Asia’s battered property markets are starting to attract strong interest from investors, with Japan, Australia, China, Hong Kong and Singapore among their top picks in the region.
David Edwards Regional director of Property fund manager LaSalle Investment Management, which raised a $3 billion fund in August, expects Hong Kong and Singapore to recover first from the financial turmoil.
He said, ‘We are seeing a decline in values throughout the region. There are properties that are being sold at much lower prices than the market’s perception of their values.’
Nicholas Wong, managing director ING Real Estate Asia Pacific plans to double its investments in Asia to $1 billion, with most of its investors in Europe wanting to diversity into the region.
ING was now marketing a $750 million fund to build Chinese housing.
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