‘Bubble’ property prices spark investor jitters

Core property in Asia is expensive and will get more pricey in the short term as even big Chinese institutions are being outbid and a growing number of deals are falling through, say real estate investors. Yet as cash-rich sovereigns, pensions funds and insurers seek to put their money to work in this low-yield environment, many are not comfortable investing in third- and fourth-tier cities, which offer the prospect of higher returns. And Asian investors already active in global…