U.S. property firm sets up Asian wing<\/p>\n
SINGAPORE (AFP): U.S.-based property consultants Jones Lang
\nLaSalle Inc's investment management arm will set up an Asian wing
\nhere to act as a conduit for investments into and out of the
\nregion.<\/p>\n
Christopher Brown, executive chairman of Jones Lang in Asia
\nPacific, said Thursday the Asian unit would be launched early
\n2000 for Asia-Pacific investors eager to expand their investments
\nand for European and American investors seeking opportunities in
\nthe region.<\/p>\n
LaSalle Investment Management Asia hopes to raise up to US$600
\nmillion by the first year of operations for investments in the
\nreal estate and property securities markets.<\/p>\n
The decision to set up the Asian operations here was
\ninfluenced by the regional economic recovery, said Yu Lai Boon,
\nJones Lang's associate director of research and consultancy.<\/p>\n
There was potential for growth in the region as there had been
\nan outflow of funds from Asia-Pacific to Europe and North America
\nduring the financial crisis which hit the region in mid-1997, he
\nsaid.<\/p>\n
With the recovery, investor confidence was returning, he said.<\/p>\n
\"The problems for the last two years, I don't think it has
\nchanged the fact that Asia will be the growth sector for the next
\n20, 30 years, so investors want to be part of that,\" Brown said.<\/p>\n
LaSalle Investment Management Asia will be raising capital
\nfrom investment companies, state pension funds and insurance
\nfirms among others.<\/p>\n
Brown told AFP that although property markets in Asia were
\nrecovering, property prices had not returned to pre-crisis
\nlevels.<\/p>\n
But, this was \"a very good time\" to start entering the
\nregional property market \"before they get to the top of the
\nvalue,\" he said.<\/p>\n
Brown described as stable the property markets in Singapore
\nand Japan and reasonably stable the market in Hong Kong.<\/p>\n
The Thai market was undergoing \"some extent\" of recovery while
\nthe recent government change in Indonesia brightened hopes of a
\nturnaround in the Jakarta market, he added.<\/p>\n
\"A long period of stability is good because then it gives you
\ntime to search around for the opportunities to really do due
\ndiligence and assess the viability of various dues that come on
\nthe market,\" Yu said.<\/p>\n
Jones Lang is a leading real estate services and investment
\nmanagement firm with 1998 revenues of $848 million.<\/p>\n
La Salle Investment Management has more than $20.9 billion in
\nproperty worldwide.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/us-property-firm-sets-up-asian-wing-1447893297",
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