In order to keep up with our industry’s most recent developments and events, I attend most of the major conferences held in Asia. A conference I went to at the end of last year was particularly interesting, as it was attended by many large institutional investors — such as pension funds, foundations and endowments — collectively responsible for billions of dollars invested in real estate worldwide. The conference had an interactive format, so many of these investors from different countries had a chance to speak and express their views concerning the current market situation.

As you can imagine, the mood at the conference was quite somber, and at times one could feel frustration in many remarks during the discussion panels. Following their fiduciary responsibilities, these investors have done everything right. They have diversified among asset classes, invested in different sectors to lower the correlation among their portfolios, gone overseas for geographical diversifi