Mainland developers have already set records for raw land in Hong Kong and are buying plots at new highs in Singapore. Where's next?
Hong Kong developer Henderson Land outbid eight rivals, and for once outspent mainland competitors, in landing the first significant office plot in Central in two decades.
Hong Kong's record-breaking property market is at levels that are virtually triple the lows seen during the Lehman bust. Mainland property companies still think they're a bargain.
Rising wages and a push to spur consumption have made China less attractive as a production site. Manufacturers are looking South and East as a result, as investors should note.
Japanese big business is terrified of losing its competitive edge in Europe.