lets lets talk very broad twenty twenty two against twenty twenty three out better worse we have enough information to twenty five thirty in our view will be a positive year for property i mean particularly if you look at asia investment volumes were 20 percent down last year year on year but you know with china opening up you know robust domestic economies and economic growth we see opportunity in the markets this year and increased volumes and transactions do you think the volatility that were seeing in markets you know talks of a slowdown in the global economy how does that impact overall do you think its a property well look we cant get away from the fact that inflation and rising interest rates have cast a shadow over global markets in their entirety but that uncertainty was far greater for a few months ago than it is now a lot of investors and developers have been sitting on the sidelines but there is real opportunity for private wealth at the moment across all markets and the wealth report that weve recently released shows that 30 percent of those people that we surveyed want to invest in property both residential and offices so that that piece there i think that those that arent so concerned with debt there will be opportunity out there in the market where do you see the best opportunities then its a big report its not long well i think thats across all differing sectors you know youve got the emerging sectors such as data centers which has grown significantly over the last 24 months life sciences are obviously high end residential has been incredibly active so that thats more on the positive side you know lets look at the effect the rising interest rates are going to have on refinancing and there will be distress opportunity for investors without doubt if we look at the uk 2018 there was 50 billion pounds worth of debt origination that was rolled over during the pandemic the next 18 months that is going to have to be addressed crossborder capital i think is something to really focus on in the next 12 months active capital another report of ise again we believe that this year will be the largest year of crossborder capital since 2019 im just wondering how youre assessing this china opening story now because if you talking about maybe hong kong ise a sort of a case to look at i mean weve seen retail looking pretty good apartment sales are picking up but when it comes to commercial real estate i think theres a lot of talk about you know jobs being cut and banks and people not really moving back as quickly as possible and that really has changed the commercial landscape is that something that were likely going to see in china how do you see that play out globally of this is a significant significant story and how that pans out over the next three to five years well see but china has a massive multiplying effect on the entire region we predict that sales retail sales in china are going to be up 10 to 15 percent this year the biggest influence though that china will have is in the mobility of people and the opening up of the borders and that is going to have a significant impact on hotels and logistics to neighboring countries particularly vietnam for example and across the region so in china i would say that you know those those industries that were most affected you know entertainment leisure services will be the first to bounce back offices will take more time but without doubt on the ground here in hong kong you know our teams are seeing increased activity but there are clearly greater volumes of vacancy so thats going to take a slightly longer period of time to see see the impact any particular geography within asia where youre slightly more concerned just because of supply dynamics there is a lot more supply in the market and perhaps maybe the market cant absorb at least in the foreseeable future i would say there are less specific areas of concern probably more of opportunity i think singapore clearly is a safe haven location for capital we think is a huge opportunity in india the expansion of that market expansion of that economy is really exciting in the next three to five years do you expect it in terms of where the money is going to come into our investments is it really still going to be the private sector thats really going to invest definitely i think the movement in the next three six nine months movement of private capital as were seeing you know it doesnt look like interest rates are going to pivot anytime soon you know the predictions for q4 this year look like the man moving in to next year but i believe that the sort of the real concern that was out there three to six months ago has now changed you know people have got a better idea of pricing know you know i think that that will make it definitely private wealth would be the focus but were going to see greater volumes of capital markets transactions definitely in the next 3 6 months probably the second half of this year final question the its been a while since weve had a high rate environment like this where things are high refinancing our corporate i would imagine coming onto the market into property property companies how do you think that affects the alpha five years down the road the capacity to build up debt and that future pipeline or is that too far away well i think what were seeing across many of the institutions at the moment is building up a war chest effectively a capital to take advantage of the opportunities that come through in the next the next 12 to 18 months i think what we do have to realize is that this this downturn is very different to many others globally i know there are pockets of oversupply but generally there is a lack of fundamental lack of quality assets out there across all sectors so those that can develop quality assets over the next 12 24 months will be rewarded but also the repositioning of those assets we dont meet esg or sustainability criteria again a big opportunity for those that position themselves well