Billionaire Developer Pans Asset Managers Handing Keys to Banks

Billionaire Hussain Sajwani has long expected to see pain in the global commercial real estate market. He just didn’t expect it to get this bad.

The founder and chairman of Dubai’s Damac Group said he’s been surprised by the spate of investors, some with more than $1 trillion in assets under management, who have defaulted on their loans in recent months. As a result, he said he’s seen property in prime locations selling for as little as 20 cents on the dollar.