| From Telegraph: Property investment and estate agency Savills has warned that the credit crunch is beginning to hit the Asia-Pacific real estate markets.Australia and Japan have already seen falls in the number of sales, with Hong Kong and Singapore suffering from "some slowing", the group said. The once-booming property market in China is now "finally moderating", Savills said, as it revealed that overall underlying profits - stripping out a one-off disposal gain of £17m - slumped 41pc in the six months to the end of June.
The company said that the developed Asia Pacific countries have export-led economies which are suffering amid weakening global demand.Savills was unable to give a clear outlook for the stumbling property markets of the UK and the United States. The company said: "It continues to depend on how quickly confidence returns to financial markets, which currently show no sign of improvement."Indicating gloomy prospects for the UK's ailing property market, Savills said transaction volumes in London alone are down 45pc year-on-year, with prices falling around 7pc in central London for the first half of the year..... Full Article: Source
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