Of the property stocks, Ang likes City Developments, which has a strong balance sheet and a land bank acquired at cheap prices.

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Since property accounts for so much of the financial system's aggregate balance-sheet, losses from real-estate busts are likely to be synchronised across banks.

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Meanwhile on the domestic front, it listed potential threats including rising property prices, which have triggered fears that new asset bubbles could form, along with "excessive off-balance sheet financing" by banks and local governments.

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