Hongkong Land launched Singapore's largest private real estate fund, valued at $6.4 billion, as part of a strategic shift under CEO Michael Smith, according to Fortune. The Singapore Central Private Real Estate Fund (SCPREF) will concentrate on prime commercial assets in Singapore's central business district.
SCPREF's initial portfolio includes properties such as Asia Square Tower 1, One Raffles Link, One Raffles Quay, Marina Bay Link Mall, and Towers 1 and 2 of the Marina Bay Financial Centre, Fortune reported. Smith told Fortune that the company envisions creating a series of funds with high-quality investors, generating fund management revenue.
In other news, OpenAI has developed a new AI model, GPT-5.3-Codex, that demonstrates advanced coding capabilities, Fortune stated. The model outperforms rival systems on coding benchmarks, suggesting a significant advancement in AI-powered coding. However, OpenAI is implementing tight controls and delaying full developer access due to cybersecurity concerns associated with the model's capabilities.
Meanwhile, Gen Z creators in the U.S. are reportedly turning to an alternative app founded by a former Oracle employee, Fortune noted. This shift comes after TikTok's U.S. operations were placed under a new joint venture with Oracle, giving the enterprise software giant responsibility for American user data and the U.S. recommendation algorithm. Some users view this change as TikTok becoming an instrument of corporate and political power.
As tech companies invest heavily in AI development, public skepticism towards the technology is growing, according to Fortune. A recent Pew research indicated that 50% of Americans are more concerned than excited about AI, up from 37% in 2021. Some tech companies are now seeking communications experts, offering salaries up to $400,000, to improve public perception of AI. Anthropic, for example, has tripled the size of its communications team in recent years, Fortune reported.
Vice President JD Vance emphasized the importance of critical minerals to the U.S. economy, Fortune stated. Speaking at a gathering of ministers from 55 countries in Washington, Vance said, "There's no realer thing than oil—and I would add to that there's no realer thing than critical minerals." The meeting focused on discussing a critical minerals trading bloc.
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