The latest regional transactions data show more cross-border deals than for a decade and only the terminally ill-informed would fail to notice that Asian capital has been a driving force around the world since the Global Financial Crisis.

There are cycles at play here: Chinese outbound investment has probably peaked for the time being. Japanese institutions are on the verge of moving more capital overseas, after a long quiet period. However, the broad trend is to increasing internationalisation.

Japan is a good example: its pension funds and insurance companies have not been active overseas in recent years, but its developers have been very busy in Asia, the US and the UK. Restrictions on Chinese capital will stifle some deals and some buyers, but not others.

Every organisation with an international business adds to the sum of knowledge that brings borders closer together while still allowing for valuable diversification. Knowledge as well as capital is travelling in and out of the region today and Asian real estate businesses have skills and experience that are valuable elsewhere. China is leading the world in online and mobile shopping and its retail landlords are coping with challenges with which other markets have yet to get to grips.

While enthusiasm for globalisation may wax and wane, the benefits of international diversification and knowledge-sharing are undeniable so Asian real estate capital will be more mobile and more savvy as time progresses.

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Christian F Mancini