DANAVEST

(The Edge) KUALA LUMPUR: HwangDBS Investment Management Bhd (HwangDBS IM) has declared an interim income distribution of one sen per unit for its flagship global feeder and income type fund, the HwangDBS Global Property Fund (GPF), for the financial period ended May 31, 2009.

HwangDBS IM said this was its seventh distribution since the fund’s launch on April 19, 2006. To date, GPF has distributed a total of 9.5 sen since inception.

In a statement, HwangDBS IM chief executive officer and executive director Teng Chee Wai said global real estate investment trust (REIT) markets were sharply down in January and February as increasing unemployment rates and continued financial sector woes weighed on the property sector.

He said, however, as at the end of the first quarter, an improvement in economic numbers and evidence of falling US mortgage rates helped the sector regain some ground alongside its other broader equity peers.

Teng said that in April, with the exception of the Japan REIT market, a strong rebound in global REIT markets especially the US REIT market was seen.

“2009 may continue to battle with some of the challenges of 2008. HwangDBS IM’s focus will continue to be on credit quality. Moreover, the company will also look to extend portfolio duration and will continue to hold a defensive position as further confirmation is needed before a sustainable recovery can be ascertained,” Teng said.