Property investment in Asia reached a record US$121 billion in 2007, according to consultants Jones Lang LaSalle, up 27 per cent from the previous year.
And while the credit crunch took its toll in Europe and North America in the second half of the year, pushing down global transaction value by 8 per cent from the second half of 2007, investment in Asia surged 22 per cent in the last six months. Data from Jones Lang LaSalle shows transaction volumes globally in the first five months of 2008 were 40 per cent lower than in the same period last year, dragged down by weaker activity in Europe and the United States. -- REUTERS
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