Axa SA liquidated its entire Japanese office property fund worth some $200m earlier this year, the global head of Asia at Axa Investment Managers-Real Assets, Frank Khoo, said.
Khoo is of the opinion that there is a disconnect between capital values and the real economy in Japan.
Banks in Japan are becoming more willing to offer loans on property as a result of the central bank’s negative interest rate policy, and the country’s central bank is also buying real estate investment trusts as part of a stimulus programme.
