Perils in property
Article Abstract:
An auction in Singapore was offering 10 houses for sale at much reduced prices, however, none of them was sold. Other sales have also failed to find buyers. The financial crisis in Southeast Asia has badly affected the property market. Developers are paying higher interest rates on loans and buyers cannot get mortgages to buy property. Many banks only loan 70% of the value on a property and this has reduced demand. There are 17,000 homes available for sale, with prices expected to drop by another 15%-20%. They fell by 17% in 1997.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1998
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Scant shelter
Article Abstract:
The impact of the economic crisis in Indonesia has indicated that Singapore and Hong Kong, traditionally regarded as safe havens, are not necessarily immune from turmoil in Asia. Indonesia's difficulties were directly responsible for the collapse of Hong Kong's Peregrine Investments Holdings, the largest independent merchant bank in Asia, and Hong Kong's economy looks set to experience considerable difficulties in 1998. Similarly, Singapore could even experience recession in 1998.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1998
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No one's immune
Article Abstract:
Singapore's economy is stronger than those of other countries in the region, but is still experiencing some difficulties. The value of the Singapore dollar has fallen by 16% since Jul 1, 1997, and investors are increasingly concerned about Singapore's exposure to Indonesia and other countries with economic problems. Economists anticipate little growth in Singapore's manufacturing sector in 1998, and private consumption is forecast to slow down dramatically.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1998
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