Asian deal boom points to more buys

Sydney

IN Asia's real estate market, dealmaking has just hit a record. More is coming.

Property deals in China and its Asian neighbours reached a record US$34 billion last quarter, a turnaround from the global financial crisis. That tally includes a US$10 billion purchase of a single site in Seoul's Gangnam district by a Hyundai Motor Co-led group and Singapore's Frasers Centrepoint Ltd's bid of more than US$3 billion, including debt, for control of Australand Property Group.

CapitaRetail China Trust, a Singapore-listed company with 10 malls in eastern China, is among the next possible targets as it trades below the US$1.7 billion estimated value of its assets, said Standard Chartered plc. Saizen Reit, another Singapore-listed trust that owns about 5,500 ap…