Institutions steer clear of Asian property after rate hikes

With transaction volumes in Asia’s property market at decade-long lows, asset owners and industry consultants in Asia have told AsianInvestor that the gap in expectations between buyers and sellers shows little sign of closing. “Unlisted markets still have not moved much: there is an element of price discovery that needs to take place,” said Toby Selman, who leads property investment strategy at the New Zealand Superannuation Fund, adding that price falls and additional transactio…