ABSTRACT
There has always been considerable reluctance among financial regulators to allow the sale to the public of investment products whose price depends entirely on a property valuation. We have already seen how different valuers can come up with widely different figures for the same building, so the caution is perhaps understandable. There is also a fear in the minds of the regulators that property is too illiquid an investment for the man in the street — in other words it may be difficult for him to get his money back if this involves trying to sell properties in an unreceptive market. At best, property sales take time.
