With an enduring pandemic, a global economy in a state of flux, and fresh geopolitical tensions a catalyst for further disruption, ULI Asia Pacific Leaders Lunch & Dialogue at Raffles Hotel in Singapore focused on how new geopolitics is changing the economics of doing business in the region.

Attended by a senior gathering of around 70 ULI Full Members, the event welcomed thought leaders including Professor Chan Heng Chee, ambassador-at-large with the Ministry of Foreign Affairs, Singapore; Professor Bert Hofman, director, East Asian Institute and professor in Practice, Lee Kuan Yew School, National University Singapore; Patrick Boocock, CEO, private equity alternative assets, CapitaLand Investment; Richard Price, managing director, BentallGreenOak, and moderators Benett Theseira, managing director, head of Asia Pacific, PGIM Real Estate and ULI Singapore Chair, and Andrew Bisconte, chief commercial officer, enterprise clients, Asia-Pacific and real estate practice leader, Asia Pacific, Aon to discuss responses to these challenges.

Key takeaways from the thought leadership focused networking event included:

• The biggest threat to US/China relations is the potential for miscalculation of each side’s perception of the other’s strengths and priorities. China should not underestimate the resilience of the US, and the US should recognise that, for China, a red line means a red line.

• Despite scepticism, ASEAN has seen real economic success, and provides an effective regional counterpoint to China’s political and economic strength while simultaneously engaging it in terms of trade.

• Regionally and globally, the trend is for countries to retain an independent stance and determine their own positions, enabling them to be economically integrated with China but with the freedom to align with the US on matters of importance to them such as security.

• The impact of ESG is the most critical topic faced by investment managers. Assets are no longer competitive without the ‘E’ and ‘S’ factors being primary investment considerations. For occupiers, the carbon footprint of a commute can be a deciding factor in their retention at a given office location.