Abstract
Currently, there exists relatively little research on the influence that the 1997 Asian financial crisis has had upon capital flows within the property market and the associated long-run implications of it. This paper examines the impact that the crisis has had upon the integration and dynamic links between a number of Asia-Pacific real estate markets. The results show that Asia-Pacific property markets are integrated, despite a structural shift occurring at the time of the crisis. These results are a particularly important finding for fund managers concerned with the impact of globalization on the performance of their real estate portfolios, showing that in the Asia-Pacific region diversification benefits are actually less than that suggested by an analysis incorrectly ignoring the crisis.
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