Manulife US REIT 55% Gearing: Why It Failed | Daily Digest — 31 March 2026 |🦖EP1516
The “Recycling” Illusion and the China Property Anchor
The morning air at the Tanjong Pagar shophouses feels heavy today — not just from the humidity, but from the realisation that “capital recycling” is often just a polite term for selling the family silver to pay the mortgage. As I watch the CBD crowd rush toward their Grade A offices, the gap between the gleaming glass towers and the forensic reality of the balance sheets behind them has never been wider.
