Great Eastern Holding

[gzbkel]

In AR20, investment prop valuation is 1.785b, with prop income of 29.8m, implying cap rate of 1.7%.
In AR19, investment prop valuation is 1.771b, with prop income of 27.1m, implying cap rate of 1.5%.
That seems richly valued, although I don't know what's a reasonable cap rate for GCBs.

Since investment properties are not their core business, they should just sell and realize the value, especially at current rich valuations. Investment prop makes up 20% of equity, significant for a non-core segment.