JPMorgan plans $1 bln Asia property spree

Reuters – JPMorgan plans to invest more than $1 billion in Asian real estate over the next three years, hoping to fill a gap as Indian and Chinese developers crave funds and rival investors recoil from property markets.

The investment bank, which has fared better than some Wall Street rivals because of smaller exposure to U.S. subprime mortgage investments, is using its special opportunities group to finance Asian property firms and their projects.

"It’s a fantastic opportunity for us at a time when a lot of our competitors are scaling down because of difficulties accessing their balance sheet," the group’s Asia real estate head, Bryan Southergill, told Reuters in an interview.

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