Daily Briefing: Singapore REITs shine amid Brexit; Temasek hit by first loss in 7 years

And Singapore prime rentals down 3.6%.

Real estate investment trusts are becoming popular among investors seeking yield on expectations the Federal Reserve will delay raising rates amid concerns over global growth and the U.K.’s Brexit vote. While Singapore REITs offer the best yields among developed markets, it will be harder to sustain such levels as rents will likely come under pressure as growth in the Southeast Asian nation slows, said Michael Wu, an analyst with Morningstar Inc. in Hong Kong. Read more here.

Singapore state investment giant Temasek Holdings said Thursday its global portfolio suffered its first annual loss since the financial crisis seven years ago, as global stock markets were hit by a series of China-linked routs. Temasek announced that the value of its global assets was Sg$242 billion ($180 billion) by March, down nine percent from last year's record Sg$266 billion. Find out more here.

Rental prices of prime residential property in Singapore dropped by 3.6 percent in Q1 2016 compared to the same period last year, according to Knight Frank’s Prime Global Rental Index. The overall index, which tracks the change in luxury residential rents across 17 global cities, fell for a third consecutive quarter, with rents falling on average by 0.5 percent in the year to March 2016. In fact, 11 cities recorded flat or falling prime rents over the last 12 months. Read more here.