Tracking Trends in Asia: Do the Amazing Numbers for Asia Translate on the Ground?
1 Asia sometimes looks like the promised land for real estate investors and developers, thanks to long-term, very supportive trends on consumption, urbanization and savings. Post-crisis, does that make Asia the place to be? Or are the statistics only good in theory, in an industry that’s decidedly hands-on? Asia looks great in theory, with demand for real estate bolstered by rising incomes, rapidly growing urban populations and some of the fastest economic growth rates on the planet. But what do the statistics truly indicate? The financial crisis showed that no matter how impressive your market’s prospects on paper, there’s no substitute for the kind that crinkles, cash. Forget location — liquidity, liquidity, liquidity was the clarion call of the credit crunch. The bear market brought on by the bankruptcy of Lehman Bros. in September 2008 saw double-digit declines in property pri