Meanwhile, Barclays warns that Beijing will need to curb the investmententhusiasm of local governments, as two thirds of them have set 10%-plus growth targets for 2013.
Liquidity has improved, thanks to the widespread use of real-estate investment trusts (REITs). (The American-based National Association of Real Estate Investment Trusts commissioned the Ibbotson study.) But the global enthusiasm for REITs, together with the growing trend for property launches in the British mutual-fund sector, has a top-of-the-market feel.