Friday January 20, 2006

GIC may buy real estate in India and Brazil

business-times.asia1.com.sg :

Government of Singapore Investment Corp, which manages more than US$100 billion of foreign reserves, said it may buy real estate in India and Brazil for the first time to guard against the risk of falling US property prices. 'Whether it's going to be a bubble or a slow leak is hard to say,' Seek Ngee Huat, president of GIC Real Estate Pte, said in an interview. 'We will explore new markets in places like Brazil and India. There are high risks' in the US housing market.

GIC Real Estate, the property arm of GIC, plans to invest 'hundreds of millions of dollars' in shops and homes in both countries, widening its reach as the US housing market cools. US mortgage applications filed in the last week of 2005 fell to their lowest since 2002. Billionaire investor George Soros, during his visit to Singapore on Jan 8, said the US may fall into recession next year because the Federal Reserve may raise interest rates too high to slow growth and curb inflation, stifling the housing market.

See also :

1. Soros sees chance of recession in 2007
2. "Affordable Housing"
3. The housing bubble has burst

(2006-01-20 00:45:07 SGT) [Biz] Permalink

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