World-wide liquidity problems are starting to hit Asia’s top real estate markets, warned Jones Lang LaSalle chief executive for Asia, Peter Barge at the EPRA conference in Athens this morning.

Speaking to delegates from Europe’s listed property sector, Barge said that around $9bn of subprime property could be affected as Asian banks, including the Bank of China, have started to limit lending.

Barge’s comments echo those of Rothschild managing director Alex Midgen, who spoke yesterday at the conference on the affects of the global credit crunch on the investment market. According to Barge, the affects seen across Europe from a month ago are now being seen in Asia.

He said: ‘There are a number of deals in the market which had got past the exclusivity stage but are now in trouble.’

‘As little as two weeks ago, borrowing at 75% loan to value was happening. Today this has stopped. Few banks have stepped up but only to 60%.’