Like watching fruit trees mature, one day in financial markets often blurs into the next, marked only occasionally by a notable event — a first harvest or aggressive deal struck. So it is with flows of Asian capital into Western financial and real estate markets. There have been a few watershed moments, but mostly just steady accumulation.

“Looking back 10 to 15 years, there was limited overseas investment activity” from Asia into the Western property markets, says Leslie Chua, head of research and strategy, Asia Pacific (ex-Japan and ex-Korea), in the alternatives and real assets business of Deutsche Asset & Wealth Management (DeAWM). “Arguably, the global financial crisis accelerated the pace of capital flows as Asia Pacific investors sought to take advantage of discounted prices on prime assets” in the West.

Then there are days when major events signify a capital migration that has wid