Some of them, however, are bracing for what one executive described as “a race against time – we do have a clear timetable to spend this and can only hope the market will bottom out before our deadline, which isn't obvious at this stage”.
While the US and European property markets started weakening from the summer of 2007, when US subprime mortgage lending first became a serious issue, Asian funds continued to raise money aggressively amid optimism that the crisis would not spread to the region.
Last month Merrill Lynch completed fund-raising for a $2.6bn fund, its first dedicated to Asian real estate.
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