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LaSalle expects slow property price correction

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-02-05 18:07

The property price correction in China is expected to be slower than most of the other markets due to the government's stimulus package, thus damping buying opportunities this year, according to LaSalle Investment Management.

Related readings:  China's house prices may cool in 2009  Report: Office rents to drop in Beijing in 2009  China's realty prices dip further in December  Shanghai property boom fading away

"We will take a very cautious approach this year and will not be in a hurry to make investments," said David Edwards, Asia director, LaSalle. "It is still hard to tell when China's property sector will complete the re-pricing as it depends on the recovery of demand."

LaSalle, the fund management arm of Jones Lang LaSalle, launched its Asia Opportunity Fund III in 2007. So far, around 20 percent of the $3-billion property fund has been spent mostly in China, Japan and Australia, said Edwards.

LaSalle advises investors to set aside time in 2009 to watch the opportunistic sectors carefully and to evaluate offerings as they come into view. In terms of attractive sectors, it recommends:

1. REITs shares trading at a massive discount.

2. Fund units trading at steep discounts.

3. Non-performing loans or pools of partially performing loans.

4. Defaulted land deals or development deals in need of recapitalization, but priced such that investors get incomplete improvements at close to zero cost.

"The strategic approach is to distinguish between assets that are genuinely attractively priced and those that should be even cheaper," said Jacques Gordon, Global Strategist at LaSalle Investment Management.