While Singapore’s real-estate market has had a leg up from an influx of wealth and talent, Hong Kong has been beset by a prolonged property downturn amid mainland China’s economic difficulties.
(Bloomberg) Investors in few, if any, countries in the world have been burned as badly by the collapse in the commercial real estate market as those in South Korea. Its pension funds, insurance companies and asset managers all plowed billions of dollars into properties across the globe just before the pandemic drove down their value.Most Read from BloombergChina Puts Evergrande’s Billionaire Founder Under Police ControlCitadel Is Ready to Fight With SEC Over WhatsApp ProbeBond Selloff Grinds
Souring Global Office Bets Raise Risk of Korean Liquidity Crunch bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Korean investment firms are at the risk of painful losses in their commercial real estate investments with high interest rates and a shift to teleworking. With major economies tightening monetary policies, and the post-pandemic trend of working from home pushing up office vacancy rates, commercial office buildings once perceived as a reliable investment have become a liability. Igis Asset Management’s 370.