Blackstone bets on S'pore luxury property market
It believes success of govt measures to cool real estate market means curbs are set to be lifted
Singapore
BLACKSTONE Group LP's Stephen Schwarzman, who correctly bet on a US housing recovery, is now making a similar wager on Singapore's luxury property market.
Singapore's success in using administrative measures to cool its real estate market - luxury prices have fallen about 20 per cent in the past two years while Hong Kong's have kept rising - means the restrictions are likely to get lifted, the Blackstone chairman said last week. His firm has been investing in high-end developments over the past four months.
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