85 Menser St, Calamvale, was last auctioned in September and again last weekend.A PAIR of young Brisbane buyers has lost $270,000 off the price of a multi-million-dollar property they bought just five months ago.Agent Eric Li of Ray White Sunnybank confirmed it was the second sale in months for the massive 1.01ha property.“They sold it cheaper than they paid because they needed a quick settlement,” he said of the weekend’s $3.03m auction of 85 Menser St, Calamvale.More from newsParks and wildlife the new lust-haves post coronavirus21 hours agoNoosa’s best beachfront penthouse is about to hit the market21 hours agoLast year’s buyers were driving past the auction when they decided to bid. The 1.01ha site has development approval for 38 townhouses.In September last year it had sold at auction for $3.3m in what Mr Li described at the time as an “unusual” circumstance where the buyers had not inspected the property until after the auction. The buyers had been driving past the auction when they stopped to ask if they could bid, he told The Courier-Mail after last year’s sale.The property has a five bedroom, three bathroom, four car space home that the owners had tried living in for a stint, but its main attraction was development approval for 38 townhouses on the site. “Hopefully, the new owner will develop it,” Mr Li said. FOLLOW SOPHIE FOSTER ON TWITTER
Christian Thimann, AXA, chair of HLEGThe group will release its interim report around the time of the G20 Summit, taking place on 7-8 July. It will present its recommendations in December.Sustainable finance building blocksAccording to the minutes of the early March meeting, the HLEG “has identified six key areas in building a sustainable European financial system, all of which rely their own specific institutions, actors and actions but also are inevitably interlinked”.The areas form the group’s work streams.The group says the areas are not exhaustive, but are intended to cover “the largest structural challenges and mechanisms”.Thimann simplifies the six areas into three:A shared vision and understanding;Integration of sustainability into the EU’s regulatory and financial policy framework, such as by “addressing structural obstacles and time misalignments”; andThe mobilisation of capital flows towards sustainable investments, including expanding financial markets for sustainable assets.“The topic of sustainable finance is so wide that we need to develop a shared vision and understanding,” says Thimann. “We have to define the framework and what we mean by sustainable finance.”The Commission’s ambition relates to a financial system that “focuses on systematically addressing societal challenges” such as education, employment creation, the environment, and health, Thimann explains.“The interesting thing – and this is why our topic is so fascinating – is that these challenges are also long-term challenges,” he says.He says that the group is trying to come up with “a little bit more of an analytical framework” about what would constitute a sustainable financial system.“What does success mean in terms of capital costs? In terms of orientation of flows? How can you tell that the financial system is sustainable or contributes to sustainable growth and development? That is what we are trying to do in this area,” says Thimann. There have been countless investor groups and campaigns set up to promote sustainable investment, but Christian Thimann, chair of the European Commission’s High Level Expert Group (HLEG) on sustainable finance, believes the group he leads has a “unique” opportunity to influence regulatory policy. “Our value-add is the link between all the work that has been done before and all the legal texts that govern the financial system,” he tells IPE.Thimann, also group head of regulation at AXA, claims it is precisely “because so much has already been done on the subject” that the group feels “great” about its work. “We are standing on the shoulders of giants,” he says. The group is distinct from all other groups and initiatives that have dealt with sustainable finance, Thimann says, because “this is the first group that is directly supported on a lasting basis by the European Union’s main financial regulator”.“There is now a group on this subject that is working with the support of the regulators, so we’ll be getting serious on sustainable finance,” he adds. “There’s a great momentum in the group, because everyone feels this is a unique chance that has been given to us to work with the regulator.”Comprising 20 individuals from different stakeholder groups, the HLEG is tasked with making recommendations for “a comprehensive EU strategy on sustainable finance as part of the Capital Markets Union”.The expert group has now met twice, and recently published minutes of its second meeting, held in early March. These unveiled its thinking about “the key areas in building a sustainable European financial system” and the framework the group has adopted to guide its work.Several of the issues mentioned in the minutes have been talked about at length in the institutional investment industry, such as the need to “adapt processes, incentives and culture across the investment and lending chain”.