Singapore Property Spotlight: Trading carry for talent

Research evidence excerpt

Singapore Property Spotlight: Trading carry for talent

Global Research

30 July 2026ab

Singapore Property Spotlight Equities

SingaporeTrading carry for talent

Real Estate

Michael Lim

Hong Kong's proposed carried-interest tax break reopens the hub rivalry Analyst

Hong Kong’s proposed carry exemption would extend zero tax to qualifying hedge-fund michael-h.lim@ubs.com

performance pay, sharpening competition with Singapore for mobile fund talent. +65-6495 5902

Singapore has no matching personal concession, although MAS is reviewing its Terence Lee, CFA

response. We estimate 110-250 senior PM departures over two years in our high-base Analyst

and aggressive scenarios, equal to 23-51% of its senior hedge-fund PM pool. The terence.lee@ubs.com

property effect remains narrow and likely manageable: negligible for Singapore offices, +65-6495 3570

modest for prime District 9/10/11 rentals and positive for HK central landlords. The Grace Lim

larger risk is a gradual erosion of Singapore’s fund ecosystem as talent, new mandates Economist

and related financial activity move to Hong Kong. Within the SG office segment, we grace-k.lim@ubs.com

continue to favour Suntec REIT and IOI Properties. +65-6495 5965

Claire Long

Hong Kong: a targeted tax exemption Economist

The 2026 Inland Revenue amendment bill, gazetted on June 12 (link), would extend claire.long@ubs.com

+65 6495 7426

Hong Kong’s zero-profits and salaries-tax treatment beyond private equity to qualifying

carried interest and performance fees across a wider range of funds and assets, John Lam, CFA

including hedge funds, private credit and digital assets. If passed, it would apply Analyst

retrospectively from April 1, 2025. The bill would remove HKMA fund certification and john-za.lam@ubs.com

+852-2971 6358