{"id":364316,"date":"2023-11-16T22:10:31","date_gmt":"2023-11-16T14:10:31","guid":{"rendered":"https:\/\/www.mingtiandi.com\/?p=364316"},"modified":"2023-11-16T22:10:31","modified_gmt":"2023-11-16T14:10:31","slug":"sc-capital-gaw-muzinich-see-opportunities-in-asia-private-credit","status":"publish","type":"post","link":"https:\/\/www.mingtiandi.com\/real-estate\/events\/sc-capital-gaw-muzinich-see-opportunities-in-asia-private-credit\/","title":{"rendered":"SC Capital, Gaw, Muzinich, Patrizia See Potential for APAC Private Credit at Singapore Forum"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"Mingtiandi Singapore Forum 2023: Private Credit Strategies for APAC\" src=\"https:\/\/player.vimeo.com\/video\/884473901?badge=0&amp;autopause=0&amp;quality_selector=1&amp;player_id=0&amp;app_id=58479\" width=\"780\" height=\"439\" frameborder=\"0\"><\/iframe><br \/>\nHigher interest rates have challenged risk assumptions and valuation drivers in the real estate industry, driving investors in private credit strategies in Asia Pacific to become more cautious in their underwriting when pursuing private credit opportunities in Asia\u2019s real estate sector, according to a panel of investors speaking at Mingtiandi\u2019s Singapore Focus Forum on Tuesday.<\/p>\n<p>At the event, which was sponsored by Yardi, attendees heard from Rai Katimansah, managing director of special situations and direct lending at SC Capital Partners; Foster Lee, senior director of credit investments at Gaw Capital; Jieying Huang, director of Asia Pacific private debt at Muzinich &amp; Co; and Marko Multas, head of Asia investments and real estate debt at Patrizia.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.jll.com.hk\/en\/invest-in-real-estate?utm_source=mtd&#038;utm_medium=ol&#038;utm_campaign=ap-hk-cm-investor-platform-q323&#038;utm_content=set-n&#038;utm_term=780x250\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"N-780X250\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/N-780X250.gif\" alt=\"\"  width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>\u201cWhen you look at valuation reports, if you just slightly change the risk-free rate or cap rate, valuations can change a lot. The risk has definitely increased, especially when you are looking at a valuation report as of January 2023, you can pretty much forget it,\u201d said Gaw Capital\u2019s Lee, whose Hong Kong-based firm has deployed $1 billion into credit investments alongside its real estate private equity business.<\/p>\n<h3>Keeping It Conservative<\/h3>\n<p>For Singapore-based SC Capital Partners, which manages $6 billion of real estate equity and debt investments in Asia Pacific, adopting a conservative approach is key to its underwriting process, with the fund manager lowering its loan-to-value (LTV) ratios to hedge against elevated default risks.<\/p>\n<p>\u201cWe underwrite the property as if we\u2019re going to buy it, so we do ground-up. We don\u2019t just rely on the appraisal report,\u201d said Katimansah. \u201cWhen base rates were close to zero, default rates were much lower. Four or five years ago, we were looking at things that were 75 percent LTV, but now that base rates are higher, it\u2019s more like 60 to 65 percent. So it\u2019s a lot more downside risk protection.\u201d<\/p>\n<div id=\"attachment_364318\" style=\"width: 790px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-364318\" class=\"wp-image-364318 size-full\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0190-copy.jpg\" alt=\"\" width=\"780\" height=\"479\" \/><p id=\"caption-attachment-364318\" class=\"wp-caption-text\">Rai Katimansah, Managing Director for Special Situations &amp; Direct Lending at SC Capital Partners<\/p><\/div>\n<p>The company\u2019s debt platform invests in special situations and direct lending of primarily senior mortgage loans secured by properties located in mature, credit-friendly Asian jurisdictions.<\/p>\n<p>Manhattan-based Muzinich, a pure-play generalist credit investor with approximately $40 billion in public and private debt assets under management globally, echoed the need for a cautious approach.<\/p>\n<p>\u201c\u201cThe \u201cV\u201d (in LTV) is a paper V. For private equity, they are taking a 10-year horizon, whereas for private credit, it is a three year loan,\u201d said Huang. \u201cSo ultimately, what&#8217;s important is your borrower can service the debt in the meantime. You need to take a more conservative approach when it comes to the valuation, because if things don\u2019t work out, if I actually end up having to enforce, is that paper valuation really the real market valuation that you can achieve?\u201d<\/p>\n<p>Muzinich in June closed its inaugural Asia Pacific private debt fund with $500 million in total funding, anchored by a $200 million seed commitment from Singaporean lender DBS. The sector-agnostic fund invests in direct lending and special situations and as of July is 35-40 percent deployed through eight closed investments, mostly across Australia, Hong Kong, and India.<\/p>\n<h3>Pockets of Opportunity<\/h3>\n<p>While all of the panelists said they are pursuing debt strategies in Australia, a market traditionally favored by Asia Pacific credit investors due to its strong legal system regarding enforcement and collateral, the speakers also highlighted opportunities in other Asian markets.<\/p>\n<p>\u201cAustralia is getting quite old, it is very mature. It makes it a market that is highly competitive and the risk-adjusted returns may not be as good as elsewhere,\u201d said Patrizia\u2019s Multas, whose firm is increasing its real estate credit exposure amidst the rising interest rate environment.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/oxford-ivanhoe-kic-savills-on-singapore-india-markets\/\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"14 NOVEMBER 2023 conrad centennial Singapore\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>For Multas, there is more opportunity in some of the region&#8217;s other developed markets. \u201cI think what is interesting is Japan. Part of the reason is we expect interest rates will increase towards the end of the year. And that could open up a very interesting investment opportunity for credit investors in Japan.\u201d<\/p>\n<p>Frankfurt-listed Patrizia has $58 billion of assets under management globally across real estate and infrastructure, of which $1 billion consists of real asset debt.<\/p>\n<p>In addition to Australia and Japan, South Korea is another developed market in Asia that has attracted private credit investors, with SC Capital and Gaw Capital having invested there.<\/p>\n<p>\u201cWe like Korea. I think on the development financing side, Korea and Australia are very attractive. Lower LTC (loan-to-cost), lower LTV, and better sponsor quality. These things all add up,\u201d said Katimansah.<\/p>\n<p>Within developing Asia, India, Vietnam, and Indonesia were cited as markets of interest, but the panelists are moving cautiously in those markets due to weaker enforcement systems.<\/p>\n<p>\u201cI\u2019m not a big fan of emerging markets in Asia. The issue that we have is that, if we need to enforce, the legal systems are quite often very weak and it\u2019s very difficult,\u201d said Multas. \u201cSo I think that\u2019s not worth the risk when we are seeing solid, real estate double digit returns in various mature markets.\u201d<\/p>\n<p>For Muzinich, Indian assets under management grew 27 percent in the first quarter of this year from $15 billion at the end of last year. However, the fund manager remains cautious in Vietnam.<\/p>\n<p>\u201cFor Vietnam, we would take a more cautious approach at this point,\u201d said Huang. \u201cRight now there are a lot of limitations in terms of what we can do as offshore lenders. It\u2019s a market that\u2019s on our radar but it\u2019s still a wait-and-see approach.\u201d<\/p>\n<h3>Room to Grow<\/h3>\n<p>The panelists noted that private lenders such as themselves are emerging as an alternative financing option for real estate borrowers and complementing traditional lenders like banks, who are typically constrained by restrictions such as single borrower limits and loan size thresholds.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.mipim-asia.com\/?utm_source=mingtiandi&#038;utm_medium=barter_website&#038;utm_campaign=mipimasia2023\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"AR-607487_Mipim Asia_23_Banner Resize 780&#215;250\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>Gaw Capital\u2019s Lee also indicated that banks have cut their real estate exposure since the 2008 financial crisis, with their target markets shifting towards only the largest, publicly-listed developers. Losses on commercial real estate loans in Mainland China in the last few years have also curtailed lending.<\/p>\n<p>This has resulted in growing demand for alternative financing by underserved real estate borrowers. While non-bank lending has exceeded bank lending in developed markets like the US, the early stage of Asia\u2019s private debt market has led the panelists to see room for growth.<\/p>\n<p>\u201cIf we look at the overall lending market, APAC private debt is still under-penetrated. To put things in perspective, US non-bank lending accounts for 74 percent of the market. That\u2019s triple bank lending,\u201d said Huang. \u201cIn APAC, banks still account for two-thirds of the market, so the trend is reversed. And if you take out Australia from the equation, that ratio is even higher. So there still remains a lot of space for private credit to grow. I think this will continue to be a strategy that will stay relevant.\u201d<\/p>\n<h3>Panel in Pictures<\/h3>\n\n\t\t<style type=\"text\/css\">\n\t\t\t#gallery-1 {\n\t\t\t\tmargin: auto;\n\t\t\t}\n\t\t\t#gallery-1 .gallery-item {\n\t\t\t\tfloat: left;\n\t\t\t\tmargin-top: 10px;\n\t\t\t\ttext-align: center;\n\t\t\t\twidth: 25%;\n\t\t\t}\n\t\t\t#gallery-1 img {\n\t\t\t\tborder: 2px solid #cfcfcf;\n\t\t\t}\n\t\t\t#gallery-1 .gallery-caption {\n\t\t\t\tmargin-left: 0;\n\t\t\t}\n\t\t\t\/* see gallery_shortcode() in wp-includes\/media.php *\/\n\t\t<\/style>\n\t\t<div data-carousel-extra='{\"blog_id\":1,\"permalink\":\"https:\\\/\\\/www.mingtiandi.com\\\/real-estate\\\/events\\\/sc-capital-gaw-muzinich-see-opportunities-in-asia-private-credit\\\/\"}' id='gallery-1' class='gallery galleryid-364316 gallery-columns-4 gallery-size-thumbnail'><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/imgl0009\/'><img decoding=\"async\" data-attachment-id=\"364324\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0009.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS R6&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1699945505&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;155&quot;,&quot;iso&quot;:&quot;800&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMGL0009\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0009-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0009.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0009-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0009-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0009-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0009-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/imgl0102\/'><img decoding=\"async\" data-attachment-id=\"364325\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0102.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS R6&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1699949275&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;190&quot;,&quot;iso&quot;:&quot;800&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMGL0102\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0102-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0102.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0102-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0102-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0102-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0102-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/imgl0112\/'><img decoding=\"async\" data-attachment-id=\"364326\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0112.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;3.2&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS R6&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1699949344&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;70&quot;,&quot;iso&quot;:&quot;1000&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMGL0112\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0112-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0112.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0112-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0112-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0112-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0112-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/imgl0122\/'><img decoding=\"async\" data-attachment-id=\"364327\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0122.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;3.2&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS R6&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1699949391&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;150&quot;,&quot;iso&quot;:&quot;1000&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMGL0122\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0122-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0122.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0122-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0122-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0122-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0122-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><br style=\"clear: both\" \/><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/imgl0127\/'><img decoding=\"async\" data-attachment-id=\"364328\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0127.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;3.2&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS R6&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1699949403&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;175&quot;,&quot;iso&quot;:&quot;1000&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMGL0127\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0127-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0127.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0127-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0127-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0127-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0127-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/imgl0131\/'><img decoding=\"async\" data-attachment-id=\"364329\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0131.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;3.2&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS R6&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1699949424&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;200&quot;,&quot;iso&quot;:&quot;1000&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMGL0131\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0131-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0131.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0131-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0131-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0131-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0131-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/imgl0170\/'><img decoding=\"async\" data-attachment-id=\"364331\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0170.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;3.2&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS R6&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1699949897&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;180&quot;,&quot;iso&quot;:&quot;800&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMGL0170\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0170-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0170.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0170-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0170-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0170-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0170-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/imgl0180\/'><img decoding=\"async\" data-attachment-id=\"364332\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0180.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;3.2&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS R6&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1699950000&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;200&quot;,&quot;iso&quot;:&quot;1000&quot;,&quot;shutter_speed&quot;:&quot;0.01&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMGL0180\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0180-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0180.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0180-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0180-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0180-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0180-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><br style=\"clear: both\" \/><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/imgl0185\/'><img decoding=\"async\" data-attachment-id=\"364333\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0185.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;3.2&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS R6&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1699950034&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;200&quot;,&quot;iso&quot;:&quot;1000&quot;,&quot;shutter_speed&quot;:&quot;0.01&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMGL0185\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0185-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0185.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0185-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0185-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0185-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0185-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/imgl0209\/'><img decoding=\"async\" data-attachment-id=\"364334\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0209.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;3.2&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS R6&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1699950325&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;155&quot;,&quot;iso&quot;:&quot;800&quot;,&quot;shutter_speed&quot;:&quot;0.01&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMGL0209\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0209-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0209.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0209-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0209-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0209-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0209-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/imgl0222\/'><img decoding=\"async\" data-attachment-id=\"364335\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0222.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;3.2&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS R6&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1699951426&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;200&quot;,&quot;iso&quot;:&quot;800&quot;,&quot;shutter_speed&quot;:&quot;0.01&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMGL0222\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0222-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0222.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0222-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0222-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0222-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0222-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><dl class='gallery-item'>\n\t\t\t<dt class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.mingtiandi.com\/attachment\/imgl0142\/'><img decoding=\"async\" data-attachment-id=\"364330\" data-orig-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0142.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;3.2&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS R6&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1699949471&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;145&quot;,&quot;iso&quot;:&quot;1000&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;,&quot;keywords&quot;:&quot;Array&quot;}\" data-image-title=\"IMGL0142\" data-image-description=\"\" data-medium-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0142-400x267.jpg\" data-large-file=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0142.jpg\" width=\"150\" height=\"150\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0142-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0142-150x150.jpg 150w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0142-90x90.jpg 90w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/IMGL0142-260x260.jpg 260w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/dt><\/dl><br style=\"clear: both\" \/>\n\t\t<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p> Higher interest rates have challenged risk assumptions and valuation drivers in the real estate industry, driving investors in private credit strategies in Asia Pacific to become more cautious in their underwriting when pursuing private credit opportunities in Asia\u2019s real&#8230;&nbsp;<a href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/sc-capital-gaw-muzinich-see-opportunities-in-asia-private-credit\/\">Read&nbsp;More>><\/a><\/p>\n","protected":false},"author":18333,"featured_media":364318,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3456],"tags":[5382,3457,1770,8380,8400,9290,7453,9277,4750,9009],"ppma_author":[9278],"authors":[{"term_id":9278,"user_id":18333,"is_guest":0,"slug":"kevin-he","display_name":"Kevin He","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/efdb9306ba60ef6852106a81f25dad21?s=96&d=mm&r=g","user_url":"","last_name":"He","first_name":"Kevin","description":""}],"_links":{"self":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/364316"}],"collection":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/users\/18333"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/comments?post=364316"}],"version-history":[{"count":0,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/364316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media\/364318"}],"wp:attachment":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media?parent=364316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/categories?post=364316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/tags?post=364316"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/ppma_author?post=364316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}