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Goldman Sachs ‘to monitor potential Asian real estate bubbles’

Fred Hu, Goldman Sachs’s chairman of Greater China, has said that the financial institution’s operations in Asia are keeping a close eye on the development of potential real estate bubbles.

Among the countries causing the most concern to Goldman Sachs are Hong Kong, Singapore and China, Mr Hu said.

China recorded its highest growth in property prices for 18 months in December, Singapore saw a record number of residential real estate sales in 2009 and Hong Kong house prices currently stand at their highest point in more than a decade, reports Bloomberg.

Mr Hu gave a particular warning about growth in Hong Kong and Singapore.  “I would be very skeptical about this kind of pace,” he said.

Last week, it was reported that Goldman Sachs is close to selling off a luxury real estate development in Shanghai. It is to sell the Shanghai Garden Plaza to Chinese property developer Shanghai Forte Land for $200 million, people close to the deal told Reuters.

Source: Bobsguide, 18.10.2010

Filed under: Asia, China, Hong Kong, News, Risk Management, Singapore, , , , , , , , , ,

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