SINGAPORE (July 16): For much of this year, as interest rates firmed, analysts were suggesting that investors switch from real estate investment trusts (REITs) to developers. Now, it appears that developers are being downgraded, following a set of draconian measures to curb property speculation. 

Based on the Monetary Authority of Singapore’s (MAS) data up to 1Q2018, loans for investment properties have stayed stable at 22% to 25% of total loans. Loan-to-value ratios for the overall banking sector is 53%, and the non-performing loans ratio for property loans are at 0.4%, much lower than the local banks’ overall NPL ratio (see Table 1).  

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