“We are starting to invest again in Asia,” rang out more than once at the 2009 Editorial Advisory Board meeting of The Institutional Real Estate Letter – Asia Pacific, signaling cautious optimism that the specter of the global financial crisis was lifting and that recovery — at least in Asia — was on the horizon. But the investors, advisers, consultants and fund of funds managers in attendance still face many challenges with implementing sound strategies in a turbulent investment climate, as well as navigating their relationships with one another, which have been sorely tested by the fallout from and uncertainty generated by the economic downturn.

About a year ago, at The Letter – Asia Pacific’s inaugural Editorial Advisory Board meeting held in November 2008 in Kyoto, participants were still reeling from the magnitude of the global economic crisis, which was hitting with full force. While all were a bit stunned and still assessing damage to their portf