Real estate investors in Asia Pacific are steeling themselves for impacts stemming from the coronavirus, the threat of which would add to existing economic headwinds in the region.
While it’s too early to know exactly how commercial real estate markets could be affected, the increasingly important position of China on the world stage means economic repercussions are likely, according to a JLL report on the topic.
“The virus is untimely for China given that it’s the start of a new calendar year and the spread escalated during the country’s most important holiday of Chinese New Year in late January,” says Roddy Allan, chief research officer, JLL Asia Pacific. “This has made it more difficult for the Chinese economy to reopen fully.”
The coronavirus virus – which originated in Wuhan, China, in December late last year – has spread globally, with cases reported in Southeast Asia, Europe and United States. In China, factories, malls and tourism have been affected, adding to strains from trade tensions with the U.S. last year.
“The Chinese government…