HONG KONG, Jan. 21, 2013 /PRNewswire/ -- The region's banking and finance sector remains strongly affected by the global economic and financial market conditions that have remained weak throughout most of 2012, however this has created opportunities for some markets, according to "Business Briefing - Asia Pacific Banking & Financial Services Sector Monitor", a recently released report by Cushman & Wakefield, the world's largest privately owned real estate services company.
The unceasing uncertainties in the world economy has forced continued consolidation of the banking and finance sector especially in Hong Kong and South Korea taking the most heat, and some other developed and more established financial centres in Australia, Japan, and Singapore. Industry performance fared better in the emerging markets, most notably in China, Indonesia and India during 2012 where significant headway was recorded despite the global scenario. Investment banking and trading activities are down considerably from levels in previous years and this continues to drive cost reductions and streamlining of operations among firms. In Hong Kong and South Korea, banks and other financial firms have implemented staff cuts and cost reduction schemes as 2012 progressed, leading to more office space consolidation, especially in markets such as Hong Kong, whilst some leading banks in South Korea are planning to extend the length of unpaid vacations in an effort to cut costs.
India escaped the debt situation in Europe unscathed reporting no layoffs, whilst a higher demand for office space in Indonesia is seen as a clear indication of the positive trends widely felt by the banking and finance sector in the country. Also, with China publishing a new Qualified Foreign Institutional Investor (QFII) regulation, higher demand for quality office space is expected over the coming years.
Jonathan Sullivan, Asia Pacific Manager for Research says that the "streamlining of operations within the banking and financial services sector is likely to continue in 2013, but growth opportunities remain ever present in Asia Pacific." Overall, the decreased regulation and opening-up of these growth markets will continue to be the focus of the industry's expansion efforts in the near to medium-term as developed markets face weaker growth, tightening regulations and operational streamlining.
To read more on the Asia Pacific Banking & Financial Services Sector Monitor, please visit our Knowledge Centre at: www.cushmanwakefield.com.
About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, fully-integrated on a global basis, including leasing, sales and acquisitions, debt and equity financing, investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than US$4 billion in assets under management. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge. In China, Cushman & Wakefield maintains six market-leading offices in Beijing, Shanghai, Chengdu, Guangzhou, Shenzhen and Hong Kong. More information is available at www.cushmanwakefield.com
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