Asia Roundup
Singapore Fund Winds Down as $1.4 Billion Student Dorm Bet Sours
Singapore’s Mapletree Investments will liquidate a property fund that once had assets above USD 1.4 billion, after its bets on college accommodation in the UK and US suffered years of underperformance, Bloomberg reported.
The Mapletree Global Student Accommodation Private Trust, almost three years after halting regular payments to investors, finally came to an end on 16 March 2026. Its net internal rate of return by the end of last year was just 1.1%, well short of its initial target of 12%.
The fund – which now has assets of around USD 700 million – asked its investors to give it more time before returning their capital. But at a vote earlier this month its investors rejected the plans. That has pushed the fund into wind-down, meaning it may ultimately need to sell assets at steep losses to give investors their money back.
Malaysia’s Sunway Wins Shareholder Approval for IJM Takeover Bid
Malaysian conglomerate Sunway won shareholder approval for its proposed takeover of construction firm IJM Corp with 99.97% voting in favour at an extraordinary general meeting, Reuters reported, citing its chairman Jeffrey Cheah.
The vote marks a significant step for Sunway, which launched the takeover offer on 12 January in a bid to acquire IJM in a RM 11 billion (USD 2.76 billion) deal.
The offer, however, has faced pushback from IJM’s independent adviser, which urged shareholders to reject the bid, saying the offer price represented a discount of between 46.1% and 51.4% to the estimated value of IJM shares.
Opposition to the deal also intensified after Malaysia’s largest asset manager, Permodalan Nasional Bhd, said on 16 March it would not accept Sunway’s voluntary takeover offer for its 13.5% stake in IJM.
Vietnam’s VietJet Adjusts Schedules over Potential Fuel Shortages
Vietnamese budget airline VietJet said it has adjusted its flight schedule due to potential fuel shortages, Reuters reported via The Straits Times.
Vietnam, which is heavily reliant on imported energy, has been struggling with surging fuel prices and tight supplies due to the war in the Middle East. VietJet said it will adjust flight frequency on selected routes but will maintain services on all of its 64 international routes.
Indonesia Roundup
Bond Boom in Indonesia Stymied by Oil-Driven Inflation Risks
Indonesia’s local credit market is coming under strain as the Iran war drives oil prices higher, stoking inflation risks, accelerating capital outflows and sharpening concern over the country’s creditworthiness, Bloomberg reported.
Local-currency borrowing costs for top-rated issuers have climbed nearly 70 basis points this month to the highest in almost a year, as investors price in the risk that energy will feed into inflation and complicate the policy outlook.
With the rupiah near record lows and concerns over the sovereign rating intensifying, offshore bond markets and external loans have become increasingly difficult to access – even for higher-rated borrowers – leaving issuers more exposed to tightening conditions at home.
Indonesia Weighs Fare Hike as Airlines Push for 15% Increase
The Indonesian National Air Carriers Association (INACA) has proposed a 15% increase in airline ticket ceiling prices for both jet and propeller aircraft, citing rising operational costs driven by global geopolitical tensions, Tempo reported.
INACA Secretary General Bayu Sutanto said the proposal aims to anticipate a potential increase in aviation fuel prices by state energy firm Pertamina starting 1 April 2026.
Indonesia Eyes 1 April Launch for Coal Levy as Budget Pressures Mount
Indonesia is racing to finalize a coal export levy for an April rollout, seeking fresh revenue as soaring oil prices threaten to widen the budget deficit, Jakarta Globe reported.
Finance Minister Purbaya Yudhi Sadewa said the policy is still being finalized and will be decided in a cross-ministerial coordination meeting, leaving uncertainty over whether the timeline will hold.