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William Leung, portfolio manager at Cohen & Steers, the US investment house with $4bn of assets exposed to Asia, agrees. He argues that speculative investment will be driven out of the market as prices fall. He adds that a trend in the industry towards alternative investments should mean that the price of real estate investment trusts rises even if the value of underlying assets grow more slowly. “We don’t think this correction will be so sharp,” he says.


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    Of the other teams, Germany have a fantastic team, with some great options all over the pitch. The Italians can never be discounted at tournaments, whilst Portugal, with Ronaldo in the team will be dangerous, and Belgium, with such an array of talent will be amongst everyone's list of dark horses.

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