{
  "id": 1375775,
  "title": "Rate shock, ringgit swings drive Tabung Haji's RM278mil London loss [WATCH]",
  "url": "https://urgent.news/2026/08/16/rate-shock-ringgit-swings-drive-tabung-hajis-rm278mil-london-loss",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-16T23:30:16.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/news/nation/2026/08/1512664/rate-shock-ringgit-swings-drive-tabung-hajis-rm278mil-london-loss-watch"
  },
  "original_language": "en",
  "account": "Tabung Haji reported a significant RM278.4 million loss in its London property investment in 2023, primarily attributed to higher UK interest rates, declining property valuations, and currency movements. The loss was primarily due to RM303 million in valuation losses and RM275 million in currency losses, with an operating profit of RM28.2 million. The central London office building, Great Minster House, acquired from Sinarmas Land Ltd, continues to generate rental income and remains operationally profitable. The property's current valuation is estimated to have fallen between £180 million and £202 million, which represents an 18 to 27 percent decline from its acquisition price. The investment's total return depends on various factors, including financing costs, currency fluctuations, taxes, and transaction costs. Despite the recent rise in UK interest rates, the property remains substantially occupied and benefits from its long-term tenancy with the UK Department for Transport.",
  "summary": "KUALA LUMPUR: Tabung Haji said its London property unit’s RM278.4 million loss in 2023 was largely due to higher interest rates in the United Kingdom, weaker property valuations and currency movements.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}