"Housing bubble and its inevitable bust bring huge misery to many... We cannot eliminate property cycle but we can try to keep bubbles less bubbly. This means taking away the punch bowl when the party is getting hot, much to the unhappiness of sellers and developers. But this is the right thing to do." The question that remains: is it too little, too late?
|S'pore fell from |
3rd to 7th place
Dividends from real-estate investment trusts lose their shine when 10-year US bonds climbed to a two-year high in September. Many of the property buyers come from neighbours like Indonesia, but IMF has lowered the growth target for South-east Asia's biggest economy to 5 - 5.5 percent this year and the next, down from 6.2 in 2012. "There's no driver to spur investment interest in Singapore," said Baring Asset Management's head of Asian multi-asset strategy, "The recent penny stock crash isn't really helping." He was referring to the $8.6 billion wiped out by three commodity firms in October, which happened under the noses of watchdogs Monetary Authorty of Singapore (MAS) and Singapore Exchange. As usual, the investigation is taking place after the horses have bolted.
On the brighter side of things, Samsung has launched a new TV that responses to hand gestures. Just imagine, when your pet hate politician comes on screen, you can raise a middle finger, and he goes off in a poof. No need to wait for another by-election.