The global financial crisis of 2008 is still the defining and watershed event of the present economic epoch and, almost a decade later, it continues to frame policies and outcomes for central bankers and Asian institutional property investors.

From the nadirs of nearly 10 years ago, global and Asian institutional property markets started on a long road to recovery, until finally in recent seasons property-value records are being broken with verve — the lengthy ascent fanned, say some econo-pundits, by global central bank accommodative monetary policies.

Some monetarists contend central banks have actually been tight, which explains chronic low inflation and interest rates, but the mainstream view is monetary authorities have been easier than not. And not only that, the era of easy money may be coming to an end.

Certainly, as at mid-November 2017, tighter money was a concern in Hong Kong and mainland China property markets; China’s 10-year government bond yie