Winners and losers
Bell bottoms
The graph below shows how the global IPO market for property securities has evolved, on a monthly basis, since last summer. The value is shown as the market capitalization of the companies at the end of the first calendar month’s trading, not the amount of equity raised. By value it is the developed markets of Asia (Hong Kong, Japan, and Singapore) that have been most significant, with a net addition of over £20 billion to the sector during that period (helped significantly by the recent flotation of Country Gardens) although by number the developed markets of Europe have been most active, with 71 IPOs in that period.
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