In high spirits despite post-Brexit hangover

THE UK property market has been ranked a top five global investment market for decades, and has been a prime destination especially for regional investors from Singapore, China and Hong Kong.

While the aftermath of Brexit is still unfolding, the immediate effects - gyration in currency markets and a US$3 trillion sell-off in global stock markets before a bounce which started last Tuesday - have been a source of concern, we do not believe that this short-term turbulence represents the onset of a new Global Financial Crisis (GFC).

We expect the economic impact of the Brexit vote on the Asia-Pacific region to be limited. The UK is a fairly small export destination for the region, accounting for just about 2 per cent of total exports. While knock-on effects on the EU, which accounts for an estimated 12 per cent of exports from the Asia-Pacific, could have a deeper impact, the largest economies of France and Germany, however, are expected to remain resilient.