Property boom in Mongolia

An American private equity fund manager named Lee Cashell flew to Ulan Bator from Hong Kong 11 years ago and bought three Soviet-era apartments with US$30,000 he had borrowed from a friend.

He fixed them up, sold them for a profit and started a boutique real estate business.

Cashell quickly went from flipping apartments to building them. Today, his US$155 million firm, Asia Pacific Investment Partners, owns a cement factory and several apartment blocks with retail projects in the pipeline. He hopes to list his company on the Hong Kong exchange in the next 18 months.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1049535/property-boom-mongolia