JPMorgan Chase & Co., which has completed the most property banking deals in Asia this year, boasts a crowded pipeline as real estate companies in booming China capital.

"We'll have close to $1 billion in new capital market transactions expected to launch between now and the end of the month," including deals in Singapore, China and India, Anthony Ryan, head of Asia real estate investment banking at JPMorgan said.

Demand from international investors for Asian property is surging. Direct property investment in Asia rose 40 percent in the first half of 2006 to $43 billion.

JPMorgan underwrote, along with Deutsche Bank and HSBC, the $877 million listing last month of Shui On Land Ltd., which was the largest Chinese property company initial public offering.

The Chinese property market has sometimes been buffeted by Beijing's efforts to rein in speculation, while investor appetite for real estate remains keen thanks to rapid urbanization and retail spending that is growing faster than the overall economy.

"You'll get hiccups and ups and downs, but they are short and sharp. You get a lot of volatility, but the long term growth outlook is strong," Ryan said.

Demand will be especially keen for high-quality property trusts in China, which will also be relatively scarce, Ryan said.

Only one pure-play Chinese property trust, GZI REIT, has listed so far.

"Good quality, well-structured REITs in China can offer growth in abundance. The yield premium will be low if there is growth," Ryan said.

Source:佚名