The election of President Donald Trump provoked a “Trump Rally” in equities, on the outlook Republican and real estate developer Trump will bring more fiscal stimulus and a pro-business agenda to the White House, with a Republican-led Congress that will implement much of his plans.

But while Wall Street rallied, outside the limelight many property stocks in the Far East were wavering, or declining.

Even as they watch Trump, global property investors are keeping a close eye on the world’s major central banks and interest rates, and especially the Federal Reserve, which in December 2016 raised the target range for the federal funds rate by 0.25 percent and publicly posited three interest-rate hikes through 2017. The Fed maintained the target range in its January meeting.

Not only can higher interest rates cramp property markets directly, but global flows of “hot money” — untold trillions of dollars restlessly traversing