Chinese investment in property in other regions in recent years has been heavily focused on the US. This push to the US has obscured rising intra-Asian property capital flows, which again exceed Asiato-global flows. Despite firm near-term US economic prospects, we expect slower RMB depreciation and political pressures to cause Chinese investment to shift towards Asian markets from 2017. The continued weight of capital should offset likely rising cost of funds, so that property yields on average stay flat across Asia this year. We remain positive about Asian property, and see particular investment opportunities in China, Hong Kong, Singapore and India.