Asia-Pacific Property Sales Tumble in Quarter Amid Global Slump
Bloomberg reports: Commercial property sales in the Asia-Pacific region dropped 62% in Q3 as the lending crisis spread.
Sales declined to $20.9 billion in the three months ended September from $55.5 billion a year earlier, said Dan Fasulo, head of research. Worldwide, property sales dropped 59% to $119.8b from $292.8b.
The slide in Asia followed a relatively strong first half in which banks including Resona Holdings Inc., Shinsei Bank Ltd. and Citigroup Inc. sold their Tokyo headquarters to raise capital. Investors had flocked to Asia hoping it might be immune to the credit crunch, Real Capital said.
"Little by little, the whole world became infected by this credit crunch," Fasulo said in a telephone interview. "When lending dried up, it dried up worldwide. We're all together now, for better or for worse."
View the full article on Bloomberg: Asia-Pacific Property Sales Tumble in Quarter Amid Global Slump
Posted by: Nina Turner