Blackstone bets on S'pore luxury property market

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.