The Real Deal New York

Davos recap: China’s winning and watch out for correction

Besides dinners and views, here's what you missed in Davos
January 28, 2018 04:33PM

Left, Xi Jinping in October 2013; right, UBS Chairman Axel Weber. (Credit left to right Antilong Wikimedia Commons; Policy Exchange; back photo by Ministério da Indústria, Comércio Exterior e Serviços)

At the end of last week’s World Economic Forum in Davos, Switzerland, China’s One Belt, One Road policy seems to have won widespread support while UBS Group issued a warning to real estate investors.

According to the New York Times, many world leaders were vying to show their support of the global infrastructure plan while Chinese officials called for greater cooperation.

“The China One Belt, One Road is going to be the new W.T.O. — like it or not,” Siemens’ chief executive Joe Kaeser to the Times in reference to the World Trade Organization.

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For real estate meanwhile, UBS Group’s chairman Axel Weber warned of a “broader correction” in real estate markets, according to Bloomberg. He pointed to housing bubbles notably in Switzerland as part of his remarks. [NYT]Erin Hudson