Sumary of ASX 1% higher, South32 soars as Redbubble bursts:
- Netwealth lifted its guidance for net fund inflows for FY22 from $10 billion to approximately $12.5 billion due to record inflows for the September quarter with net fund inflows of $4 billion.
- It had $52 billion worth of funds under administration as of September 30.It said the ongoing structural changes within the financial services industry continues to increase its addressable market and growth opportunities.
- The heightened political tensions between China and Australia could be spilling over to the commercial property market with talk that the sovereign fund China Investment Corp is retreating from its deal to buy a lucrative stake in the iconic Grosvenor Place office tower in Sydney’s George Street.
- CIC was behind a purchase of the half share of the $1.8 billion Harry Seidler-designed skyscraper overlooking Circular Quay but is now said to be exiting, leaving the door open for the giant Blackstone private equity group to swoop in.
- The Chinese fund was given approval from the Foreign Investment Review Board in July to buy the half share interest.
- The 50 per cent stake that CIC was buying was offered up by the ASX-listed Dexus and Canadian pension fund partner CPP Investment Board.
- Chinese investment in the Australian property market as has always been strong, in both residential and commercial assets, but it has slowed since 2017 when the brakes were applied by the Chinese government on overseas investments.
- Afterpay had jumped 4 per cent higher to $120.10, while Xero was 4.3 per cent higher to $141.80. CBA and Woodside Petroleum led the losers board, with CBA down 0.3 per cent while Woodside was down 1.3 per cent.