Property bubble and Japan

Read what happened to Japan when the property bubble burst. Singapore should avoid the same risk.

“The U.S., the U.K., Spain, Ireland, they all are going through what Japan went through a decade or so ago,” said Richard Koo, chief economist at Nomura Securities who recently wrote a book about Japan’s lessons for the world. “Millions of individuals and companies see their balance sheets going underwater, so they are using their cash to pay down debt instead of borrowing and spending.”

Will Singapore be next?

http://www.nytimes.com/2010/10/17/world/asia/17japan.html?_r=1