One thing potentially significant is the upward potential. Look at the Beijing curve and the Singapore curve. The initial increment was more than increment — more like multiplication.

• AA) appreciation — My SEA investments offer potential for faster, larger appreciation that’s unlikely in a mature market like the U.S.

Familiarity is the opposite side of the coin. The initial increment usually correlates with unfamiliarity to the global affluent investors. BGC enjoys higher valuation partly due to the longer growth track record. U.S. market is familiar to U.S. investors.

Of course there are also risks. Among the risks, these /nascent/ property markets may not take off as Mumbai or Beijing.

• BB) rental yield

Against the backdrop of these uncertainties, the reliability of rental income looks extremely attractive. This feature is missing from all of my U.S. peers’ property investments I have heard of. Also look at Ashish’s Pune apartment — regular rental income + appreciation.

• CC) quantum — this factor is even more important to a small investor like me. I don’t have enough cash to buy any of the U.S. properties I have heard of.

Therefore, I feel my overseas properties are superior.