Fund divests Hyundai Development block

Investor cashes out of Korean property and infrastructure developer.

An undisclosed institutional investor netted $129 million from a placement of shares in Korean construction company Hyundai Development Co yesterday January 18. The deal marked the third Asian divestment by an institutional investor so far this year following sell-downs in Techtronic Industries and STATS ChipPac.

The block trades may suggest that fund managers believe Asian markets are becoming fully valued, or at the very least they underline an increasing willingness to use the capital markets to exit investments quickly and cleanly once they reach funds' target prices.

Yesterday's sale in Hyundai Development comprised 3.4 million shares, or about 4.5% of the company. The shares were...

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