In Thailand, both property and equity share prices soared,
then began to plummet in late 1996, putting pressure on financial institutions that had lent to these
activities and thereby helping to set the crisis in motion. But this pattern was less obvious in other
countries. In Indonesia, for example, there was essentially no change in property prices in Jakarta
after 1992. In Korea, overinvestment was focussed more on certain manufacturing sectors, such
as semiconductors and steel, rather than on real estate and services.