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Check out the stocks of these landlords and developers if you're looking to play the world's most-expensive office markets - 70% of which are in Asia.
With many Chinese developers trading at records, investors should be wary. Prices for secondary homes, the best gauge of the real market, are down. Credit is tough. And raw land sometimes cost more than a new home.
Mainland developers have already set records for raw land in Hong Kong and are buying plots at new highs in Singapore. Where's next?
Prospects look particularly bearish for China's real estate sector, which makes up half of all lending in the country. Stocks could sell off fast.
Hong Kong's record-breaking property market is at levels that are virtually triple the lows seen during the Lehman bust. Mainland property companies still think they're a bargain.