Are real estate bubbles being witnessed in the realm of Asia really? Well, lots of opinions are reigning high at the moment and even though some of them are contradictory, the general feeling is that there might be. All these have made Goldman Sachs Group, Inc. wary of developments.
We would focus on the recently made statement of Fred Hu. Fred Hu is Goldman Sachs’s chairman of Greater China and has stated very clearly that the financial institution’s operations in Asia are keeping tabs 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.
Let’s check the recent report of Bloomberg. In accordance with the report, 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.
Last week, it was reported that Goldman Sachs is getting ready to put up a luxury real estate development in Shanghai for sale. It has come to the knowledge that Goldman Sachs is set to put the Shanghai Garden Plaza to Chinese property developer Shanghai Forte Land for $200 million on the market.
Goldman Sachs Group, Inc. happens to be a bank holding company, that engages in investment banking, securities services, investment management and other financial services primarily with institutional clients. The concern had its commencement in 1869, and is headquartered at 85 Broad Street, in the Lower Manhattan area of New York City. The firm has offices in all major international financial centers, and provides mergers and acquisitions advice, underwriting services, asset management, and securities services to its clients, which include corporations, governments and high net worth individuals around the world.
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