Investing in distressed real estate: The Morgan Stanley experience in Asia

摘要

On October 22, 2003, the Program on Alternative Investments, under the aegis of the Center on Japanese Economy and Business and in cooperation with the Paul Millstein Center for Real Estate and the Japan Business Association, hosted a seminar entitled "Investing in Distressed Real Estate: The Morgan Stanley Experience in Asia." The seminar featured Sonny Kalsi, Managing Director at Morgan Stanley and Head of Morgan Stanley Realty, Asia. Dr. Mark Mason, Director of the Program, moderated the seminar. Mr. Kalsi began with a discussion of the market for distressed assets in East Asia, and the effects of macroeconomic and political trends on the development of these markets. He went on to discuss the strategies and opportunities available to institutions investing in distressed assets in East Asia, focusing most particularly on Morgan Stanley's experiences. Excerpts from Mr. Kalsi's presentation are set forth below, together with highlights from the subsequent question-and-answer session.