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Bailey McCann, Opalesque New York:

Hong Kong managers are offering up international real estate funds to Asian investors, according to delegates at the latest Opalesque Hong Kong Roundtable. "Real estate to the Asians is a very prominent asset class. They like it, they understand it. Out of those considerations we decided to focus our first funds in the real estate sector," said Nitin Dialdas, Mandarin Capital. Mandrin has recently launched two new real estate funds, one focused on Spain and another on commercial real estate in the UK.

"Spain is a really exciting market for investors. A lot of people look at it as a turnaround story. A number of private equity firms have entered the market in the last nine months as they look to extract value from there," Dialdas adds.

While firms like Mandrin are focused outside of Asia, despite being based in Hong Kong, others are looking closer to home. "Our team has been in Japan for 15 years and are currently managing about 6,500 apartment units in 14 different cities across Japan, mostly in the form of a Singapore listed REIT," notes Raymond Wong, Cheetah Investment Management.

"From an investment perspective, in Japan, quite surprisingly, the yields on these properties are still relatively high whereas if you would buy a condo in Hong Kong and then rent it out, you will be lucky if you get 2%. However through multi-family buildings in places even like Tokyo you are easily getting 4-5%; and in regional cities like Fukuoka......................

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