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The towering inferno is building towards conflagration:
Almost one fifth of the $30 billion unlisted property sector has moved to curtail withdrawals, as inflows shrink and nervy investors look to redeem their capital, putting pressure on funds to find liquidity.
Distributions, backed by rental income, are mostly being maintained, but withdrawals have been cut in some form, sidelining thousands of investors who may be keen to shift to the safety of cash as interest rates rise amid uncertainty.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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