability to identify undervalued assets in a challenging retail market [11] Strategic Insights - McCarthy emphasized the importance of understanding global trends and their impact on real estate investments, noting that the rules of the industry have changed significantly over the past two decades [12] - In her farewell message, she expressed gratitude to her colleagues and highlighted her plans for family time and new challenges ahead [13] Recent Performance Metrics - In October 2023, Blackstone reported a distributable earnings of $1.9 billion, a nearly 50% year-over-year increase, with inflows of $54 billion in the third quarter [13][14] - The total assets under management reached a record high of $1.24 trillion [13]

Group 1 - Mauritius has become a popular destination for South African investors seeking overseas real estate opportunities, offering a safe place to reside and hold assets while providing permanent residency through property investment [1] - The appeal of Mauritius is enhanced by its favorable infrastructure, political stability, good security, pleasant climate, reasonable tax system, and well-regulated real estate market [1] - Since Mauritius allowed foreign ownership of property in 2004, interest from South African investors has steadily increased, with many choosing to permanently relocate due to the country's peaceful environment [1] Group 2 - Mauritius has been ranked as the most peaceful country in Africa for the eighteenth consecutive year according to the Global Peace Index 2025, highlighting its stability compared to the conflict-ridden regions in sub-Saharan Africa [1]

前言： 纽约街头的竞选海报还未完全撤下，华尔街的玻璃幕墙背后，却已经弥漫着一种复杂的情绪。佐兰·马 姆达尼，这位在民调中遥遥领先、获胜赔率高达95%的准市长，成了金融圈关注的焦点。金融圈一方面 投下重金，试图阻止他当选；另一方面，又在民调结果面前悄悄调整策略，准备与他合作。这场资本与 政治的博弈，背后暗藏着纽约未来发展的方向。 华尔街金融动荡 今年夏天，马姆达尼还与摩根大通的CEO杰米·戴蒙进行了电话沟通。有消息称，戴蒙已经表示，只要 马姆达尼当选，他愿意提供帮助。房地产行业的大佬们也没有被忽视，马姆达尼与他们一直保持沟通， 尽力不让关系破裂。 支持马姆达尼的独立支出委员会OneNYC，也在为日后的合作铺路。委员会首席执行官亚瑟·萨利姆透 露，如果马姆达尼胜选，他们将迅速成立一个商界领袖顾问委员会，专门负责与商界的合作。他强 调，"我们非常重视与商界建立实际信任，提出具体的合作案例。"这番话显然是为了安抚华尔街，表明 新政府不会采取"一刀切"的强硬政策。 马姆达尼的竞选计划，早就引起了金融界的担忧。他提出的一系列政策，每一条都触动了华尔街的敏感 神经。比如，增加纽约富裕人群的税负、提高企业税、冻结公寓租金、增 ...

Financial Data and Key Metrics Changes - Distributed earnings before realizations were $1.3 billion for the quarter, or $0.56 per share, and $5.4 billion over the last 12 months, or $2.27 per share, representing an 18% increase over the same period last year [4][13] - Total distributed earnings, including realizations, were $1.5 billion, or $0.63 per share for the quarter, and $6 billion, or $2.54 per share over the last 12 months [13] - Total net income was $1.7 billion over the same period [13] Business Line Data and Key Metrics Changes - The asset management business generated distributed earnings of $687 million, or $0.29 per share in the quarter, and $2.7 billion, or $1.14 per share over the last 12 months [13] - Wealth Solutions business delivered distributed earnings of $420 million, or $0.18 per share in the quarter, and $1.7 billion, or $0.70 per share over the last 12 months, representing organic growth of over 15% year-over-year [15][17] - The operating businesses generated distributed earnings of $336 million, or $0.15 per share in the quarter, and $1.7 billion, or $0.72 per share over the last 12 months [17] Market Data and Key Metrics Changes - The company financed $140 billion of debt across operations and closed $75 billion of asset sales at attractive values, including over $35 billion in just the past few months [5][4] - The real estate business showed strong performance with 96% occupancy in the Super Core portfolio and 95% occupancy in the Core Plus portfolio [19] - Leasing activity in Canary Wharf remains strong, with over 450,000 sq ft leased year to date, indicating a strong demand for high-quality space [20] Company Strategy and Development Direction - The company is focusing on AI innovation, aging populations, and real estate recovery as key trends for future growth [8] - Strategic transactions include the acquisition of Just Group in the U.K. and a reinsurance agreement in Japan, expanding the company's footprint in retirement markets [9][17] - The company is advancing initiatives in energy transition and AI infrastructure, including partnerships to deliver $80 billion of nuclear reactors and developing power generation from fuel cells [10][11] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about economic activity and corporate earnings remaining healthy, with capital markets open and transaction activity picking up [4] - The management highlighted the potential for faster economic growth to outpace debt, supported by AI and innovation [6] - The company expects continued growth in financial results over the remainder of the year and into 2026 [23] Other Important Information - The company completed a three-for-two stock split on October 9, 2025, affecting all per-share amounts discussed [2] - The board declared a quarterly dividend of $0.06 per share, consistent with the previous quarter's dividend [24] - The company maintains a conservatively capitalized balance sheet with record deployable capital of $178 billion at the end of the quarter [23] Q&A Session Summary Question: How do you see humanoids and AI potentially creating another leg of the stool for Brookfield over time? - Management indicated that most capital deployment is focused on building infrastructure to support AI growth, which presents significant growth potential for the franchise [28][30] Question: Can you talk about the reinsurance agreement in Japan and its contribution to global ambitions? - The management confirmed that the reinsurance agreement is a flow agreement that will build over time, with a focus on continued growth in both the U.K. and Japan [32][33] Question: How long to reach the 200 basis point target net investment yield spread? - Management stated that reaching the 200 basis point target is a medium to long-term goal, and they expect the spread to start broadening as they deploy capital into real assets [38] Question: What is the impact of the Oaktree acquisition on share repurchases? - Management confirmed that the acquisition will not impact the broader buyback strategy, and they will buy back the shares issued as part of the transaction [40] Question: Can you discuss the trajectory of the insurance business and the spread dynamics? - Management acknowledged that the spread is currently at 165 basis points due to disciplined deployment, but they expect it to widen as attractive investment opportunities arise [44] Question: What are the downside protections sought in nuclear project investments? - Management emphasized that any involvement in nuclear projects will be structured to provide strong downside protection [52][54] Question: How is the outlook for Carry Generation shaping up for 2026? - Management indicated that they expect a step-up in carried interest in 2026, supported by a healthy transaction market [59][60]

Core Viewpoint - New Century Group (00234.HK) anticipates a loss of no more than HKD 20 million for the six months ending September 30, 2025, compared to a loss of approximately HKD 4 million in 2024, indicating a significant increase in losses due to various factors [1] Group 1: Financial Performance - The expected loss for the upcoming period is primarily attributed to tightened lending measures, which have led to a decline in the loan portfolio and a reduction in lending business profits [1] - The fair value loss of the group's investment properties in Hong Kong, mainly commercial retail units, has increased [1] - There has been a decrease in fair value gains and dividend income from listed equity investments [1]

Core Viewpoint - New Century Group (00234) anticipates a loss attributable to shareholders of no more than HKD 20 million for the six months ending September 30, 2025, compared to a loss of approximately HKD 4 million in 2024 [1] Summary by Relevant Categories Financial Performance - The expected loss for the upcoming period is significantly higher than the previous year's loss, indicating a deterioration in financial performance [1] - The company reported a decrease in its loan portfolio due to tightened lending measures, which has led to reduced profits from lending activities [1] Investment Property - There has been an increase in the fair value loss of the company's investment properties in Hong Kong, primarily affecting commercial retail units [1] Equity Investments - The fair value gains and dividend income from listed equity investments have decreased, contributing to the overall expected loss [1]

Core Viewpoint - New Century Group (00234) anticipates a loss attributable to shareholders of no more than HKD 20 million for the six months ending September 30, 2025, compared to a loss of approximately HKD 4 million in 2024 [1] Summary by Relevant Categories Financial Performance - The expected loss has increased primarily due to tightened lending measures on all loan applications, resulting in a decline in the loan portfolio and reduced profitability from lending activities [1] - The fair value loss of investment properties in Hong Kong, mainly commercial retail units, has increased [1] - There has been a decrease in fair value gains and dividend income from listed equity investments [1]