KUALA LUMPUR: HwangDBS Investment Management Bhd (HwangDBS IM) has declared a gross interim income distribution of 0.75 sen for its flagship global feeder and income type fund, the HwangDBS Global Property Fund (GPF) for the financial period ending Feb 28, 2010.

In a statement today, HwangDBS IM said this was its 10th distribution since the fund's launch on April 19, 2006, for a total distribution of 11.75 sen. All GPF unit holders registered as at Feb 11, 2010 are eligible to receive the income allotment.

GPF, a feeder fund that invests globally in real estate investment trusts (REITs), REIT-type securities and real estate securities, targets to capture the growth of global property markets. As at Dec 31, 2009, its fund size was 81.189 million units versus 55.925 million units on Dec 31, 2008.

HwangDBS IM executive director and CEO Teng Chee Wai said the turnaround of the global equity markets last year lifted the global REIT markets for the beginning of the December 2009 but lost ground towards the end.

He said the United States was expected to see a moderate economic recovery with a rise in mortgage applications and a continuous fall in unemployment claims.

Teng said Asia, led by China, had recovered ahead of its Western counterparts due to its general lack of exposure to the financial crisis and stronger financial status. He added that as such, Asian governments had started to slowly adjust their previous accommodative policies back to a more neutral stance.