Foreign investors eye solid buys amid sharp sector correction
Overseas investors are showing more interest in Hong Kong and Asian property markets where asset values have experienced large adjustments since late last year, according to United States-based Greenwich Group International (GGI).
David Doupe, president of the privately held property marketing and investment banking firm, said the correction in the region had resulted in more reasonable price levels.
Asian markets, with the exception of Hong Kong and Singapore, had been closed to foreign investors in the past but they were expected to become more open and transparent as a result of their on-going financial reforms, he said.
There was an exceptional increase of interest in the region by institutional investors in the US, Mr Doupe said.
Regarding the Hong Kong market, Peter Brooks, managing director of Greenwich Group International (Asia), said the SAR Government's recent economic and property rescue package was a great confidence booster.
He said it was necessary to take action and the measures would not represent too much government intervention.
