Looking Back at 2010: Asia Continues to Recover from the Global Recession but Challenges Remain
Asia continued to lead the global economic recovery in 2010, with most regions putting the financial crisis in the rearview mirror. But as any driver who looks out the passenger-side mirror knows, objects are actually closer than they appear. So when it comes to Asian real estate and the global recession, one has to ask: Is the crisis safely behind us, or is it still lurking too close like some tailgating vehicle?
In 2010, the economic recovery continued to expand across Asia as fundamentals improved markedly in the first half of the year. “By and large, if we look at 2009, the recovery started to take hold in China and Hong Kong, then spread to Australia and Singapore in 2010,” says Mark Roberts, global director of research for Invesco Real Estate. “Assuming credit tightening in China and Australia is measured,