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Asian Real Estate Market Monitor – Dec.09

By on Dec 09, 2009 in Research

Markets remain busy as year end approaches

•  The Chinese real estate investment market remained lively in November with institutional funds and SOEs actively pursuing deals for prime assets. Insurance companies continued to lay the groundwork for future deals following the expansion of their investment channels to include bonds, stocks, funds and real estate. Authorities announced that REITs would be launched in Shanghai, Beijing, Shenzhen and Tianjin before the end of the year.

•  The Hong Kong market continued to cool following the implementation of government policies in mid-October in response to concern about the possible formation of a housing bubble. Investors opted to stay on the sidelines due to the policy change and the fact that buying power in the user market has been largely digested in previous months.

•  There was a steady flow of small and medium sized transactions in Japan as J-REITs, domestic funds and corporates, high net worth individual buyers and international investors focused on acquiring quality office stock in central Tokyo. The consolidation in the J-REIT market continued and there could be some opportunities for buyers as merged entities consolidate.

•  Korea remained busy as local buyers, domestic real estate funds and financially strong end-users eyed quality Grade A and Grade B office buildings. The National Pension Service was active overseas, acquiring HSBC’s London Headquarters for KRW 1.49 trillion (US$1.29 billion) and was on the verge of completing deals for two office buildings in the same city.

•  India saw plenty of activity on the back of rising demand in the residential segment, primarily due to the improved affordability of new launches. Private equity funds began eyeing the Indian market and there was a rise in enquiries for quality assets. Encouraging economic figures gave the retail sector a boost as consumer and retailer confidence improved.

•  Singapore witnessed the sale of two suburban retail malls at the end of November, which came as something of a surprise given that suburban malls are a very tightly held asset class and rarely traded. The office leasing market continued to be quite active and a few more investors were looking for properties to buy.

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Asian Real Estate Market Monitor- Dec 09

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