Abstract
This paper initially reviews literature in relation to global capital flows, financial markets and real estate investment in the Asia-Pacific area. The Asian crisis is discussed in terms of the financial sector and debt financed real estate. Focus is placed upon the reorganisation of financial markets, the restructuring of bank finance and the impact of non-performing loans. Thailand in general and more specifically, the property market in Bangkok is used as a case study example to analyse these linkages. It is argued that a combination of weak regulatory framework in the financial sector and severe deficiencies in the planning/development process resulted in a highly over-supplied office market. The paper concludes that a more liquid property market needs to be created.
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