Asia by the numbers looks very shapely. The rate of growth in this region is well ahead that of Europe and at least matching, if not beating out, the United States.

That’s a good base. But is it enough?

The demographic megatrends shaping this part of the world undoubtedly feed through with a very direct effect on the real estate industry. There’s no demand for an office or apartment if there’s no one to occupy it. And as Hong Kong’s experience demonstrates, when too many people are living in cramped and crowded conditions, prices can reach record levels. So where are those trends heading?

“Always start with macro”

The strong — and what appears to be secure — growth in Asia leads M&G Real Estate to focus on the five developed economies in the region: Australia, Japan, Hong Kong, Singapore and South Korea. “I would always start with macro,” says Jonathan Hsu, the fund manager’s head of research for Asia.

Jap