Asia Roundup
Hong Kong Hikes Stamp Duty for Luxury Homes as Sales Rebound
Hong Kong is hiking stamp duty for luxury home transactions following a recent flurry of activity in the market, Bloomberg reported.
Stamp duty on residential property transactions valued above HKD 100 million (USD 12.8 million) will be raised to 6.5% from 4.25%, the city’s financial secretary Paul Chan said in a budget speech.
Developers have made a number of high-profile luxury property sales in the past few months, including a couple of mansions sold for HKD 2.2 billion by Swire Properties. There were 81 deals for residences valued at more than USD 10 million in the last quarter of 2025, the most since late 2021, according to Knight Frank.
Sri Lanka to Let Exporters Buy Dollar Bonds to Diversify Funding
Sri Lanka plans to allow exporters to purchase locally issued dollar-denominated bonds, as authorities seek to diversify funding channels, Bloomberg reported.
Under earlier regulations, exporters were allowed to buy foreign exchange-denominated securities labeled Sri Lanka Development Bonds that were issued locally. However, when the government sold USD 50 million of so-called Domestic Dollar Bonds in December, participation was limited to commercial banks.
Sri Lanka is yet to go back to international markets to raise funds after its default, highlighting the need to find different sources of dollar funding. The country has restructured most of its defaulted debt with bondholders and gradually built back part of its forex reserves under a 48-month program with the International Monetary Fund.
Singapore Airlines ‘Firmly Committed’ To Air India Investment
Singapore Airlines (SIA) said it remains “firmly committed” to supporting Air India’s transformation alongside owner Tata Sons, despite the Indian carrier continuing to weigh on SIA’s earnings, Aviation Week reported.
Losses from associated companies for the December 2025 quarter widened to SGD 178 million (USD 141 million), compared with SGD 163 million a year earlier. SIA attributed the increase to a full-quarter recognition of Air India’s losses.
Indonesia Roundup
Indonesia Offers Euro, Yuan Bonds as Fiscal Concerns Grow
Indonesia began marketing its second offshore yuan bond in four months in addition to euro-denominated notes, testing global investor confidence amid concerns over fiscal woes in Southeast Asia’s largest economy, Bloomberg reported.
“The new global bond mandate suggests the MOF maintaining expansive fiscal policy”, as the government seems to aim for more aggressive spending in February and March, Lionel Priyadi, a macro strategist at Mega Capital, wrote in a note.
He expects the proceeds from both the yuan and euro notes to total USD 3 billion to USD 4 billion to partly refinance maturing bonds this year.
Indonesia’s $1.5 Billion Indian Truck Imports May Trigger Layoffs, Labor Union Says
Indonesia’s plan to import 105,000 Indian-made pickup trucks continued to catch flak, as major labor union KSPI warned that the procurement can cause job losses, Jakarta Globe reported.
Indonesia’s state-run enterprise Agrinas Pangan Nusantara intends to import the pickup trucks from India to back the government’s Red and White Village Cooperatives program. But the imports – reportedly valued at around IDR 24.66 trillion (USD 1.5 billion) – are feared to deal a blow to the domestic auto industry.
Finance Minister Purbaya Yudhi Sadewa said that the imports will be funded by loans from state-owned banks, Jakarta Globe reported.
Layoff Concerns Emerge at Indonesia’s No.2 Noodle Brand
Indonesia’s Manpower Ministry is monitoring reports of possible layoffs at Karunia Alam Segar, the manufacturer of Mie Sedaap, after complaints emerged that hundreds of workers at its factory in Gresik have seen their working hours sharply reduced ahead of Ramadan, Jakarta Globe reported.
Minister Yassierli said he was closely tracking developments but stopped short of confirming any formal layoffs.
“As a labor-intensive manufacturing company, our operations are strongly influenced by market demand,” Karunia Alam Segar’s human resources and general affairs representative, Peter Sindaru, said in a statement. “Adjustments to production capacity are common and necessary to ensure the sustainability of the business.”
LMIRT Says to “Exercise Prudence” on Distributions, Expand Investment Mandate
Lippo Malls Indonesia Retail Trust (LMIRT) will “exercise prudence” on distributions to both unitholders and holders of its perpetual securities, according to its statement.
The trust said it has to take into consideration monthly principal loan repayments, the need to support ongoing capital expenditure and asset enhancement initiatives, as well as the limited ability to incur further indebtedness.
LMIRT also announced a broadened investment mandate, from its “existing pure-play Indonesian retail mall strategy to a diversified, multi-asset and multi-geography approach with a focused on real estate opportunities in Asia.”
As a result, LMIRT said it will change its name to Landmark REIT.