Property Bubble

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There are some lessons that should have been learnt from the 1996 property bubble and the link between the bubble and the effects Asian financial crisis that came shortly after that housing bubble.
Many Asian countries appeared to have learnt from that episode to keep bank lending in real-estate market low. If the lessons from 1996 have faded, there were reminders from the recent subprime crisis in the USA and what happened in Ireland.
Many Asian countries appeared to learnt the lessons well to contain the risks to financial system...but there are exceptions.
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Guess which country is the exception? It is quite close to home ... actually it is home! Read Lucky Tan's blog in SGEP
http://singaporemind.blogspot.com/2010/12/consequences-of-govt-inaction-in.html