Ms Marie Hunt:

From late 2006 to early 2007. What I found at that point in time was that not every sector moves at the same pace and, invariably, one will see the downturn happening in some sectors before others. The office-occupier market did not really go through a downturn because FDI kept coming in. Retail, I suppose, experienced the slowdown later because, as a result of the fiscal crash, there was rising unemployment and less consumer spending and so that suffers at a later degree.

Investment and development land transactions are probably where one sees it first.