Reuters
15 May 2008
SINGAPORE, May 15 (Reuters) - The real estate arm of sovereign wealth fund the Government of Singapore Investment Corp (GIC) said on Thursday that the U.S. subprime crisis is beginning to hurt Asian property markets such as Japan and Australia.
"The contagion effects of the subprime crisis can potentially accelerate the downward spin of the current property cycle," Seek Ngee Huat, the president of GIC Real Estate, said in a speech at a property industry conference.
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