GIC says credit crisis hurting Asian property markets

GIC says credit crisis hurting Asian property markets 

 

The real estate arm of the Government of Singapore Investment Corp, or GIC, said that the credit crunch arising from the US subprime crisis is being felt in Asian property markets.

 

President of GIC Real Estate Seek Ngee Huat said some market weakening is being sensed in Asia, particularly in Japan and Australia.

 

Mr Seek was speaking at a property industry conference this morning.

 

He added that the softening in the Chinese property market was likely due to measures taken by authorities to cool the market rather than the subprime crisis.

 

GIC is ranked among the world’s top 10 property investors, owning buildings such as Merrill Lynch’s London office and Westin Paris.

 

Source: 938Live

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