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Natural disasters have no impact on property deals
The recent natural disasters such as earthquakes and cyclones will not stop European property investors seeking value in Asia’s most promising real estate markets, fund managers have said . Days after Cyclone Nargis ravaged Myanmar’s Irrawaddy region, a quake measuring 7.9 on the Richter Scale struck China’s Sichuan province, felling buildings and shaking high-rise offices in cities as distant as Thailand’s Bangkok and
Vietnam’s Hanoi.
Aid agencies and local governments are still assessing damage inflicted by the events. “I can’t imagine the latest events are going to put a major halt on Asian property transaction volumes or the level of cross-border investment in the region,” said Mark Callender, head of international property research at Schroders, whose $321 million International Selection Property Securities Fund was around 27 per cent invested in Asian stocks as on March 31. “Long-term, the opportunities are still there. Markets such as Hong Kong and Singapore might look close to their peak, but places like Tokyo and Seoul are only halfway up,” he said. — Reuters
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